Editor's Note: This article comes fromHot Wheels Community (ID: FHBT18), Author: Pepe, reproduced by Odaily with authorization.
Editor's Note: This article comes from
Hot Wheels Community (ID: FHBT18)Hot Wheels Community (ID: FHBT18), Author: Pepe, reproduced by Odaily with authorization.Bull markets can be long, but the craziest phases of a market tend to be relatively short and unsustainable.Hello everyone, I’m Pepe. As for Bitcoin, we mentioned before that 70% of the circulation in the past year has not been moved. There are much fewer chips on the market than we imagined. In the past year, Grayscale bought coins, locked up coins with various loans, and reluctance to sell as prices rose. The skyrocketing price was also a manifestation of lack of liquidity, but this time, contrary to 312, there were not enough selling orders. However, time can alleviate the liquidity problem. The output of 27,000 BTC per month is almost 860 million US dollars. If it continues at the current growth rate, it means that more funds will be poured in to maintain it.For Ethereum, in fact, there are many ancient whales on Ethereum. Like this 2.0 mortgage test, there are many 13-14 years old coins rushed into it. However, compared with Bitcoin, there are more circulating chips and more growth. It still depends on ecological needs, whether it is ICO in 17 years or DeFi in 20 years.One of the restrictions on the soaring eth is the gas fee. The following picture is a screenshot of the gas fee during the peak period of these two days:To maintain an instant transaction (500gwei), depending on the consumption of the contract, it costs $10 for ordinary ETH transfers, $20-30 for sending erc20 tokens, and $50-60 for uniswap transactions. Yearn requires a handling fee of nearly 100 knives to make a financial deposit or redemption.The increase in the price of eth has a double impact on the gas fee. On the one hand, gwei is denominated in eth, and the increase in eth will naturally increase the handling fee. On the other hand, the booming market promotes the growth of transaction volume on the chain, triggering gas bidding to become more intense.But such a situation is actually very difficult to maintain for a long time. The ordinary one thousand one thousand and two handling fees do not know how much traders' profits will be swallowed up in a year, let alone the tens of dollars. In the current state Transactions can only be said to be more speculative. Their gambling doubles in a day, and they don’t care about the cost of hundreds of dollars in and out. There are also large accounts who transfer hundreds of thousands of dollars. U doesn’t care about this fee, but it takes a long time. , it is hard to say that they will not discover the essence of being a worker in the mining circle.In any case, the sudden increase of gas will be a blow to the ecology. For example, uniswap, uni’s popularity last year came from the fact that there is no threshold for listing coins, but the high handling fees may kill the transaction volume of many small coins (from this From a perspective, if the gas fee has not returned to normal, try not to participate in the new currency speculation on uniswap).Therefore, for ether, the market value needs to be steadily raised to a higher level. The most urgent task is to reduce these transaction costs, and there is still a year and a half to go in eth2. Layer2 seems to be a closer solution, which is why the concept of the second-layer network has become popular again recently, and some tokens have soared and doubled in an instant.Regarding the second-tier network, V God also published an article today:Regarding the second-tier network, literally, it is to put frequent transactions outside the chain or in a specific smart contract, which is equivalent to building another layer of transaction network on Ethereum, and finally record the settlement verification results in on the ethereum chain.The specific solutions that can be seen at present are:State channel, Plasma, sidechain cross-chain and rollup.State channels, Plasma, and cross-chain side chains have certain similarities. They all put transaction information outside the chain for processing. However, the state channel requires both parties to the transaction to be in the same channel at the same time. Traders transfer money; Plasma generates another chain, mortgage eth to the contract to generate peth for transactions on the Plasma chain, compared with state channels, it can interact with users outside the system, similar to wbtc, as long as the other party takes erc20 tokens like peth And the transaction records on the p chain can redeem the original eth.Plasma was actually mentioned 18 years ago, but so far, like the Lightning Network, it is difficult to see the results, including the state channel. A practical problem is that it is not easy to maintain absolute credible security. Need to rely on a credible role, the operator who opens the channel or the Plasma chain, how to ensure that they treat all transactions well from beginning to end, if a deposit mechanism is required, it means that the system is another layer of complexity.Based on this, it seems that V God now prefers the Rollup solution.What is Rollup? Its principle is as follows. For a smart contract platform like Ethereum, its bookkeeping method is not like the UTXO mode of Bitcoin, but the coin-issuing contract manages a ledger, and each transfer is to the corresponding address. The addition, subtraction, and subtraction of values, what we see for each address is a displayed value in the coin-issuing ledger.For many simple transaction transfer records, the information can be compressed.Rollup is equivalent to using a specific smart contract to compress and store all user account information in a binary tree, as shown in the following figure:This is a data structure, and it is enough to understand the general meaning. In this way, only the minimum necessary information is stored. For example, Alice has 50 coins, Bob has 100 coins in his account, etc. A binary tree stores a dex transaction The ledger information of all users is more than enough.Each transaction in the contract is equivalent to a state change recorded in the ledger. In Rollup, all current state changes can be integrated into one transaction and transmitted to the chain. It has a role called relayer, which is to transfer all user The current transaction records are collected, verified, and packaged together and sent to the Ethereum chain. This transaction requires a normal gas fee, but because it is a merged transaction, the cost allocated to each user is less, such as on-chain transaction relayer The handling fee paid is 50U, and the transaction includes the transaction records of 100 users in the rollup, so the handling fee allocated to each user may be only 0.5U, which is to reduce the cost on the chain in this way.https://exchange.loopring.io/
In addition, according to different verification methods, Rollup is also divided into ZKrollups and Optimistic rollups. Due to space limitations, it will not be expanded here.
The above roughly understands the classification of the lower two-tier network, and the following is a look at some of the current main concept coins:Loopring is an old-fashioned technology flow decentralized transaction underlying protocol, and it is also considered to be a successful overseas project. His family has now used the above-mentioned ZKrollups to realize the second-layer network DEX. Website:2. Injective Protocol(inj)This V2 version also changed the original order book model to the most popular automatic market maker model of DEX. Affected by the recent popular concept of the second-tier network, the increase of LRC is also explosive, with an increase of 157% in the past 7 days, nearly 24 The hourly increase is 50%+, and it has increased by more than 20 times from the trough in 19 years.However, there is still 80% of the distance compared to the popular period of Isio in 18 years. The current market value of 570 million US dollars, I don’t know if there are still some overestimates, at least according to their V2 version data, it is not impressive, and There are only some major trading pairs with ETH and WBTC.
Although the other layer2 has a rigid demand and a hot concept, the actual user migration may still be a slow process, especially when you transfer in and out of their contracts, you still have to go through the high gas fee of the layer network, so even if it is implemented now, it may still not be real. Alleviate the problem of high transaction costs on the chain, especially in the case of insufficient liquidity and trading pairs.3. Deversifi
Of course, in any case, after two or three years of downturn, the team can continue to update products and has a place in the Ethereum ecosystem. We should applaud him, and hope that Loopring can launch more new products that adapt to the market this year. In addition, he The family has also launched some mining activities recently, and those who are interested can pay attention to the official news.
4. zkswap
This is the IEO project of Binance in October this year. It is also said to be a layer2 DEX, but in terms of implementation, it adopts a cross-chain method, and the cosmos used for the bottom layer is then crossed over to the ether.
It is still a question of whether the IBC of Cosmos will land, so I temporarily classify this project as an "air" category, and what is interesting is that 82% of the chips are still controlled in the official address (should include fundraising round locks) Warehouse part):So this inj is pure hype at present, and the price performance in the past month is not bad, +170%. Those who like to speculate can pay attention to it. In addition, in terms of speculation, if the market can still stabilize and leave a performance opportunity for Shanzhai, You can look through the IEO projects in the past two years.This is a two-layer network dex that has been realized and can realize private transactions. It is headquartered in London and adopts a more traditional order book model. His family has a governance token called NEC, but it seems that no one cares about it.5. There are still some tepid onesmatic-side chain mode expansion, but it is not clear whether its positioning is to expand itself or Ethereum.OMG—Using Plasma technology to build a two-tier payment networkSkale — sidechain network
