Lemniscap

@lemniscap

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64 Followers

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5/5 We’re proud to support Cytonic’s mission to break down the silos between blockchains, empower developers & drive collaboration, innovation, & adoption across the Web3 ecosystem. Congrats to the team on today’s milestone!

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4/5 Cytonic Co-Founder Ivan Miskovic is driven to make on-chain interactions easier & more efficient for everyone involved, reducing transaction fees & waiting times when moving assets between chains.

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3/5 Recognising the heightened fragmentation across multiple chains that has hindered obstructed Web3 growth, Cytonic is compatible with most blockchains like Bitcoin, Ethereum, & Solana, enabling different transaction types to be processed together in a single block.

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2/5 Developed by MultiVM Labs, Cytonic is an execution layer engineered to address blockchain compatibility challenges, emerging as the first Layer 1 that runs multiple VMS within the same network layer using shared storage.

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1/5 We’re delighted to have co-ed the $8.3M seed round for MultiVM blockchain Cytonic, alongside @latticefund.

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5/5 We are firmly aligned with the team’s mission to support developers & enterprises looking to build high-performance dApps with high-throughput, no latency, scalability & flexibility – critical elements of what will be an increasingly decentralised future.

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4/5 Powered by a throughput of 1 GB per second, HyveDA is addressing growing demand for secure, scalable & cost-effective data availability, operating on a permissionless network, backed by leading infrastructure providers.

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3/5 Paving the way for the next generation of blockchain ecosystems & applications, HyveDA – a fully permissionless data availability layer – is alleviating bottlenecks at both the network & individual component level, meeting the needs of the most ambitious dApps.

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2/5 Given the conveyor belt of dApps and L2 solutions coming to market, the importance of low-overhead & high-throughput data availability is crucial for ensuring the scalability, security, & efficiency of blockchain networks.

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1/5 Lemniscap is proud to have led the $1.85M Pre-Seed Round for the cutting-edge data availability solution Hyve DA.

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15/15 We would like to personally thank these gigabrains for their invaluable feedback on our report: @justindrake at @ethereum Jason Vranek & Amir Forouzani at @puffer-finance @0xjunger at @taikoxyz Murat Akdeniz at @primev Harry Gao at Luban Kaito Yanai & mteam at @spire Francesco Mosterts at @chainbound Josh Bowen at Astria Raghav Agarwal at LongHash Ventures

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14/15 If you're building solutions in these spaces, we'd love to hear from you! Feel free to contact our team directly @roderik @shaishav0x @nicolasantoni @sjors-lemniscap @grisha @blocks or reach out to us by email.

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13/15 Users and developers ultimately seek a single-chain experience, and based preconfs present a promising solution. However, there are notable implementation complexities to be aware of. E.g., we discuss tradeoffs with existing approaches like shared sequencing and appchains.

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12/15 "Going based" could balance L1-L2 economics by improving composability and "growing the pie" for all L2s, introducing preconf tips at L1, and making MEV extraction more efficient. Overall, fostering a more integrated Ethereum ecosystem.

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11/15 Based preconfs are also important wrt L1-L2 economics. EIP-4844 blobs have slashed L2 costs by substantially reducing base layer DA costs, but also cut Ethereum's revenue and burn rates. Post-EIP-4844, margins going to L2s are at ATHs and Ethereum revenue is down ~70%.

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10/15 Ethereum is having its "Fedwire moment." Just as Fedwire enabled seamless transactions across regional banks, shared sequencers and now based preconfirmations could unify rollups, facilitating efficient and decentralized asset transfers across the Ethereum universe.

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9/15 The benefits for Ethereum's UX are manifold: stronger assurances than soft confirmations, fast commitments (~20 ms in @taikoxyz test env), gasless txs (in @puffer-finance's design), social alignment, x-chain atomic inclusion, and the promise of synchronous composability.

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8/15 Enter Based Preconfirmations @justindrake proposed based preconfs in Nov 2023 to solve this constrant. This approach involves Ethereum L1 proposers offering credible promises of future tx execution for tips, and these promises can be made very fast.

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7/15 But while based rollups offer various advantages in terms of decentralization, security, and economic alignment, they simply cannot provide fast transaction confirmations like centralized sequencers due to Ethereum's block time constraints.

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6/15 As these builders sequence both the L1 and L2 blocks, there is no need to rely on the L2 single sequencer to manage transaction sequencing. Instead, the design leverages Ethereum’s existing validators, providing a reliable and credibly neutral transport layer.

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