Peter Kris
@uPeterKris
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githyanki @gasp_xyz / defi / mev / L2s / eigenlayer / amm maxi
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Eigenlayer now allows restaking of any ERC-20 token. This is a game changer for stablecoins
You can restake your USDT, that'll serve as a security to AVSes. If you mint a liquid token (LRT), it can be used as liquidity in that AVS
This effect unifies the security and liquidity.
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Big news from my home country Slovakia!
Slovakia just passed a bill that will lower the tax on crypto from 39% to 7%
The new law outlines that:
- holding crypto after 1 year results only in 7% tax
- crypto to crypto exchange is non taxable
- crypto to stablecoin exchange is
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@Casagrandezz
your aunts will stop asking you how you're doing. The younger siblings gets the attention. Then it's your turn to ask people how they're doing
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Polkadot 2022 is the same situation as Ethereum 2016.
Most hype was in BTC altcoins, but the builders knew where to focus
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Polkadot and its projects are having probably the least exposure to FTX situation (and LUNA/UST too). Most of Polkadot's investors too.
It's not like we predicted this, we're just looking elsewhere where it makes sense and build stuff
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Blockchains in crypto should consider moving to
@Polkadot
ecosystem and integrate it.
You don't need to build a chain from scratch, take the existing chain, build XCM compatibility and join the relay chain.
You will get interoperability and security guarantees.
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The killer app of crypto will be Polkadot's bridge hub. The logic of bridges is deployed onto a single parachain.
Imagine bridging from ETH to Solana, and the bridge is using finality of Polkadot
Now add all other blockchains and you have a meta-app that is powering multichain
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Snowbridge - native Polkadot<>ETH bridge will be the most secure bridge out there, because it's secured by the relaychain.
Any attack on the bridge is an attack on the Polkadot itself, and that won't work.
Few understand this, but Polkadot will build very robust bridge tech
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Polkadot needs 3 things to start the rocket:
- parachains on Polkadot
- cross-chain messaging protocol (xcmp)
- Ethereum bridge parachain
All three are far in the progress. After the completion, we're ready to go 🚀
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This might surprise some, but Polkadot will be the first to have significant traction on the multichain thesis.
Cosmos and ETH L2s will lag behind because of incoherent governance and lack of working interoperability standards
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Projects based on Blockchain that aren't Ethereum or Polkadot will fail
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so maybe Ethereum and Polkadot are going to be friends now?
would be good for Polkadot
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Why Cosmos is more popular than Polkadot?
3 points:
1. Cosmos is easier to grasp: you have chains, and then you connect them. And you make them communicate with each other. End of story.
Polkadot introduced new mental models, parachains, shared security. They are unintuitive,
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After months of research, we’re proud to release:
Multi-rollup Interchain Infrastructure
Imagine a ZK-rollup with universal EVM connectivity that connects all chains and enables cross-chain swaps of native assets
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Good news everyone!
ZK-rollups will be enabled on Bitcoin and it will work with Substrate's Madara! This means several things:
1. Bitcoin community is coming to Polkadot (Substrate)
2. Bitcoin is awaking again and new cycle of innovation can happen on the biggest asset in the
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Crypto is just adopting WASM, but Polkadot is step ahead again and moving on to RISC-V.
Give it 2 years and everyone will follow. Polkadot is leading in many areas
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Calling all Node Operators! Run a Collator for the Mangata Network and earn a living!
A thread about how small validators and collators are threatened to be pushed out of the system and what we at
@MangataFinance
do to change that. 🧵👇
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Blockchains don't talk to each other.
Solana, Ethereum, Cosmos, Bitcoin, all developing their own isolated islands.
Imagine that blockchains can talk to each other and value flows freely in between. This will create an unimaginable multiplication of crypto.
This is what Mangata
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The unrecognised power of Polkadot is the delivery of product.
While Ethereum, Cardano and other communities endlessly talk,
@web3foundation
and
@ParityTech
is deep in hard work and makes progress. Pleasure to be part of it
🤜🤛
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Polkadot should speak more about how it's different from ETH L2s, Cosmos, Avalanche and other layered approaches. Crypto has always been about attracting technical minds first.
-> content around multichain, interoperability, DA, execution layers, cross-chain standards
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Ethereum rediscovering Polkadot
Rollups that don't post all the data to ETH L1 (only state roots), and rather store it on the L2
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Polygon Avail is being built on Substrate, potentially a future parachain.
It confirms the thesis that parachains' logic may run the middleware of crypto. A sort of meta-app layer that will secure all other crypto networks
The possibilities are endless
It's really cool to see yet another project,
@AvailProject
, being built on
@substrate_io
, Parity's blockchain development framework, first used to build
@Polkadot
.
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the future of Polkadot is in being an infrastructure of crypto.
A meta-layer that helps other blockchains: settle value exchange, oraclize data, bridge them, pass messages in between, provide multichain multisigs and other unthought usecases
Inherited security from relaychain
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@cz_binance
up to 2400 EUR per year should be non-taxed.
CZ, you should have a look at Slovakia. Small country, part of EU, ambitious future
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This was the quickest filled
@kusamanetwork
crowdloan in history. The allocation got distributed among 925 people, many that have been present in the discord and telegram.
I want to say huge THANK YOU, you have no idea how much this means to us. The KSMs will be put in good use
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Excited that Mangata DEX is connecting to Ethereum as a new app-rollup L2.
Mangata is using the best of all worlds, ZK module from Starkware enables connection to ETH and parachain on Polkadot ensures validity of execution and fraud proofs-like environemnt.
Imagine a
Huge revolution coming to Ethereum?! 🤯
We have been secretly 🤫 working on something big, and wanted to share it with you! Read more here ⤵️:
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While Polkadot has a strong roadmap on how shared security should look like, Cosmos is just searching for a standard.
It's a tradeoff, Cosmos might find better standard, but Polkadot should be faster in delivery.
Delivery is usually what counts, so I'm betting on Polkadot.
@Cryptocito
@osmosiszone
Me too, but I think Meshsecurity is a bit oversold.
We have Interchain Security, Meshsecurity & evven Luna is doing shared security.
Babylon brings security.
Celestia is sharing security.
At this point, I already feel pretty secure 😂
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Narratives usually don't last more than 3-6 months, and it seems the cycles are getting faster
E.g. I remember research blogs about shared sequencing with conclusion we will see a major infrastructure winner for shared sequencing. It was an investment proposition
Today, we have
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Shared security + interoperability implementation:
Cosmos has the toughest times ahead
Polkadot is heading to easy times, because they did the though jobs already
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What is Proof-of-Liquidity and why does
@MangataFinance
think it is important for the long-term success of
#DeFi
?
In this thread we explore how Proof-of-Stake (PoS) is detrimental for capital efficiency and how Proof-of-Liquidity (PoL) can fix it. 🧵
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So Celestia got to 20B val because they can power all the rollups
Eigenlayer can power most other L1s
Who will do the math?
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This is the main point of Polkadot.
Parachain buys the blockspace from relaychain, then sells it to users via custom economic model. So many possibilities.
Parachain tokenomics bears the risks, users enjoy better UX and lower costs.
Nice example of more user-friendly blockspace allocation. Mangata X just buys blockspace from Kusama, and chooses to allocate it to users however they like - even without fees.
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Polkadot can decentralize all kinds of supporting app layers of other ecosystems.
Think Chainlink or Pokt Network as a parachain, that would inherit the security of the Polkadot relaychain
@dimahledba
why? the decentralized sequencer set could inherit the security of Polkadot relaychain, thus provide better guarantees.
On top, they would get interoperability with all other chains, you could have ETH L2 interoperable with other parachains
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yes! and Cosmos chains are Polkadot parachains, they just don't know it yet
Ethereum is a Cosmos chain, they just don’t know it yet
<send tweet>
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this is possible only because Polkadot separated app logic from the finality, so you can make customized parachains.
You can do this only under shared security umbrella, and there is less complexity and smaller attack surface, compared to typical bridge tech
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Even though this message might seem negative for Polkadot, it's quite the contrary. Cosmos might have a crisis of narrative and delivery coming soon, dark times ahead.
Polkadot has done its homework in the early days, now mostly good times ahead.
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yes
We've delivered 100% on our core blockchain roadmap in Polkadot, now help us please to expand to Ethereum.
This is a unique positioning where Polkadot technology will be used in ETH L2 stack
Mangata is making a splash in Ethereum! 🚀
Mangata is your new favorite interchain DEX and will be a zk-rollup on Ethereum and parachain on Polkadot.
This is the beginning of MGA, the native token of Mangata, launching this year.
To make a splash, we are launching our viral
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Cosmos is friendly to Ethereum, so now Ethereum L2 layer is eating Cosmos.
on top, Cosmos is copying a lot of ETH concepts without any scrutiny or deeper thoughts.
I don't expect much innovation coming from Cosmos
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We've been working hard on this and happy to unveil we've chosen Eigenlayer for finality. AVS operators be ready for new incentives!
Technically speaking, Eigenlayer gives us freedom to develop reexecution validity proofs for verifying execution correctness of AMM settlement. A
We are happy to finally reveal what we've been working on behind closed doors: The Mangata omnichain liquidity protocol will officially launch on
@eigenlayer
!
After extensive development and planning, we have selected EigenLayer to provide ETH native security, a crucial
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The killer app of crypto will be Mangata's multirollup. Swapping logic of L2s is deployed onto a single parachain
Imagine swapping between ETH and Solana, and those swaps are finalized by the Polkadot
Now add all other L2s and you have a meta-app that is powering multichain
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Mangata can host dozens of cross-chain trading pairs. If you're a Polkadot project but you still have some assets on Ethereum, there's a way to establish a cross-chain AMM pair
e.g. $trac(ETH) / $trac(DOT)
OMG this would solve a big problem the
@origin_trail
and
@OT_Parachain
ecosystem have. Origintrail is a 2 token ecosystem, there is $OTP the gas token for the parachain and $trac the main token for the DKG.
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@MichaelAArouet
how much it matters whether you have low wage in EUR or high nominal wage in own currency, but demand power is low anyway?
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The StateSwap DEX debate continues
I'm in favour of DOT incentives. Our job is to attract liquidity from the outside and there's no other attractive option for Polkadot outsiders
Parachains' won't grow without the growth of DOT, we have to do this
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I see this new wave of ETH maximalism around, that there will never be another L1. Just ETH and its L2s.
That's essentially saying that what ETH brought to the world in 2014 is all that can be done. It's just another angle of conservatism at best.
I'm not doubting ETH will be
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Market situation is tough, but quick recap on
@MangataFinance
- successful TGE and Liquidity bootstrap
- start of trading on MGX:KSM pair
- MEV resistance live in production
- doubled the headcount to 20 people, joined by top talent from Twitter or Ubisoft
Mangata is growing🍀
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Gas-free swap model on Mangata:
Instead of paying gas, users lock native MGA tokens and pay only fixed fee 0.3%
E.g if you want to do 100 trades per day, you have to lock 100 MGA for 24 hours and that gives you a guarantee of 100 txes.
This mechanism creates a connection in
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Could ETH L2 sequencers be decentralized by becoming a Polkadot parachain?
Playing with
@CairoLang
x
@substrate_io
, let me introduce you Kaioshin, a substrate based
#Starknet
sequencer written in Rust 🦀.
Demo of the execution of a Cairo fibonacci program in a substrate pallet:
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Mangata is building something novel. It could be categorized as - ETH rollup with a ZK bridge to Polkadot.
Users can always withdraw their assets even in case of rollup (parachain) failure.
What we need is to build a ZK consensus proof described in
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Everyone is funding and building infrastructure.
No one is attracting end users.
It's like a child's argument -
A: You get users!
B: No, no, you get users!
At the end of the day, no one is getting users.
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A radically new use case for Polkadot-
Mangata's Multirollup Infrastructure
A parachain that contains multiple rollups within itself and coordinates L1s talking to each other.
It helps other L1s:
1. Exchange value atomic-swap style
2. Establish true cross-chain liquidity of
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Everyone will tell you to move fast, but Crypto is moving much slower than it appears.
A friendly reminder NFTs and DAOs were here like since 2015 and at the time there were people telling you have to move really fast, because revolution is just around the corner.
It's not
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More than happy to announce our new round of investors.
We have the ideal launch position to make cross-rollups swaps better and help with liquidity fragmentation. Swaps in between blockchains and rollups shouldn't take more than 10 seconds. If we want to bring DeFi to
Gasp Announces $5M Fundraising Round 🟠
We're excited to announce that we've raised a $5M fundraising round to support the growth of Gasp!
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we are deliverinn
Mangata X just enabled one of the most expected features in the whole ecosystem: GASLESS SWAPS 🔥
Applies to transactions of whitelisted token pairs, and trade value above 10k $MGX. For those below,50 $MGX per transaction are locked for 24 hours to secure the network against spam
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without exaggerating, it is a paradigm shift in bridge technology, because every other bridge is basically a middleware in between 2 blockchains. Adding too much complexity.
Polkadot native bridges are like one blockchain connecting directly to another, without middleware
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The multichain future is inevitable. Interoperability is a natural evolution of blockchains and it will bring massive economic benefits.
The reason why I got into Polkadot is that it's a lead in this paradigm and closest to implementation.
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@paulg
I think it's mostly because Ukraine is recogniseably weaker. The world likes to help the weak in 21st century.
It's like same story with Hong Kong but this one is culturally closer
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How is Cosmos going to solve this?
Without a shared security model, there is no ❌ trustless cross-chain composability.
❌You can’t add this feature later, you would need to rebuild from the first line of code.
❌You can’t achieve this with instant finality consensus, finality now means no dispute fixes later.
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🌈 ⛓️ Tomorrow we will host a discussion
@progressbarsk
(Bratislava) with
@VladZamfir
@Narodism
and
@harryhalpin
about Politics of cryptoanarchy & Governance. I'll try to keep the heated debate civil 😜
DJ is set 🎶 After-party guaranteed! 🤩🦄
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@0xOnlySimps
yes, but this is the case with traditional bridges too
The difference here is that you don't need new customized standalone bridge for every chain, you can have only one, that is on top inheriting security from Polkadot relaychain.
Much safer and less complex solution
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Eigenlayer has potential to absorb or destroy 90% of L1s out there. Why?
Imagine you can fork Solana and build it on top of ETH restake.
ETH stake is higher quality than your own bootstrapped security and you have other perks like L2 interop, ETH alignment, plethora of other
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Don't go OP stack, go Substrate
Coinbase wen?
I think the OP stack is good, I'm proud of my part in it, and I'm happy it's as successful as it is.
But let's stay honest: it's not very modular besides swapping the execution engine, and modularity wasn't a big design goal during my time at OP.
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Uniswap X is a separate protocol from Uniswap V4. It's expected that settlement for filler network will be done mostly on native UniV4, but not neccesarily. It's a bold move to go cross-chain and I like to see that.
Here's a position where Mangata should be cemented:
UniX swaps
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Mangata is great because LPs and traders can both make more money compared to other DeFi venues
How?
Let's say when you trade on ETH on Uniswap, you always pay 0.3% of AMM commission + MEV & gas (unpredictable). The value leakage goes to validators or hackers extracting MEV.
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Gasp is now getting 1k organic follows daily on X and same for discord. Our web analytics shows 30% conversion rate, which is...quite okay
I don't even know why, it's just coming
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Blockchain without MEV minimization will be dominated only by a handful of sophisticated players.
This will drive gas prices crazy high and will outcompete normal users. What we see now is just a glimpse.
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Markets are crashing, Mangata is growing
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Rollup that is an L2 on Ethereum and simultaneously L3 to other L2s. Additionally, it can be an L2 for other L1s, like Bitcoin.
Launching mainnet in 2 months, testnet is running. We are working on this for some time, so I'm glad this idea sparked in the mindshare
Hear me out:
A rollup that‘s simultaneously a L2 to Ethereum and L3 to all the other L2s.
🤔
🤯
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my timeline is getting more lively around MEV again. So it's good to remind Mangata has MEV minimization system in place.
While not ideal, it does help to minimize certain MEV attack vectors. Internally we have an upgraded version
Read more here:
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@lefthemisphere9
infantilization is actually much wider trend, happening on 1. cultural layer: avoiding general responsibility / taking only specialized one, animated & simplified stories, dressing etc.
2. biological layer: self-domestication, less aggressivity, long neoteny
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Many partners, investors and exchanges are baffled why
@Gasp_xyz
is launching a mainnet with the TGE at the same time.
It's because the token is an actual utility token! The network can't work without it.
In order to achieve gas-free swaps, we need to design some spam
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The core principle of L2 is that it's L1 locked tokens in a native rollup bridge.
The main difference from traditional bridge is that native rollup bridge doesn't introduce new security assumptions. Trad bridge weakens the security by creating wrapped tokens on another L1 and
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Endgame for L2s:
Decentralized sequencer selection + Themis Consensus Extension for MEV mitigation
@numbersyeslawd
In Polkadot terminology - sequencers=collators, the nodes which create parachain blocks. Most rollups have 1 node, controlled by the team, creating blocks. All top parachains have staking and decentralized collator selection.
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Sorry to say this but most of CT influencers are lost. They're one-cycle wonders mostly.
2013 has generated influenzas that didn't make it in 2017.
2017 has generated new wave that's visible now, but most of them NGMI.
If one advice then look for alpha with low follower count.
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I fully support
@CurveFinance
community with their LeXpunk_DAO. It's an amazing step into the unknown, but a right one.
@lex_node
you've started a movement 🙂
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@apolynya
Polkadot who started the WASM paradigm, is now moving to RISC-V
ahead, as always. Watch others in 12 months do the same
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Restaked rollups on Eigenlayer is an alignment we need for L2s and ETH
L2s are taking away execution fees from L1, but that's only because they're not decentralized and they're not paying anything for it.
If rollups opt into a high quality stake, they will pay for it, and fees
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Appchain DEX model is the only way forward. The chain controls the fees and provides much better profits to traders and LPs.
Dapps like Uniswap have no ability to influence gas fees and MEV. Users pay unnecessary costs and have uncertainty of execution.
Go appchain!
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Being a crypto OG is becoming a burden rather than advantage.
Many truths of the past seems not hold strong anymore, they're subject of change.
The most apparent is the decline of BTC maximalism and the rise of ordinals, L2s, BitVM, Babylonchain. Scalability is a hyperfocus,
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Examples:
1. Cosmos is following Polkadot and is considering shared security model.
2. ETH 2.0 is following Polkadot too, and is considering app-specific shards.
Both examples shows that Polkadot is the most cutting edge in interoperability.
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We have laid out the technical ground for that. Its called Multirollup Interchain Infrastructure
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Gasp is the first DEX based on Eigenlayer.
I’m looking fwd to see the interplay between TVL / economic security / cross-chain revenue flows / token value
gasp (
@Gasp_xyz
): a MEV-free crosschain DEX rollup connected to multiple L1 and L2 chains at once. it uses
@eigenlayer
to guarantee cross-L1 economic finality. it's currently in testnet.
(the name is fitting: when i first read about how it worked, i gasped)
6/13
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Mangata, the perfect DEX
Mangata live 🟢 features
🟢Frontrunning and MEV-prevention
🟢Gasless swaps
🟢Algorithmic buy & burn
🟢Time-incentivized liquidity provision
🟢Proof-of-Liquidity
🟢Weight voting
🟢Permissionless pool creation
🟢Auto-compounding
And more upcoming...
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Why Eigenlayer?
I was perplexed at first, but it has the potential to kill 90% of L1s out there.
It exposes the vanilla ETH stake without the burden of EVM and layers of Ethereum, and you can rebuild any consensus, p2p, MEV, DA, validity-verification proofs stack out there.
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Idea for Gasp rollup is quite simple
Can single L2 rollup sequence for multiple L1s at once?
Yes, it can!
We took this concept and applied it to a cross-chain DEX and we gained massive benefits.
All deposits and liquidity are protected by rollup's escape hatches, meaning that
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Polkadot leading, Cosmos following
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We're proud to release the post on Master-Rollup for cross-L1 information transfer
Imagine a single rollup that's connected to multiple L1s in parallel and coordinates information transfer in between
Use cases: atomic swaps, cross-chain liquidity
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Encrypted mempools are the next big thing. Pre-settlement privacy mitigates parts of MEV, while still keeping all tx transparency onchain.
It's one of the core features of Mangata and it will be the inception of trading singularity on Polkadot.
Why are encrypted mempools the next big thing 🧵
(plus everything you wanted to know about encrypted mempools but were afraid to ask)
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when you speak to professional traders that are years in the market, they will all tell you their profits are small %s more than fees paid on trades.
In efficient market and competition, the profits are squeezed almost down to a 0. The trader has to beat the market first to
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What's the difference between a bridge and Rollup-Parachain ?
The withdrawal guarantee. If you bridge through trad bridge, e.g. Snowbridge, and the bridge nodes goes down or collude, user funds aren't withdrawable.
In a rollup design, user can always recreate the state and is
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