A place for talking about the Ethereum Virtual Machine on Farcaster.

Can we build an L1 token contract whose balances are controlled by an L2?

Imagine a token wrapper on L1, where we can deposit whatever token (e.g. USDC) then work with the deposited balances on L2 as much as we want with super cheap fees, then eventually withdraw back on L1 via ZK proof against the latest state root?

(It's kind of like a based appchain, but could piggyback of any existing L2?)

cofounder /ethglobal, team /op-stack, /canada native 

liamhorne.com

A doodler and computerer. I like permissive/permissionless open source, smart contracts, p2p systems, room-scale VR, and NixOS.

shazow.net

Currently: WhatsABI

Related thought from @liam.eth: https://twitter.com/liamihorne/status/1848943200188203182

Auditoooor at ChainSecurity
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EPFL Cybersec MSc.
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CTF player w/ 0rganizers
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Hacker & Cypherpunk
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Yea kinda, except loopring was a stand-alone L2 with its own sequencer and everything.

Isn't this kind of what loopring and other payment specialized l2s are? I don't know them too well though

I've been thinking of a similar idea for an ERC-4626 tokenized vault, where the vault and the token live separately on the L1 and across L2s respectively. 

Mint/deposit sort of works (as long as the L1 is responsible for the sequence)

Burn/redeem is a nightmare because it can't be atomic. (esp on op bridges) 

Explored proving with Merkel branches, proof too big for L1 blocks
Playing with the idea of STACK proofs now (mostly because arithmetization is way more intuitive to me than the gates and circuits for SNARKs 🥲)