Arjun 🏴
@arjunbhuptani
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abstracting the interchain @EverclearOrg
Joined April 2017
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Are you ready for L2 summer anon?
☀️ $OP launch + stimpack
@optimismPBC
☀️ $NEXT launch + Amarok upgrade
@ConnextNetwork
☀️ $HOP launch
@HopProtocol
☀️
@zksync
v2 around the corner
☀️
@arbitrum
Nitro imminent
🔥🥵⛱️😎
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Thinking of starting a video series where I live-read the whitepapers of "L2" and "bridging" protocols and tear them apart.
Y/N?
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Dirty secret that users and even dApp devs dont know:
Pretty much *every* chain is held together by Elmer's glue, silly string, and the tears of their protocol engineers.
Running a blockchain is hard - I would not wish it on my worst enemy.
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Today's
@MultichainOrg
hack is a sad reminder of the systemic risks tokens face from bridges.
We believe these risks stem from a single underlying problem:
✨Token Sovereignty✨
We're proposing ERC-7281 (aka xERC20) - an open standard to fix this.
1/x
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I find it extremely shocking how many folks in the space are perfectly ok with a US panopticon.
We truly have lost the plot.
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I don't know who needs to hear this but:
If the only outcome of crypto is making a small group of people incredibly wealthy, then we will have failed.
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(Controversial) prediction:
Within the next 12 months, several alt-L1s will realize how hard it is to maintain an economically secure validator set.
They will pivot to becoming rollups.
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The
@cosmos
ecosystem seems consistently criminally underrated.
Genuinely original value prop that is distinct from being a smart contract platform or pet rock.
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For almost a year, direct fiat-to-L2 support has been a critical blocker for L2 adoption.
The problem has always been that integrations are bespoke for each L2/chain + CEX.
With
@ConnextNetwork
+
@layerswap
, *every* CEX will have direct deposit/withdraw to *every* chain. 🤯
We are very excited to announce that Connext is forming a partnership with
@layerswap
to enable on-ramp from CEXs to a broader list of chains & L2s. The integration is now live starting with
@0xPolygon
support!
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This. Ultimately it doesn't matter if Luna crash was coordinated/conspiracy.
The *point* of decentralized, antifragile systems is to resist attack (from cabals or sovereign powers).
Now think about which other protocols could survive. Those are actually decentralized.
why is the Luna community so focused on whether it was attacked or not? If you design a crypto economic system that can die to attacks, it *will* die.
Just accept that it was a poorly designed system and own up to your mistake.
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I can't wait until people stop building shit on the settlement layer and build on L2s like they're supposed to instead
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Over the coming weeks, we'll publish a series of blog posts that rethink messaging bridges from 1st principles.
Goal: Identify the riskiest parts of bridging so we can work together to fix them 🤝
Today, we're publishing Pt 1: The Messaging Bridge Stack
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Had the wonderful opportunity to meet
@ConnextNetwork
's Thai community in person!
Huge thanks to
@contributedao
for making it happen 🙏🙏
P.s. Massively bullish on southeast asia now - so much incredible talent there 🔥
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DeFi devs: spend years building future of finance
$SHIB: Flips DeFi by being dog
DeFi devs:
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Back today from being out sick-ish.
tldr; Stress is a killer. It is entirely possible to accidentally (literally) work yourself to the bone.😬 Take breaks.
Shortly after the
@EverclearOrg
announcement, I began feeling extremely exhausted, cold all the time, and had severe pain
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We shipped it! 🚢
"How can we bring 1 billion users to Ethereum?"
We don't yet know all of the answers, but putting v2.0 on mainnet feels like a big step in the right direction. 🙌 🔥
🚨🚢SHIPPING ALERT🚢🚨
V2.0 of Connext is on Mainnet! 🌟
Read more about why we built it 👇
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🚨🚢 The Dai Card is now on mainnet 🚢🚨
Read more about how to use it, how it works, and our goals:
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Making the first ever
#BurnerWallet
to
#DaiCard
channel payment with
@austingriffith
! 🚀
More awesomeness coming soon 👀
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.
@ConnextNetwork
is now the fastest way to get $DAI, $USDC, and $USDT from Binance into
@AaveAave
running on
@0xPolygon
. 😎
Crosschain money legos are here! 🔥
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Strongly disagree with this take.
Time and time again we have seen the market bitchslap centralized alternatives (bc hacks, regulation, or downtime).
Decentralization is upfront hard/expensive, but long term sustainable. Don't bet against entropy.
The vast majority of users don't care what smart contract platform they use any more than they care what database technology Venmo or NYSE use. They want it to be fast, cheap, & secure. That's it.
Why should anyone expect new users to have some sort of loyalty to Ethereum?
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Connext is now supported on 16 mainnets and testnets.
Includes:
@ethereum
,
@0xPolygon
,
@xdaichain
,
@arbitrum
,
@avalancheavax
,
@BinanceChain
,
@FantomFDN
,
@HuobiGlobal
eco chain, and
@MoonbeamNetwork
This makes us the most interoperable interop protocol out there. That is all.
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✨My breakdown of Optimistic Bridges is live.✨
If you are concerned about the systemic risk posed by trusted bridges in the space, you should read this post.
Want a tldr? I'll try to break down the important concepts in a thread below 👇
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Why? Because it's far cheaper than bootstrapping a validator set yourself.
I suspect we will actually see the exact opposite of what this tweet suggests:
Chains that can't afford to pay for economic security will pivot to being rollups.
I’m looking forward to the first L2 deciding to declare independence from Ethereum so it can capture more value for its native token. If an L2 has enough devs and users on its platform, why pay rent to the Ethereum landlords?
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Next hardfork of
@ConnextNetwork
will enable expressive integrations into interop systems of other sovereign zones such as
@cosmos
IBC.
Imagine staking $AKT on
@akashnet_
directly from
@arbitrum
in a single tx.
Yes, this is possible (with minimal trust!)
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Not having a 420-themed rollup event in Amsterdam on 4/20 seems like a missed opportunity tbh
Call it "Roll Up for Rollups"
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We fixed it. 🔧
You can now do
@BinanceChain
$DAI ->
@0xPolygon
$DAI using
@ConnextNetwork
. 🔥
New road:
Binance->BSC
BSC->
@ConnextNetwork
-> mDAI
mDAI ->
@AaveAave
Now at a snazzy new URL courtesy of
@1HiveOrg
: 🐝
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Is dropping out of highschool to join
@paradigm
the crypto equivalent of dropping out of
@standford
to start a SaaS company
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I've been using metamask mobile every day for the past 6 weeks. Get. It. Now. It's spectacular.
Huge congratulations to the
@metamask_io
team! 🦊
P.s. be sure to try out InstaPay when you do!
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I'm in this space because I want to help build the future of the internet.
The future of the internet cannot be built on proprietary, centralized systems. It cannot be built on hype or narratives. It cannot be built by any one singular organization.
Instead, it MUST be built on
Today, we're announcing a unified call for
Open Bridge Standards
alongside
@AcrossProtocol
@CelerNetwork
@ChainSafeth
@buildwithsygma
@lifiprotocol
@SocketDotTech
@routerprotocol
and
@hashialliance
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How to Survive Bull Markets.
Shared this short note on with the
@Connext
team during our last all-hands. Hope others can find it useful too!
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Decentralized protocols are not companies.
Companies are monarchies. 👑
Decentralized protocols are democracies. 🗳️
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Daily reminder that there are less than 400k daily active Ethereum addresses.
That's 0.005% of the world's population.
Fighting over this tiny pool is absurd. At this stage we should ALL be growing the market as much as possible.
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Checking in on this prediction 3 months later:
@CeloOrg
has already announced that they are doing this with
@CelestiaOrg
. I know of several smaller chains that are planning to as well on Ethereum.
Hyperrollupization is coming.
(Controversial) prediction:
Within the next 12 months, several alt-L1s will realize how hard it is to maintain an economically secure validator set.
They will pivot to becoming rollups.
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Unpopular opinion:
Moving DAO governance to a representative democracy model is a huge mistake. It will lead to oligarchism, conservatism, and a disconnect b/w governance and community.
Rep systems --> career politicians --> priority only on reelection (bias against action).
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I'm not building
@ConnextNetwork
because I want it to be a $10b interop system in 5 years.
I'm building it so it can be the only interop system in 100 years.
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Building open, interoperable systems is how we create a 100x improvement over the existing paradigm.🤝
This is why v2.0 of
@ConnextNetwork
will be based on top of the
@statechannels
framework.
Towards protocol standards! 🚀
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If it helps you feel better (it wont), this is true for everything else out there as well:
- Internet is a giant house of cards
- Subatomic particles flying through space break determinism in microprocessors
- We know basically nothing about nutrition or sleep
...
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Holy shit -
@impranavm_
just sent me this photo of
@jdkanani
and I chatting at the first EthIndia in 2018.
I actually remember this conversation:
We were sharing research notes on plasma, state channels, and the future of Ethereum L2s.
Crazy that it's been 4 years ❤️🤯
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We've been quietly migrating tx volume to the new
@ConnextNetwork
network (post-amarok upgrade).
Some of these transactions are *wildly* fast. ⚡️
E.g. here's an
@arbitrum
to
@optimismFND
transfer that took **36 seconds**. 😱
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Chain Abstraction is a vision.
The vision is simple: users should not need to know what chain they are on.
Visions are public goods, shared by anyone that believes in them. That's what makes them powerful.
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Happy monday!
Connext currently pays you to bridge ETH into
@optimismFND
and
@arbitrum
👀
That is all.
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Holy ship 🚢 we put it on mainnet!! The first Connext hub,
@SpankChain
, is live!! This is a BIG DEAL, since it's the first time anyone has used noncustodial payment channel hubs *in production* on
@ethereum
!
Read more here:
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Since going live on February 2nd,
@ConnextNetwork
has grown close to 9x on every core metric 📈
TVL: $2m => $17.9m
Weekly volume: $500k => $5.5m
Weekly transactions: 650 => 4986
We're only just getting started! March will be fun 🤠
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.
@ConnextNetwork
will be integrating
@AaveAave
Portals! 🕳️
Snapshot vote passed with 99.78% in favor and $16.8m of $AAVE voting.
Testnet implementation is complete and Portals support will launch as part of our Amarok upgrade! 💪
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Public testnet of
@ConnextNetwork
's Amarok upgrade launched 2 weeks ago.
Since then:
💸 >35k completed transactions
🗼>150 community routers live
🛠️ ~10 teams publicly building xapps (MANY more starting soon!)
🛡️ First audit kicking off today (
@code4rena
)
Builders > Bera 🔥
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Professionalism in the workplace is highly overrated.
Not being a dickhead in the workplace is highly underrated.
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More bullish than ever on
@reflexerfinance
.
No oracles, no governance, no centralized stable collateral, no ponzi shitcoin.
No USD peg = will avoid SEC stablecoin regs.
Price variance has been ±<3% through all market volatility in the last year.
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One of the biggest superpowers you can have in this space is to not be intrinsically motivated by money.
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"The market doesn't care about trust-minimization/economic security."
Ya, ok, let's see how this thesis plays out in the bear.
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.
@ConnextNetwork
weekly volume:
$100k/week to >$100k/day in 3 weeks. 📈
It's not much, but it's 100% organic, certified-fresh growth. 🌱
P.S. we *really* need a public metrics dashboard. Anyone want to help us build it?
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If your solution to cross-L2 communication is to dilute economic security with yet another 3rd party validator set, then you've totally missed the narrative. 🤦
We went through *years* of research pain to get to rollups, so that we *wouldn't* have to do the above anymore.
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Unpopular opinion:
Ethereum's killer app is (conditional) payments.
Defi is speculation on the future of crypto payments and won't scale to mainstream unless the mass market believes in crypto payments.
DAOs are likely the only exception.
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Burning Bridges Session 2 is now on our YouTube Channel!
I'm this episode, we analyze LayerZero and discuss why it's a trusted model. 👀
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I have a dream that 2023 will be the year we finally fix this style of rollup FUD once and for all
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As usual, everyone fails to understand the difference between:
Onchain contracts: decentralized, uncensorable
Hosted frontend: centralized, censorable
People reacting to this w same energy as when boomers think the whole internet is down bc their browser can't connect to it 🤦
Tornado Cash uses
@chainalysis
oracle contract to block OFAC sanctioned addresses from accessing the dapp.
Maintaining financial privacy is essential to preserving our freedom, however, it should not come at the cost of non-compliance.
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.
@nomadxyz_
assets now have some of the best returns on
@MoonbeamNetwork
with
@stellaswap
:
Around 300% APR on madETH and madUSDC farms.
To get there,
- Bridge from any chain to Moonbeam using (you'll receive madAssets)
- Stake on
Did you know that
@StellaSwap
has the most profitable & liquid farms on
@Polkadot
?🤯
After yesterday's 4X boost, it would be crazy NOT to
#stake
your $USDC, $ETH, $DOT & $GLMR!💰
Stake now to earn up to 320% APR!
@nomadxyz_
@MoonbeamNetwork
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Just froze contracts for Connext's Amarok upgrade in prep for audit. 🥶
This includes our new modular bridging stack that will blow minds.
Our whole team has been completely heads down on product for the last 2 months - super proud of what we've been able to accomplish.
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.
@GatekeepeerNet
alpha hardware:
1) Holds a private key
2) Connects to Ethereum
3) Implements an
@ConnextNetwork
client to accept micropayments
AND it only costs $2. 🤯
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It blows my mind every day how incredibly powerful the fruits of this collaboration will be.
Internet-native, web-scale, machine-to-machine microtransfers have been talked about for decades.
Now, with Scalar, they're a reality. 🤯
We’ve been working around the clock on getting state channels ready for graph scale for nearly 2 years. Incredibly proud of the
@edgeandnode
and
@ConnextNetwork
teams for pulling off this feat of engineering.
Decentralization is worth it.
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What it's like to live with narcolepsy:
(a thread; please read and share with people who might need it 🙏👇)
1/x
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When v2.0 of
@ConnextNetwork
is live, channels will really just be contract wallets
If users keep their funds in that wallet they can "deposit into the channel" completely offchain
Wallets can be existing implementations like
@argentHQ
@abridged_io
@gnosisSafe
Next level UX 🤯
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Layer 1 scaling = fit more blockchain transactions into each second.
Layer 2 scaling = fit more blockchain transactions into each blockchain transaction.
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- Our model of gravity contradicts w/ pretty much everything else we know
- The oldest surviving copy of the Illiad is from the 9th century, we don't know the original story or even if Homer existed
- Tomatoes aren't even real
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Words cannot explain how excited we are to work with
@WalletConnect
.
The implications are stupendous.
EVERY webpage will have access to channels. Listening on
@OvercastFM
, posting on
@reddit
or reading a
@Medium
article? Click a link, scan QR on phone, and instantly tip $0.01!
3/ Scalability has long been a hot topic for blockchains. Fortunately we’ve recently seen outstanding developments in State Channels on Ethereum
Hence we will be shipping direct integration with the soon-to-be-release
@ConnextNetwork
v2.0 on our own SDK
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It's really awesome to see so many folks organically advocating for xERC20 🙏
Public goods and standards like this are why I (and many others) started to build on Ethereum. Responses like this give me hope for the future of the decentralized web.
First it was Goerli, now its Lido.
The marketing machine is in full force.
Value alignment doesn't exist when you see yourself as the only participant.
Want to know what real web3 values look like?
@hal2001
(
@AcrossProtocol
) advocating for Lido to use xERC20, a standard
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If I were to start my own chain today, I would create an optimistic rollup instead of sidechain/alt-L1.
Why?
- Easy-to-fork implementation w/
@optimismPBC
- No need to bootstrap new validator set
- No worries about bridging/asset fragmentation
- Proven GTM playbook w/
@0xPolygon
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UniswapX's crosschain design looks almost exactly like
@ConnextNetwork
&
@AcrossProtocol
Offchain solvers front to users immediately, and then rebalance through underlying canonical bridges optimistically.
Super interesting to see everyone converging on the same approach!
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Gm! Been taking a break from actively tweeting for ~6 months. Spent this time touching grass and being heads down building. 😄
Now that I'm back, I'll be spending more time writing about interoperability, intents, Chain Abstraction, xERC20, and the future of the interchain. 🌐
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Feels like there's a lot of confusion about the Optimistic Bridging model that
@nomadxyz_
has pioneered and it's tradeoffs vs trusted systems like L0, Multichain, etc.
Blog post to clarify mechanics coming soon!
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So much FOMO for not being able to be at
@EthereumDenver
. As usual, visa problems 😭
That being said, I have a lot of appreciation now for all of the members of the community that can't afford to or are not able to fly all over the world for events.
Let's not forget they exist.
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Connext 🤝 Alchemix
Today, Connext is announcing support of the xERC20 standard and onboarding projects into safely bringing their tokens to every chain.
As our flagship user, we've been working with
@AlchemixFi
to bring $alUSD, $alETH, and $ALCX to
@arbitrum
and
@optimismFND
.
We’re extremely excited to embrace the
#xERC20
token standard that encourages open competition & innovation. Reduced liquidity costs for token issuers + granular security 🙌.
@AlchemixFi
is the 1st adopter via
@ConnextNetwork
, with more trailblazers to follow!
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Real ones never stopped 🫡
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What are generalized xchain bridges actually enabling?
Asynchrony.
The web is async - web apps access resources from many remote sources at the same time.
The same thing is going to happen to dapps.
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Everyone getting confused AF about which bridges are secure and which aren't.
If only someone could come up with a relatively simple framework for evaluating bridges. 🤔👇
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Oof Ronin bridge hacked for $650m. This is brutal.
Heart goes out to the
@Ronin_Network
team and
@AxieInfinity
community. Gl sers and godspeed.♥️
Planning to properly analyze the attack in-depth later today, but a few immediate thoughts 👇
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After almost 4 years building infrastructure in the space, we're finally seeing our baby grow into something incredible.
So so proud of the team and how far we've come. ❤️
Next step: hyperconnextization 😉
Incredibly excited to announce our $2.2m seed round from
@polychaincap
,
@1kxnetwork
, and
@HuobiGlobal
! 💥
Multichain Ethereum is just getting started. Want to help us build it? We're hiring 👉
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People often make a huge deal about how Ethereum hasn't scaled yet and that this is the death knell of the platform.
Try to remember that it's been ~1 year since ICOs and cryptokitties clogged the network and started this discussion.
1/
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Posted this in our discord, but I think it's worth sharing with the broader community as well.
If you're hurting rn and need someone to talk to, DMs are open. If you're relatively ok, try to help others. ♥️
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@Auri_0x
@ConnextNetwork
No, it's a Sybil bot.
This is also likely the reason why the claim UI is down - this bot spammed an absurd number of requests to tokensoft's backend and took down their API
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Likely very controversial take:
I don't think non-EVM rollups fix this. Non-EVM rollups will quickly suffer from the same valuation fatigue and lack of unique adoption as the 99th EVM rollup.
Huge amount of respect to
@movementlabsxyz
(mentioned below) and others - I'm very
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By popular demand - THIS IS HAPPENING! 🚨🎉
Name: Burning Bridges🔥🌉
First session: Wednesday Jan 12th @ 5pm CET on Twitter Spaces (this account)
My wonderful cohosts:
@DZack23
@pranaymohan
@YourBuddyConner
Session will be posted to Youtube!
Thinking of starting a video series where I live-read the whitepapers of "L2" and "bridging" protocols and tear them apart.
Y/N?
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I spend an unreasonable amount of my time thinking about swarm behavior what it could teach us about collectivist decisionmaking.
I think the key to unlocking true decentralized governance is fully understanding these types of (natural/emergent) organizational structures.
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Pretty wild to see other projects adopting the Optimistic Bridging model.
While it means more competition for Connext/Nomad, this is a v positive thing for the space overall.
@nomadxyz_
started a bridge security arms race and that's forcing other projects to a higher standard.
Easy to miss this update amidst the chain launch, but
@SynapseProtocol
moving to Optimistic Verification is 100% the right choice.
For more on this, read:
Credit where it's due to
@_prestwich
@arjunbhuptani
et al for developing the foundation.
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Projects who are interested in this should check out
@ConnextNetwork
.
This is basically what Connext does, except:
1. Bidirectional (L2->L1 as well)
2. W/ a fast execution layer on top so msgs are passed instantly (and far more cheaply)
3. With much better security
Introducing the Universal bridge, a unified interface for sending messages from Ethereum to other chains and rollups.
It lets you implement things like cross-chain governance without relying on third-party protocols like layer zero.
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Ok but like... wasn't this the *whole point* of crypto to begin with?
The biggest lesson of the fall of UST and 3AC:
Trust nobody besides the chain
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