Ethereum 'doesn't need' 2.0
Editor's Note: This article comes fromWebX Labs Daily (ID: gh_3bc595acebaf), reprinted by Odaily with authorization.
Editor's Note: This article comes from
WebX Labs Daily (ID: gh_3bc595acebaf) Since the DeFi boom prevailed, capacity expansion has been a curse that Ethereum has been unable to get rid of, especially the maturity of other public chain projects such as BSC this year and the orderly advancement of the Polkadot parallel chain. For the possible "cannibalization effect", The official pressure is also increasing, making Ethereum's "self-help" more urgent. At present, Ethereum may not be able to count on ETH 2.0. Rollup and EIP1559, which V God strongly supports, seem to be more economical and practical methods. In a recent live broadcast, V God said that it really doesn’t need 2.0 to solve the scalability problem of Ethereum in the short term, what is more needed is Rollup. At the same time, the official is also eager to promote the implementation of proposals such as EIP1559. At the end of February, Vitalik updated the EIP-3298 proposal. The content of the proposal is to remove the rule "execute SELFDESTRUCT to get a gas fee refund" in the London upgrade. But the proposal is not expected to be implemented until at least July. Judging from the action, the mentality of Ethereum self-help is more urgent than any stage. So, is the "truth" of Ethereum expansion capable of solving the predicament? secondary title According to DeFi statistics, the total lock-up volume of DeFi increased by 35.5% in February, and the emerging public chain DeFi showed higher activity. There are many rising stars in the competition ecology of Ethereum. Even though the market value of Ethereum far exceeds other public chains, but From February 21 to February 28, the total locked value (TVL) of the Ethereum DeFi protocol dropped from US$55.3 billion to US$46.5 billion, a drop of 15.9% within a week. Ethereum is facing many challenges and pressures in the start of DeFi in 2021. As one of the safest public chains, Ethereum has very mature usage scenarios and ecological development. In the medium and long term, DeFi innovations are all concentrated on Ethereum. Due to different application scenarios, the current development of other public chains has not affected Ethereum. BSC, etc. may only be short-term profit-seeking tools. This behavior in disguise has carried out a pre-experiment and user education for Layer 2 migration for investors. Once Layer 2 matures, it will generate a very large suction force, and many projects will still use Ethereum as their first choice.On the whole, with the development of the Ethereum expansion plan, Layer 2 experiments have gradually shifted from the proof-of-concept stage to the product-level implementation stage. Vitalik said in the community that the first batch of Rollups that support EVM (Ethereum Virtual Machine) may be launched in March, and transaction fees will be reduced by 99% after launch. This is very interesting for the development of Ethereum and the entire DeFi market.secondary title The deposit target has been exceeded and the route has been adjusted significantly. What is the focus of ETH2.0 in the near future? (The picture comes from the Internet) "The article, and many articles in the industry have already explained the Rollup technology, so I won't go into details here, but let's take a look at the differences and development status between them. The rollup-based expansion direction that V God set the tone last year seems to be a more realistic choice now. In summary, the current Rollup projects include Optimistic, Arbitrum, ZKsync, Loopring, and DebersiFi, all of which are of great concern to the market. V God believes that Optimism and arbitrum are in the leading position, followed by ZK Rollup is also of great long-term value project. Specifically, Optimism creates an OVM operating environment similar to the Ethereum EVM. The technical strategy is relatively simple and easy to migrate to existing projects. The implementation of the Arbitrum solution created by Offchain Labs is similar to the OVM implementation of Optimism. However, the ZK Rollup architecture is relatively difficult, and the smart contract is completely self-contained. image description (The picture comes from the Internet) At present, Optimism has received the planned migration of Uniswap and Compound, as well as the in-depth participation of synthetic assets Synthetix. Optimistic Ethereum has launched a beta version based on the Ethereum mainnet in January this year. The mainnet will also be launched in March. The Arbitrum solution is still in the testing stage. The project party has provided several demos for Bancor, Bounce, Burgerswap, Hop, MCDEX (the first project to migrate to Arbitrum) and Swapr to demonstrate how DeFi running on Arbitrum works . In addition, the team also forked popular projects such as Uniswap (called Arbiswap) and Balancer for demonstration. As for the ZK system, several projects have realized the architectural idea of ZRU (ZK Rollups), including zkSync, Loopring, etc. In addition, the Rollup system has not yet solved the problem of transactions between different Rollups. Since the second-tier Rollup cannot communicate with each other, the logic of the transaction may have to be extracted from its own second-tier to the bottom layer of Ethereum, and then transferred to the one you want to send to Such a three-tier transaction relationship directly brings about higher transaction costs and more complicated processes. In response to such a situation, Vitalik recently proposed a cross-rollup expansion solution to realize mutual communication between L2 projects. The general working method is similar to that of bank clearing transactions. At present, it is only a proposal. As for the implementation, Ethereum may need to be slow. Go slowly and explore, according to V God's prediction, these problems will no longer be problems after 6 months. Many people in the market believe that ZK has more potential in the future, because Optimistic's solution is suitable for short-term transition. With the development of mechanism and ecology, ZK will be a better solution for them to choose. As for which teams will do Rollup in the future, and what kind of innovation and interesting things will it bring, this is also quite exciting. Regarding the hot topic of whether Rollup will form a new public chain once it becomes a trend, and then plunder the value of Ethereum itself, V God said that this may be possible, but the overall review of the Ethereum community is very strict, and will be checked by checking Check the code, etc. If the project is not really engaged in Rollup and uses gimmicks to help other projects build their own public chains, then, sorry, the project will be kicked out immediately. secondary title Will EIP1559 bring a drastic change to Ethereum? At present, the charging model for transactions on the Ethereum chain is an auction mechanism. Users bid for gas fees, and miners choose the one with the highest bid for priority packaging. This mechanism has largely pushed up the price of gas fees. In the algorithmic fee model, users no longer need to manually set the gas fee, and wallets compatible with EIP-1559 will automatically set the transfer fee. This fee consists of a basic fee and a tip. The basic fee will be destroyed and miners cannot get it, and the tip will be used as a reward for miners. In addition, in EIP-1559, there is also a design to dynamically scale the block size to reduce network congestion. In theory, this proposal makes transaction fees more predictable, but we don't know what effect it will have in practice. But we can see that Filecoin next door, which also suffers from high gas fees, has taken the lead in implementing this set of proposals. The results obtained so far are that, first of all, the reduction of Gas has not been obvious, and the congestion has not been effectively resolved. The most important thing is that the income of miners has been greatly reduced. Miners not only have to bear the pressure of equipment and pledge, but also bear the burden The pressure of huge gas fees. In the end, only the price of FIL has a greater value space due to the deflationary effect. Therefore, the Ethereum community is very worried about the implementation of EIP1559, because this proposal has greatly damaged the interests of miners, an important supporting force. Many people are worried about whether EIP1559 will lead to another wave of forks. As far as the entire cryptocurrency market is concerned, it is a huge dark cloud hanging over the head, but from the perspective of the development of the entire ecology, the official has to promote the implementation of this proposal. From the perspective of the timeline, it may be possible to implement EIP 1559 in the next hard fork after the Berlin hard fork in 2021. What the final proposal will look like and how effective it will be can only be seen after the implementation. Before that, Ethereum will definitely face a continuous game between miners and officials., reprinted by Odaily with authorization.
In response to this situation, the market remains optimistic about the future of Ethereum. The founder of Polygon (Matic) said in an interview, “Ethereum is the most proven and secure programmable blockchain in the world. As the final settlement layer and source of security, no matter how much money you have, you can It is difficult to replicate the success of Ethereum, as the entire digital nation is formed around Ethereum.”
Regarding the advantages and disadvantages of Optimistic and Arbitrum, V God believes that the Optimistic mechanism is directly controlled by EVM, so it will be easier to use. Arbitrum has made its own EVM in the contract. In future transactions, more operation steps will be involved. Because of the different built-in mechanisms, more complex code adaptation is required to achieve asynchronous operations, which also faces security problems. However, such a development direction has both disadvantages and advantages, that is, once it is formed, it will support more programming languages and use more space.
In layman's terms, before everyone had a transaction in their hands, they queued up for the miners to trade, and whoever offered the highest price would confirm it first. Later, there were more transactions that needed to be confirmed, and there was only one channel, so it was handed over to the miners. The gas fee has been pushed up and pushed higher and higher. Now the gas fee is divided into two parts, tickets and tips. Everyone must pay a ticket to qualify for the queue. If you are in a hurry, you can tip the miners and let them Open a green channel for you, first confirm. The ticket money will be destroyed, and the tips will fall into the pockets of the miners. With such a change, the Gas fee will have a basis and will not fluctuate greatly, and since ETH will be destroyed in the process, the currency price will gain certain benefits.
