Section 8. ETH, Layers, and Bridges - Transcripts
section eight IV layers and bridges before you start this section,
I want you to stop reading, go to a mirror and repeat after me. It isn't T. B. I's job to hype my project onto
his top platforms list. If we didn't get
written up this year, there's always next year or Mazzari's ongoing research or
we will take this as a learning opportunity that in one single idiots mind
we either weren't worth covering yet or more likely it's simply not possible to cover every single
project that has exploded in the industry's largest ever
growth year. Even in
Subsections of a 150 page report, it's not my fault. It's not my fault. Weep cathartically now that that's out of the way we have a lot to cover. Starting with the core Blockchain outside of Bitcoin ethereum Section 8.1 Q three earnings report. I
loved bank losses. Q three
update on ethereum. It's
so freaking cool that we can produce
earnings reports for any crypto community without the need for any central corporate investor relations team. And we can do it over any arbitrary time period and updated in real time. We're talking about a 1000 x improvement in investor information symmetry here. And it's pretty fun to write about ethereum financial performance. Now to e I p 1559 went live in early august London hard fork restructuring the networks, fee market and burning gas
fees to the benefit
Of all stakeholders in the process over $1.3 billion dollars was burned in the half quarter following the update, which helps make ethereum look more like a high growth tech stocks to more traditional investors, how would you value a company with this growth profile? The Summers N. F. T. Mania pushed the ethereum network to its breaking point even as more on chain
Capacity migrated to ethereum is newly launched. Layer 2's optimistic ethereum
launched its alpha in july and Arbitron ones may net launched in august As of this writing, there are now $330 million dollars locked in optimism uni swap in synthetics,
dollars locked in arbitral Uni, sushi Reddit and $5.1 billion locked in polygon abe pollin market. The central land defy llama helps track all this locked value in real time and that's before factoring in throughput that migrated to
Dy DX Zk rollup chain built on stark where where liquidity sits around $1 billion dollars and
Volumes at one
eclipsed coin bases. As bank, let's summarize there's more value locked in defied
than the market cap of
Billions of dollars were burned in ei P 1559 Interoperable layer
twos have seen adoption explode and emerged to ethereum is proof of stake Blockchain is in its final stages which could further
reward each holders with staking rewards and onboard
new institutional investors who may have otherwise been hesitant to invest given their E. S. G. Mandates slash mining concerns.
Not bad for a year's work. There's no obvious headwind in sight though, That can always
change rapidly in a risk off
kryptos reflectivity or if to delays or stalls enroll up adoption continue to push capacity to competitors.
Section 8.2 1559 Miners and Emmy
EIP 1559 helped
stabilize the ethereum
Transaction fee market by implementing at 12.5 per cent base fee shift per block, reducing transaction fee, volatility and redirecting certain minor a tractable value attack vectors between the London hard fork and the mass migration of
Decentralized exchange volumes to layer two. Chainz. You can get a sense for which applications are most likely
To migrate to layer two next. By tracking this burn leaderboard may have dropped more than 80% as
a percentage of network usage since the beginning of the year. EIP 1559 also
took some money out of miners pockets by burning base fees rather than passing them along with the block rewards. That's caused some concern over the merge. We've never seen a switch from a proof of work network to a proof of state
network at this magnitude before. But my money is
on a smooth transition at least
when it comes to minors behaving themselves. Two of
the large chinese mining pools have already shut down following the CCPS mining ban and remaining Western miners. Many have ties to early ethereum investors
seem more likely to switch cleanly to staking versus engaged in a last
minute power play Section 8.3, the merge and liquid
staking ethereum is merged to proof of stake will radically change
the dynamics of the
Jpmorgan even projects that staking will be a $40 billion 2025. But for all the benefits
of the switch staking presents an
opportunity cost problem locking assets to participate in network validation, particularly in a year long initial staking period prevents these assets
from being used in other parts of the ecosystem.
It didn't take long for developers
to fix this glitch and create liquid synthetic
representations of all that staked capital. Right now
There's just $10 billion dollars in liquid staked
Assets, a figure which would have to grow 50 x or more if we were to hit Jpmorgan's $40 billion 2025. It's too early to pick a winner in any of these projects. But I'm watching all of them and I'm an early investor in lido and the anchor being able to earn staking rewards while maintaining liquid collateral opens up a number of
possibilities earn yield on your yield coins.
And while I'm long term bullish, I'm a bit worried in the short term about liquidation risks one bull markets don't last forever and a delay in the merge plus a turn in market sentiment to risk off or a rotation out of e to
layer, ones could create bank run scenarios and the other defi protocols that lean on lido ST
E for collateral number
two. Cross chain bridges have been susceptible to a number of hacks. So far the cross chain availability of some of these tokens opens up a
Number of compounding technical risks. # three validator. Downtime early on in the post merge
environment could lead to slashing which would
impact the state tokens collateral backing. I'm not smart enough to handicap these
risks. But as magical as defi is,
I am old enough to know that system
leverage layers of collateral ization, cross chain availability and an unprecedented
Migration of a $500 billion dollar network to a brand new Blockchain creates risks. Section 8.4 to the VM or non E V M.
I believe we'll live in a multi chain world and
ethereum E V
m or ethereum virtual machine will almost certainly be one of the standards that matter on a consolidated basis for decades to come in the next few sections. I'll cover the
other early leaders in the race to dominant layer one or layer zero with dedicated sections for Selena cosmos, ibc polka dot and terra. There's a window of time where this battle for mindshare will play out many
standards, but you
Certainly don't want to be the one bag holding the 5th guy for anything more than a trade.
We may have hundreds or thousands of applications specific roll ups or para chains or zones, but we won't have hundreds of layers, Zero layer one layer two standards as ram sri it's wrote in a recent pro peace, major tech platforms
tend to trend towards duopoly. Perhaps this time will be different but I find it
unlikely that developers, particularly those working in small teams
will choose to integrate with multiple virtual machines outside of the top
2 to 3. Even in the near term, unless they have vastly superior technical capabilities that better suit their application. E. G serums decentralized exchange can only work on Selena
as its central limit order book would be infeasible on ethereum. Even then, many upstarts
will face a choice in the medium term between going the safe route and building on ethereum e v m or settling
new land on a text act that might not survive a bear market Section 8.5
Layer one relative valuations
in broad strokes, ethereum competitors are all taking different
angles towards solving the scalability trill Emma, which holds that block chains can
only prioritize two
out of three priorities between scalability, decentralization and security
fatality. And the other ethereum. Core developers have already rallied around a rollup centric future which
prioritizes the security and decentralization of the base ethereum Blockchain intentionally over its scalability which will be pushed to the other adjacent chains. This model is similar to the
preferred path of polka dot and cosmos Selena, on the other hand, wants to go fast and they're satisfied with
sacrificing some level of decentralization for speed when it comes to the relative valuations of these projects. It helps them to think about the size of their entire economies, their
developer ecosystems, the value they secure, the interoperability and incentives they offer, their value capture
and which technical
trade offs you believe the largest applications will choose to optimize for.
At the beginning of the year. I thought it's lead was
now, I'm not so sure even if it has a number of tailwinds going into the new
year decentralization, specifically political decentralization and architectural soundness have become
Secondary properties at best and willfully ignored at the worst. In the mercenary dominant market of 2021,
not every new chain has tossed a centralization aside,
but many have, even if the theory manages to hold off
its largest Nani
It will leak value to the roll up chains that leans on for scalability. It sits at 60
Market cap dominance among layer ones that will either fall below 50% in 2022 or
its layer to roll up tokens
will eat into its growth. Maybe both. This goes back to my earlier point about cryptocurrencies versus crypto computing platforms, Watkins pointed it out to a crypto economy with multiple
winners would look similar to the world we live in today
With five dominant 1
trillion dollar plus technology companies. Section 8.6 Selena summer never ends.
No project maybe in
has gotten hotter faster than Selena in 2021, A 100 X rally a legendary challenge from one of its early critical backers, intense VC
interest and exploding infrastructure stack
Sinica and application ecosystem and a Blockchain that is fast, fast, fast. Make it the first legitimate challenger to ethereum is layer one dominance. I will acknowledge the
recency bias but only if you also acknowledge the fact that Selena is really good at the things that theory um doesn't even try to be good at. Selena is
not trying to out the VM and out module arise ethereum it's trying to fit everything it can
into its base chain. The team is executing at a
that was evident this
month at the breakpoint conference, $100 million dollars in investment
for decentralized social media with
Reddit's co founder, $100 million fund with FDX geared towards Blockchain gaming braves
migration to Salon A as the browser's default Blockchain. Salonica's ascendance as a potentially
dominant platform in crypto gaming and N. F. T. S. Hello FDX integration and the recent $1 million wallet threshold for Solano's browser wallet phantom
it hasn't been a
Panacea. The network had a major 17 hour outage or a 17 hour block. If you asked salon a founder anatoly
that could have led to systematic issues and its fledgling defi
apps had the Salon a price cratered but if we're calling things
fairly this isn't dissimilar to the
early technical challenge. Bitcoin and ethereum faced. We often forget that this network that has
AMassed a 65
billion dollar plus market cap launched fewer than two years ago. Growing pains are inevitable and it's normal for networks to discover catastrophic bugs early
in their life cycles. We'll see if the momentum is sustainable
long term but multi coin crushed the
Short term thesis saying the only black chain protocol that can scale to tens of millions of users within the next 24 months is Selena.
I'm not saying that scaling via Chardin and roll ups can't work. I'm actually
optimistic that both solutions will eventually. But both of these scaling strategies don't really work
today and will create a lot of secondary and tertiary problems that have to be worked through. It's hard to see a world in which impartial
organizations that demand certainty around scalability will get the certainty they
Need in the next 20
four months because there are so many
to scaling ethereum
polka dots, slow and steady rollout as I discussed with founder
Gavin Wood at this year's May Net Conference 2.0 looks a
lot like polka dots, polka dot builds itself as interoperable chain of chains
Or Layer zero or Meta Protocol. It's designed to connect up to 100 pair of chains for now that will compete to
share security with its core relay chain.
We don't need to get into the technical weeds here. You can read more about how polka dot works
in our pro peace but just know that you should keep
an eye on the protocol this month. In particular as its parent chain auctions are kicking into high gear. Now the first five winners will be on boarded to the network on
December 15 following the previous
dress rehearsal on its test network Osama come at me. KSM mob
polka dot is interesting for a few reasons, not the least of which is that the rollout is slow but steady. In contrast to Selena space and the development team seems to be inverting the two
point oh model rather than having applications flee the layer one to work on
friendlier application specific chains. Its rollout model, polka dot began with a base layer that had limited execution capabilities but generalized security. The protocol outsources most functionality to customizable execution layers or para chains at regular intervals or slot auctions,
which requires contributors to buy and lock up dots on an ongoing
basis and in staking and para chain bond derivatives, e g, those on Akala. And you have the makings of a Ponzi economic masterpiece, polka dot might be moving a bit slower and steadier than the other projects in this
chapter, but I wouldn't bet on someone who co founded ethereum and followed it up with
a 2nd, 50
billion dollar network.
Section 8.8. Cosmos and
ibc opt in if you haven't gotten the gist already.
The interchange thesis has one cosmos was the first
to work on a modular network of Blockchain and ethereum is Rollup
centric scaling plans sealed the deal. The one chain to rule them all thesis is
dead. And cosmos, Inter Blockchain communication protocol or ibc to something polka dot and ethereum don't keeps the protocol entirely open and independent of the cosmos hub and its native token adam the hub is not enshrined
in the cosmos ecosystem. It competes on equal footing with other chains that may seek to serve as a central
router of data and
assets across the cosmos ecosystem in the future, the hubs initial shared security model offers new cosmos Blockchain or zones
the option to anchor to the hub on an opt in
basis like polka dots, relay
Chain or ethereum is beacon chain but 100% optional. Cosmos treats
interoperability as a spectrum. Then zones and their users choose which security risk to take
on from connecting to other zones, fully uncoupled zones might not connect at all. While fully
coupled zones might share a single consensus process.
laid out the multi chain narrative evolution
of the top platforms
ethereum. Q one
defi decentralized but kind of slow and very expensive. BSC que tu defi not decentralized but quite fast and cheap Selena Q three
kind of decentralized very fast and cheap cosmos slash ibc Q four defi decentralized fast and cheap paradigms, charlie. Noyes puts it even more simply saying if ethereum is a mainframe
computer, Cosmos is a protocol for networking independent servers.
Chain specialization might be the only way to effectively scale on chain activity. But Cosmos doesn't seek a premature answer to the question of how block chains will get module arised and
which markets will be
winner take most. That's one reason it's powered
Two of the top 10 block chains, finance mart chain and terra and may include
dozens of others in the future,
including ethereum. As Dequan put it at main. Net maybe it's a bad idea to stick
all the applications into one global computer. Maybe it just makes sense to have a multi chain future. Speaking of dough
Section 9.9, terraforming la luna.
A layperson may have read the last couple of sections and thought, oh boy, this is too esoteric for me,
I'm aware that I'm letting
others down. See best of the rest in the next section by
not going layer one by layer one ad Infinitum but we're going to move on to one final layer one and then wrap here.
Tara is interesting because it's a layer one platform that
start as such but
terrorists. Application ecosystem has exploded this year.
Its partnership with South Korean payment app Chuy brings terror to 2.3 million users.
Terra's algorithmic stable coin ust has gone from $0 to $7.2 billion in its first year and may soon overtake
make or die in market cap
Synthetic stock application mirror costs 1.5 billion
dollars in locked value.
Just shy of synthetics. 2.1 billion
dollars. Tara's anchor protocol
Has locked nearly as much luna $4 billion Ethereum Lido has $6 billion. The biggest headwinds are known unknowns but it's unclear whether they proved manageable or
catastrophic to the entire terror ecosystem.
Dequan in terraform labs, battle with the sec over
mirror and it's synthetic stock tokens. There's the reflexive itty of US tea and its usage of luna as a primary
source of collateral to worry about in a full risk off environment. It's unclear how resilient terra and
USt might be during the spring dump
of luna. UsT nearly became
insolvent as the value of luna fell below the total value of U. S. T. In circulation. It also took a $70 million Stability Reserve at
anchor. A systematically important terror lending protocol. The lender of last resort model works
until it doesn't.
On the other hand, the protocols columbus
five upgrade which,
Among other things connected terror to all other cosmos block chains and Wormhole V two
integration bringing luna and UST to ethereum Selena
and finance smart
chain will de risk some of the reflectivity by extending the protocol to other chains as well as extend US T? S relevance
across the rest of the crypto economy. That's why I remain bullish on Tara's
long term potential. Tara's stable coin potential alone. Give
the project a massive T A. M. Section 8.10.
The best of the rest of the yellow ones. There are simply too many of them. I'm sorry Cardona was in the top 10. So this may seem like a slight but not a single person in my
network recommended I replace
a section on soul
dot luna or adam with a D A. If anything, avalanche was the first
bubble team. Slided for the big
dance but we'll be dropping a big report on them soon. Calderon
has made some moves recently too.
And they got the mooch on the board. Phantom is buying from Andre Crone J, one of last year's Top 10 people to watch for his network on stable coin project. Yearn and coverage from Nansen near has been aggressive, aggressive on the
grants incentives and expanded its ecosystem through
E V M compatible arora side chain etcetera. If you want more ongoing
Coverage of the next 10 layer
1/2 that could break
out and vie for supremacy or at least league status. You can check out more research
on Massari. Pro or sponsored coverage on Massari hub where we're building a marketplace that connects independent analysts and
project in dire need of oxygen. We can't do it alone,
no matter how quickly we're scaling our team, you can read more on avalanche. Al grande definitive E Near Cardigan. Oh phantom. Elrond Cielo Harmony
And BSC through the links tied to the Massari thesis 2020 digital copy. Even then, I know I'm missing some projects use the Massari
onto the L two,
Section 8.11 Polygon
flip ins Before we move on to major players in L2 scaling. It's helpful to recap that there are essentially seven paths to scaling block chains that we know so far.
Number one layer one
optimizations as we saw in the directions above. There are a lot of innovative approaches to scaling the core block chains themselves.
They all make different
tradeoffs in the same trill. Emma of decentralization, security and transaction capacity Number two layer 0
interoperability with 2.0 polka dot and
Cosmos ibc all makes similar assumptions that their networks will essentially be networks of interoperable chains with shared settlement layers. Number three payment channels. This is what Bitcoin's Lightning network uses. You lock funds in a channel
and you can operate with other channels that adopt
the same scripts. These are usually application specific, good for payments, but sub optimal for most other cases.
side chains, X die is a good example. Finance smart chain is also arguably a side chain of theory um or at least it could be in the future. Side chains plug into some layer zero layer
one network and are responsible for their own
consensus security models.
Number five plasma
often called child chains because they are essentially copies of ethereum. These are separate block chains anchored to ethereum through a trust minimized bridge system. Each plasma chain can use its own mechanism for validating transactions, but you still use the ethereum Blockchain as
final arbiter of
truth. The various plasma designs have faced a host of UX and security issues and don't
naturally support smart contract development. OMG and polygon for
example, have since pivoted away from plasma, leading some to suggest that plasma is effectively dead. Number six, optimistic roll ups, optimism and arbitrage muse These see next section. Roll ups are many block chains that move computation
off of ethereum.
There are separate state storage, the full transaction data stored in the
Rollup chain and the fingerprint of that state pushed to the layer one. And
optimistically assumed that the fingerprint
represents the correct transaction history on that roll
up since ethereum stores the fingerprint, it serves
as the final arbiter of truth enabling roll
ups to assume the security guarantees of ethereum itself. It's an innocent until proven guilty
model where users can flag fraudulent roll up transactions during the challenge period. While fully E. V. M compatible unit swap, sushi swap have already migrated. The challenge period means cross chain transactions like moving from Arbitron to ethereum aren't
ZK roll ups. ZK sync and Stark where used these two sections from now
and DY DX is in live production using Stark wears technology.
ZK roll ups are lightning fast because they use something called validity proofs, making them instantly verifiable and eliminating the need for liquidity sucking challenge period. They have also made strides on becoming
the VM compatible with Stark wear Stark net and
Zk Sync 2.0 Sporting built in compilers to support the execution of smart contracts written in solidity and viper. But these E V M compatible solutions aren't live yet. ZK Rollup to date have only supported a few discreet tasks like direct
transfers and trading like loop ring
if you're lost. Here's a picture If you're still lost. Cinematics does a great job breaking down layer 2s
and polygons in particular and coin
98 has a good graphic that lays out the two ecosystem and the scaling solutions in particular. Ben Simon of mechanism. Capital is a master of making sense of roll ups.
You might have more one on one level homework if
none of the above makes sense to you Onward for the 201 level students
Polygons rise this year has been remarkable. I'm not talking about the nearly 100 x year to date rally in price. I'm talking about how
effective the team has been so far in making strides to build a general Izabal scaling protocol that allows user application developers to choose between building an ethereum side chain, a plasma chain or soon a roll
up change the fact that polygon flipped ethereum
inactive user addresses maybe the best exhibit a we have that scaling is an existential priority for the ethereum ecosystem.
Were it not for polygons role in processing N. F. T. And gaming transactions this summer, The migration to alternative L. Ones like Selena may have been even more rapid.
Students of modern crypto history will note that polygon is now much bigger than the initial Matic side chain and plasma solution that was launched on ethereum.
If you see the ticker Matic for polygon anywhere, that's why its core product remains the PVM compatible polygon pOS chain and pOS bridge, which derived their security from a group of Maddix takers on ethereum. This chain isn't a roll up since
it has a separate validator set, but it also isn't a side chain because
periodically commit the chain state to ethereum. Leading the team to
characterize it as a commit chain polygon has since
new territory with an
array of scaling solutions and complementary tooling between May and july. The team introduced the polygon sDK, a framework for launching new block chains that could either serve as a roll up or standalone chain and avail a data availability solution for polygon sdK chains. It has also made a concentrated effort to focus on ZK technology as the long term scaling solution for the polygon
ecosystem. In august polygons
merged with Hermes, an open source ZK Rollup scaling solution was a step towards integrating ZK into the core
polygon ecosystem. The team also announced
A $1 billion Zk Technology and revealed
Maiden an upcoming Stark based roll up that will be E V M compatible On a long enough timeline, all crypto will converge to zero knowledge crypto if you haven't already check out our
Massari pro subscription, you can start a seven day free trial today. It will give you access to our industry leading research and pro data tools.
Go pro for 15% off with the offer.
Code thesis _ 2022 again, that's thesis _ 2022,
Section 8.12 They're optimistic metallic and the ethereum core developers have come around to the rollup centric
design for ethereum scaling that looks most similar to the designs of polka dot
and cosmos settling a range of independent TvM compatible execution layer
block chains that roll up to the same ethereum beacon chain is already picking up some steam across two different types of roll ups,
Optimistic and zero knowledge or ZK.
Optimistic. Roll ups optimistically assume all
transactions on the role of Blockchain are valid by default.
They use an innocent until proven guilty
Model where transaction confirmations on the L one chain are subject to a challenge period as a fraud prevention mechanism.
This requires some latency between
L one and
L two Transactions in order to allow for challenges
but they are the VM compatible out of the box
which allows developers to ports existing solidity contracts from ethereum
L one to
Optimistic. L 2's with minimal alterations. It's likely we'll see that less than 80% of on chain E V M transaction volume moved to L two chains within the next 12 months. The speed of the migration will be incredible once it's been
de risked by other top applications and the
pOS merge gets implemented in early
time is of the essence as other layer ones continue to gain
Market share at the beginning of the year, Ethereum had 98% of TVl. That's down
to just 66%. Today, Moving quickly on layer two migrations might be easier for some applications aggregate most decentralized exchange liquidity on a single roll up chain but for others it will be
For example, fatality highlighted the need to move quickly on cross
L to portability for N F T s. This fall
Exhibit 347 that will live
in an abundant multi chain future Section 8.13.
Zero knowledge scaling metallic thinks that ZK Rollup will process the vast majority of ethereum transactions
They may also append the thesis
for alternative L
ones. The most innovative tech in crypto hasn't widely impacted the markets yet. But that may change with Stark Acts and ZK sync C K might be the only solution that will enable crypto to scale to billions of users and it provides the only privacy guarantee institutions might need to participate in public
interoperable Blockchain so they adequately safeguard proprietary customer data.
ZK Rollup as leverage zero knowledge proofs also known as magic beans to industry insiders using this terminology will make you sound really
well connected at your next meet up
to near instantly confirm the state of their L two chains to the
ethereum. L one loop ring
immutable X and Dy
DX are early adopters
but don't expect their success to lead a rush for ZK roll ups just
yet. They aren't fully E. V. M. Compatible and require some customization to hop between the L. One and other L two.
The program ability gap will inevitably close between optimistic and ZK roll
ups. Stark ware says it's Stark
net is coming soon but today the trade off is about simplicity and compatibility versus settlement speed metallic is probably right about ZK rollup is dominating but from a technical and regulatory standpoint it will take time and a lot of education.
My bet is that L1 ethereum transactions account for
Less than 20
of transactions by the end of next year. And optimistic roll ups account for less than
50% of total L two usage by the end of 2023.
It's going to come faster than we
think by necessity.
Section eight point
14 build me a bridge by now it's abundantly clear that a multi chain world isn't just the future. It's the present. There are 15 block chains today that store over 10 billion
dollars in assets
Each and Bitcoin and Ethereum store nearly $2 trillion dollars by themselves. Growth doesn't appear to be slowing anytime soon and it's likely even more black chains will rise in the coming years with the launch of layer to roll up chains. In many ways the world of block chains is quickly starting to resemble our physical world
by nations which each
have their own economics
governed by their own rules. However, Blockchain ecosystems remain divided their the isolationist nations with limited transportation systems or
arrangements. Today there is still no scalable, decentralized,
widely integrated protocol that moves value and data between block chains without relying on
trusted third parties. Instead, users mostly rely on centralized intermediaries like exchanges and custodians to move value between block chains, exposing them to custodial risks and seizure slash censorship risks. Luckily
there are a number of teams acutely aware of this opportunity and projects
Like cosmos that have been building for this world since 2014 dim entry barons on wrote a great piece over viewing the various approaches to cross chain bridges. Just as ethereum compose ability enabled developers to package protocols together and build new
dynamic applications, e. G urine depositing assets into compound curves etcetera for
automated yield. We'll likely see similar
cross chain applications that emerge
once the bridge
infrastructure is ready and capable of unlocking crypto collateral
cross chain interoperability is also likely to standardize around a small number of trusted,
widely integrated protocols.
The immaturity of today's solutions creates significant user and developer friction. The bridge that's credibly decentralized, battle
tested and well integrated across layer ones would likely emerged as the
preferred choice for cross chain liquidity simply due to its predictability and reliability. As the multi chain economy grows, it's inevitable that cross chain bridges will facilitate an enormous amount of assets
and data transfer volume prediction. The most popular L 1 to L two, L 1 to L one, L 2 to L to
bridge protocols will have higher daily volumes than most popular centralized exchange
within five years. Section 8.15, wrapping it all up Before we get to our final chapter on participation in the Web three economy and the future
organizational structure of society. It's helpful to take a step back and recap the incredible breath of innovation that's just beginning to
emerge in crypto.
I love this thread on the 23 crypto innovations that will revolutionize
our world. Time will tell if the markets are overheated in the short term, but we're just getting
started in the crypto supercycle. It's day one