Kernel Ventures: The Pan -Ethereum ecological outlook under the upgrade of Cankun

Author: kernel venntures Jerry Luo

TLDR:

Ethereum has completed the first three upgrades, and solves the problem of development thresholds, DOS attacks, and POS transformation. The main upgrade goals at this stage are to reduce transaction costs and optimize user experience.
The four proposals of EIP-1553, EIP-4788, EIP-5656, and EIP-6780 have achieved the role of reducing the cost of interacting between contracts, improving the efficiency of the signing of the beacon, reducing the cost of data replication, and limiting the authority permissions of the SelfDestruct byte code.
EIP-4844 can greatly improve the TPS of Ethereum and reduce data storage costs by introducing the BLOB data on the block of the plug-in.
Cankun upgrades will have additional benefits for Ethereum Da in the DA track and at this stage Ethereum Foundation does not reject the DA solution of Ethereum in data storage.
Due to the more mature development environment of OP Layer2 and more demand for the Ethereum DA layer, the Cancun upgrade may bring it to it.
Cancun upgrades can improve the performance of DAPP, making DAPP have the function of closer to the APP in Web2.The heat does not dissipate, and the full -chain game that requires a large amount of space in Ethereum is worthy of attention.
At this stage, the Ethereum ecology has an underestimation, and the Cancun upgrade may become a signal that Ethereum has begun to strengthen.

Ethereum upgrade road

From October 16 last year, Cointelegraph released a fake news passed by Bitcoin ETF to the final passing of ETF on January 11 this year, and the entire encryption market has gone through a continuous rise.Because ETF’s most direct target is Bitcoin, during this time, the trend of Ethereum and Bitcoin had a departure.Near $ 2700, it has just exceeded half of the peak of the previous round.But since the landing of Bitcoin ETF, the trend of ETH/BTC has risen significantly. In addition to the upcoming Ethereum ETF expectations, another important reason isPublic testing, released the upcoming signal.Judging from the current situation, Cankun’s upgrade will not be as early as the first quarter of 2024.The Cankun upgrade is committed to solving the problem of low TPS on Ethereum at this stage and high trading costs, which belongs to part of the Ethereum Serenity upgrade stage.Before Serenity, Ethereum had gone through three stages of Frontier, Homestead, Metropolis.The first three stages solved the problem of development thresholds, DOS attacks and POS transformation on Ethereum.It is clearly stated in the ROADMAP of Ethereum that the main goals at this stage are to achieve “Cheaper Transactions” and “Better User Experience”.

Cankun upgrade core content

As a decentralized community, Ethereum comes from the proposal proposed by the developer community and eventually agreed with the majority of the Ethereum community. Among them, the ERC proposal can be passed.proposal.The Cankun upgrade is expected to pass 5 EIP proposals, namely EIP-1153, EIP-4788, EIP-5656, EIP-6780 and EIP-4844.

Mainline task: EIP-4844

BLOB: In EIP-4844, a new trading type BLOB was introduced in Ethereum, a data packet of 125kb.BLOB compressed and encoded the transaction data and did not store permanent storage on Ethereum in the form of the CALLDATA bytecode, which greatly reduced the GAS consumption, but it could not be directly accessed in EVM.After the EIP-4844 is implemented, in Ethereum, each transaction can carry up to up to two BLOBs, and each block can carry up to 16 BLOB.However, the Ethereum community recommends that there are 8 BLOBs carried each block. When this number exceeds this, although it can continue to be carried, it will face relatively increasing GAS fees until the upper limit of 16 BLOB.

In addition, the other two core technologies used in EIP-4844 are KZG polynomial commitments and temporary storage, respectively.All in all, through the EIP-4844, the storage position of the single block capacity of Ethereum and the storage position of the transaction data was changed. While reducing the Ethereum main network GAS, the main network’s TPS of the main network was greatly improved.

Line task: EIP-1153

EIP-1153: The proposal is designed to reduce the storage cost in the contract interaction.A transaction on Ethereum can be disassembled into multiple frameworks created by the CALL instruction set. These frameworks may belong to different contracts and therefore may involve information transmission of multiple contracts.There are two transmission methods between different contracts, one is input/output, and the other is to call the SSTORE/SLOAD bytecode to achieve permanent storage on the chain.In the former, the data of data is stored in the form of memory, which has a lower cost, but if the entire transmission process has passed any unbelievable third -party contract, there will be huge security risks.But if you choose the latter, it will bring a small storage overhead, and it will also increase the burden on the chain storage.The EIP-1153 has solved this problem through the introduction of instantaneous storage operating code TSTORE and TLOAD.The variables stored through these two bytecies have the same nature as the variables stored in SSTORE/SLOAD bytecode storage and cannot be modified during the transmission process.But the difference is that the instant storage data will not stay on the chain after the transaction is over, but will be annihilated as temporary variables. Through this method, the safety and relatively low storage of the state transmission process are realized.cost.

EIP-4788: Each new execution block contains the root of the parent’s lump after the Ethereum POS upgrade.Even if some of the earlier ROOTs are lost, because the consensus layer is reliable to complete the stored, we only need to leave some of the latest ROOTs in the process of creating a new block.However, in the process of creating a new block, frequent request data from EVM from EVM to consensus layer will cause low execution efficiency and create possible for MEV.Therefore, in EIP-4788, it is proposed to use a special Beacon Root Contract to store the latest root, which makes the ROOT of the parental lumps exposed by EVM, which greatly improves the efficiency of data calling.

EIP-5656: Copying the data in the memory is a very high-frequency operation on Ethereum, but performing this operation on EVM will generate many expenses.To solve this problem, Ethereum community proposed in EIP-5656 that the McOPY operating code that can be replicated on EVM can be made on EVM.Mcopy uses a special data structure to store the responsible data for short -term storage, including high -efficiency shard access and memory object replication.Having a dedicated Mcopy instruction can also provide forward -looking protection, which can better cope with the GAS cost of the CALL instruction in the future Ethereum upgrade.

EIP-6780: In Ethereum, it can be destroyed by a contract through SelfDestruct, and all the code of the contract is related to all the contracts related to the contract.But in Ethereum’s upcoming Verkle Tree structure in the future, this will bring huge hidden dangers.In Ethereum using Verkle Tire storage status, the empty storage space will be marked as the previously written but empty, which will not lead to the difference in observed in the EVM execution, but compared with the operations that have not occurred, comparedThe created and deleted contracts generate different Verkle Community, which can cause data verification problems in Ethereum under the Ethereum under the Verkle Tree structure.Therefore, the SelfDestruct in EIP-6780 only retains the function of refunding the ETH in the contract to the specified address, and will continue to save the code and storage status related to the contract on Ethereum.

The major tracks after the upgrade of Cancun

DA track

Ecological value explore

For the introduction of DA principles and various DA types, you can refer to our previous article Kernel Ventures: One article discusses the design of DA and historical data layers.For the DA project, its income comes from the cost of data storage and payment on it on it, and its expenditure comes from the cost paid by maintaining the durability and security of the storage network operation and storage data.The revenue and expenditure are reduced, the remaining is the value of the network accumulation.To achieve value improvement in the DA project, the main method is to improve the utilization rate of network storage space and attract as much users as possible to use the network for storage.On the other hand, improvement in storage technology, such as compression data or shard storage, can reduce network expenditure and achieve higher value accumulation from the other aspect.

DA track segmentation

At this stage, the projects that provide DA services are mainly divided into three types, namely the main chain DA, the modular DA, and the storage public chain DA.See Kernel Ventures for the specific introduction and differences of the three: one article discusses the design of DA and historical data layers.

The impact of Cancun upgrades on the DA project

User needs: After the upgrade of Cancun, the historical transaction data of Ethereum will be dozens of times more than the original growth rate.These historical data will also bring greater storage demand, but because the Ethereum after the upgrade of Cancun has not achieved the storage performance after the current upgrade of Cancun, the main chain DA layer has adopted a simple regular cleaning method for these history.The storage market of this part of the data naturally fell on various DA projects, which brought greater user needs.
Development direction: The increase in historical data of Ethereum after the upgrade of Cancun will promote the improvement of data interaction efficiency and interoperability with Ethereum to better seize this market.It is foreseeable that the storage bridge technology of various cross -public chain will become the focus of the development of the storage public chain DA and the modular DA. For Ethereum’s main chain DA, it also needs to consider how to further enhance its main network.Compatibility, minimum transmission cost and transmission risk.

Different DA tracks under the upgrade

The Cancun upgrade has brought faster data growth to Ethereum, while not changing the data storage method of the entire network synchronous data, which allows the main chain to regularly clean up a large amount of historical data, and the long -term storage of transaction data is stored.However, this part of historical data still has demand in the process of airdrops and data analysis on the chain analysis agency.The value of the data behind it will attract the competition of different DA project parties, and the key to determining the trend of market share is the data security and storage cost of the DA project.

Main chain dedicated DA: At this stage, the main chain DA project, such as in Ethstorage, the storage market mainly comes from some large memory data such as the NFT project on the Ethereum project.Because the main chain DA is highly compatible on the node cluster and Ethereum, it can achieve safe data interaction with the Ethereum main network.At the same time, it stored the storage index data on the Ethereum main network smart contract, and did not completely separate the DA layer from Ethereum, which received strong support from the Ethereum Foundation.For the storage market brought by Ethereum, the main chain DA has a natural advantage over other DA.
Storage public chain DA and modular DA: This type of non -main chain DA project is difficult to obtain historical data storage performance in the Cancun upgrade compared to Ethereum’s dedicated DA.However, at this stage Ethereum DA is still in the test stage and failed to achieve a complete landing, and the Cancun upgrade is urgent. If the DA project dedicated to the special DA project before the Cancun upgrade, it cannot give a realized storage solution. This round of data value cannot be given.The excavation may still be dominated by modular DA.

Opportunities for DA under the upgrade of Cancun

ETHSTORAGE: The main chain project of the ETHSTORAGE class will be the biggest beneficiary of the Cancun upgrade, so you can focus on the ETHSTORAGE project before and after the upgrade of the Cancun.In addition, after the recent news from the Cancun upgrade may be released in February this year, ETHSTORAGE’s official push is also frequently moved. It has released its latest official website and annual report, which seems to be very hard in publicity.

However, compared with the content of the latest official website and the content of the official website of 2022, in addition to the cooler front -end effect and more detailed introduction, it has not achieved too many service functions. The main push is still storage and Web3Q domain name services.If you are interested, you can click the link below (https://galileo.web3q.io/faucet.w3q/faucet.html) to get the test token W3Q, experience ETHSTORAGE’s service on the Galileo Chain Network network. It is necessaryW3Q domain name or main network balance exceeds 0.1 ETH.Judging from the recent water outlets of the faucet, despite a certain publicity, there is no very large amount of participation at this stage.However, in combination with Ethstorage in July this year, Ethstorage just received a 7 million US dollar seed round financing and did not see the obvious source of this funds. It is also possible that the project party is secretly brewing some infrastructure to advance, waiting for this Kankun to upgrade to the arrivalPublished in the early stage to attract the maximum popularity.

Celestia: Celestia is the leading DA project at this stage.Compared to the development of the Ethereum DA project, Celestia, as early as the last round of the bull market, it started and received the first round of financing.After more than two years of precipitation, Celestia has improved its Rollup model. The token model has completed its main network online and the first batch of airdrops after a long test network inspection on October 31st.It can be seen that its currency price has experienced rising all the way since the opening. Recently, the currency price has exceeded $ 20. According to the circulation of 150 million TIA at this stage, the market value of this project has reached 3 billion US dollars.However, considering the limited service group of blockchain historical storage track, the market value of TIA has far exceeded the traditional storage public chain ArWEAVE with a richer profit model and is close to Filecoin’s market value.Space, at this stage, the market value of TIA has a certain overvalued situation.However, with the blessing of the star project and the unsteady airdrop enthusiasts, if the Cancun upgrade can be promoted as scheduled in the first quarter of this year, Celestia is still a very noticeable project.But there is a little risk worth noting. The Ethereum Foundation has repeatedly emphasized in the discussion involving Celestia that it will not be Layer2 from the Ethereum DA -layer project, showing thatRejection attitude.Before and after the upgrade of the Cancun Foundation, the Performant Performance’s statement will also bring uncertainty to the trend of Celestia prices.

Layer2 channel

Ecological value explore

Due to the increasing number of users on Ethereum and the continuous development of projects, Ethereum’s low TPS has become a huge obstacle to its further development of its ecology. At the same time, the high transaction costs on Ethereum also make it difficult for some projects involving complex interactions to promote.However, many projects have landed in Ethereum, and there is huge costs and risks in migration. At the same time, in addition to focusing on the Bitcoin chain that focuses on paying, it is difficult to find public chains with the same security of Ethereum.The emergence of Layer2 is to try to solve the above problems. It puts all the transaction processing and calculations on another public chain (Layer2). After the data is packagedEssenceLayer2 focuses on the processing and verification of transactions. Ethereum is used as a DA layer to store compressed transaction data, so it has faster speed and lower calculation costs.If users want to use Layer2 to execute transactions, they need to buy the corresponding token in advance and pay to the network operator.Layer2’s network operators need to pay the corresponding fee for data securely stored in Ethereum. Users to pay for Layer2 data securely minus the cost of data security payment on Layer1 on Layer2 is Layer2’s network revenue.So for Layer2 on Ethereum, the improvement of the following two aspects can bring more benefits.From the perspective of open source, the more active Ethereum ecology and the more projects, more users and project parties will have the need to reduce GAS and accelerate transactions, so as to bring greater user bases to the Layer2 ecology. Single transactions on a single transaction will be brought. Single transactions on a single transaction.Under the premise that the profit is unchanged, more transactions will bring more benefits to Layer2 network operators.From the perspective of a throttling, if Ethereum’s own storage cost decreases, the DA -layer storage costs required by Layer2 project party will decrease. Under the premise of the unchanged transaction number, Layer2 operators can also obtain more benefits.

Layer2 track subdivision

Around 2018, the Layer2 scheme of Ethereum showed a lot of flowers. There were four schemes in the existence of side chains, ROLLUP, status channel and Plasma.However, due to the data during the transmission of the under -chain channel transmission, the data is not available in risk and a large number of sad attacks. At this stage, it has been gradually marginalized from the Layer2 scheme.The PLASMA type is relatively small, and the total tvl has not entered the top 10 in Layer2, and not more discussions.Finally, for the Layer2 scheme in the form of the side chain, it has not adopted Ethereum as a DA layer at all, which is gradually excluded from the definition of Layer2.This article discusses the current mainstream Layer2 solution, and is analyzed by combining its subdivide track ZKrollup and OPROLLUP.

Optimistic rollup

Implementation principles: Initialization, the Optimistic Rollup chain needs to deploy a chain bridge contract on the Ethereum main online to achieve the interaction of the Ethereum main network through this contract.OP Layer2 will pack the user’s transaction data in batches and send it to Ethereum, including the latest state root of the account on Layer2, the root of batch processing and the compressed transaction data.At this stage, these data are stored in the chain bridge contract in the form of CALLDATA. Although the permanent storage in MPT has reduced a lot of GAS, it is still a lot of data overhead.Layer2) A lot of hindrances of possible performance in the future.

Status: At this stage, OP Layer2 is the largest ecology of Layer2. The top five public chains in TVL are all from the Optimistic Rollup ecology. The sum of the total TVL of the two public chains of Optimism and Arbitrium exceeds 16 billion US dollars.

One of the main reasons for OP Rollup ecology to occupy the leading position is its friendly development environment. The first ZK Rollup completed the release of the first round of Layer2 and the main network, which attracted a large number of Ethereum fees and low TPS restrictions.Dapp developers moved DAPP development positions from Layer1 to Layer2.At the same time, OP Layer2 has a higher compatibility with EVM at the bottom. It clearly obstacles the relocation of the Ethereum main network project, and achieved the deployment of various types of DAPPs such as Uniswap, Sushiswap, and CUREVE on the fastest time.It even attracted projects such as Wordcoin to migrate from the Polygon main network.At this stage, Op Layer2 has both the Ethereum DEFI such as the Ethereum, as well as the native DEFI project with more than 100 million U.S. dollars such as the GMX, and the SocialFi project with a transaction fee of FRIEND.TECH exceeded 20 million, which is not only completedThe accumulation of the project, the high -quality projects of each track also driven the entire ecology breakthrough.However, in the long run, ZK Layer2 (ZK Rollup Layer2) has a higher TPS upper limit and lower GAS consumption in a single transaction. When the subsequent ZK Rollup technology gradually improves OP LAYER2, it will face a fierce competition with ZK Layer2.Essence

ZK ROLLUP (Zeroknowledge Rollup)

Implementation principle: The transaction data in ZK Layer2 has a processing method similar to OP Layer2. After packaging processing on Layer2, it returns to Layer1’s smart contract with CALLDATA storage.However, the transaction data has an extra computing process on Layer2. At the same time, it does not need to return the compressed transaction data to the network, and only need to return the transaction root and batch processing roots and attach it to the ZKP that is used to verify the legitimacy of the corresponding transaction.The data returned to Layer1 through ZK Rollup does not require any window period. After verification, it can be updated in real time on the main network.

Status: At this stage, ZK Layer2 has developed as the second largest Layer2 ecosystem, and follows OP Layer2.In the top 10 Layer2 in TVL, the number of ZK series also occupies 4, but in general, there are many but not strong phenomena. Everyone thinks that the Layer2 of the ZK system is very promising, but it cannot be developed.First of all, because the first release of OP series Layer2 has attracted many developers to land on it. If it cannot obtain enough advantages from the project migration, it is unlikely that the project party will have a stable return on OP Layer2.Project migration.Secondly, many Layer2 is now working hard on the compatibility of Ethereum at the bottom. For example, the star project of the ZK series LINEA is not yet compatible with many EVM operating codes at this stage.And another star project ZKSYNC is almost impossible to achieve compatibility with EVM bottom layer at this stage, and can only be compatible with some development tools that can only be compatible with Ethereum.

The compatibility with Ethereum also brings great difficulty to the relocation of its native projects.Because the bytecode is not fully operated, the project party needs to change the bottom layer of the contract to adapt to ZKEVM. There are many difficulties and risks in this process, so it greatly slows down the migration process of Ethereum native projects.It can be seen that the projects on Layer2 at this stage are mostly native projects, and they are mainly DEFI, which are relatively difficult to develop in Zigzag and Syncswap. The total amount and diversity of the projects on ZK Layer2 are waiting for further development.However, the advantage of ZK Layer2 lies in its technical advanced nature. If the compatibility between ZKEVM and EVM and the improvement of the ZKP generating algorithm, its relatively good performance upper limit is relatively OP Layer2.This is why even the ZK LAYER2 project will appear in the market led by Op Layer2 at this stage. With the Op Layer2 track that has been split up, the most suitable way later can only propose one by proposing one.A better plan is to attract users to migrate from the original network.But even one day ZK Layer2 has achieved technical improvement. If there is a sufficient comprehensive ecosystem on OP Layer2, and there are enough projects to land. At this time, even if there is better performance Layer2, can users and developers canIt is also unknown to be willing to bear huge risks.In addition, OP Layer2 is constantly improving at this stage to stabilize its ecological status, including Optimism open source OP Stack to help the rapid development of other OP Layer2 developers and the way of challenge method.In the process of ZK Layer2, OP Layer2 did not slow down the pace of development, so the important task of ZK Layer2 at this stage is to grasp the perfect code algorithm and the compatibility of the EVM to prevent users from being dependent on OP Layer2 ecological dependence.form.

The impact of Cancun upgrade on Layer2

Trading speed: After the Cancun is upgraded, a block can carry up to 20 times the original data through the BLOB, while maintaining the block speed of the block unchanged.Therefore, theoretically, Layer2, which uses Layer1 as a DA layer and settlement layer, can also get a TPS improvement of up to 20 times the original.Even according to a 10 -fold growth, the transaction speed of any one in several Layer2 star projects will exceed the highest trading speed of the Ethereum main network.

Transaction costs: The major reason for limiting the failure of the Layer2 network is from the data security costs provided to Layer1. Based on the current quotation, the storage price of 1KB CALLDATA data on Ethereum is close to 3 dollars.However, through the upgrade of Cancun, the transaction data packed by Layer2 is only stored in the consensus layer of Ethereum in the form of BLOBS. It costs about $ 0.1 for 1 GB data for a month, which greatly reduces the operating cost of Layer2.As for the income generated by this part of the open source, Layer2 operators will definitely give some benefits to users to attract more users and reduce the transaction cost of Layer2.
Expansion: The impact of the Cankun upgrade on Layer2 mainly comes from its temporary storage scheme and the newly added BLOB data type.Temporary storage will regularly delete the old state that has little effect on the current verification on the main network, reducing the storage pressure of nodes, and at the same time speed up the network synchronization and node access speed between Layer1 and Layer2.The Blob can better adapt to the changes in network transaction volume through the huge space of take -out and the flexible adjustment mechanism of GAS.It can also be reduced.

Different Layer2 tracks under the upgrade

The arrival of Cankun’s upgrade will be favorable for the entire Layer2 ecology.Because the core change in the upgrade of Cancan is to reduce the cost of data storage on Ethereum and the size of a single block. Layer2, which Ethereum is the DA layer, can naturally get the corresponding TPS rise and reduce the storage fee paid to Layer11.EssenceHowever, due to the different degree of use of the Ethereum DA layer, the two Rollups will be different from the advantages of OP Layer2 and ZK Layer2.

OP Layer2: Since the compressed complete transaction data is required to leave the Ethereum on OP Layer2 for records, it needs to pay more transaction costs to Ethereum compared to ZK Layer2.Therefore, after reducing the GAS consumption through EIP-4844, it is relatively large to get a relatively large handling fee on OP Layer2, thereby relatively reduced the disadvantage of relative to ZK Layer2 in terms of fees.At the same time, this round of the GAS of Ethereum will inevitably attract the influx of more participants and developers. Compared to ZK Layer2, which has no coin issuing and is difficult to compatible with EVM, more projects and capitals will pour in OP Layer2.Especially Arbitrium, who has performed strongly in the nearest section.This may bring a new round of development of Layer2 ecosystem dominated by OP Layer2, especially the SocialFi and Gamefi projects that are difficult to provide high -quality user experience due to high fees and difficulties.Along with many high -quality projects that can be close to the web2 user experience at this stage of Layer2.If this round of development is once again captured by OP, then it will further open the gap with the overall ecosystem of ZK Layer2, and make enough difficulties for subsequent ZK Layer2 to catch up.
ZK Layer2: Compared with OP Layer2, since ZK Layer2 does not need to store the specific information of trading on the chain, the advantages of GAS will be reduced less than OP Layer2.Although ZK Layer2 is in the process of development and there is no huge ecology on OP Layer2, various facilities on Op Layer2 have become improved, and there is a fierce competition on its development.The developer of the bureau may not be able to compete with the already mature OP Layer2 developers. It may not be a wise choice.If ZK Layer2 can achieve the improvement of the supporting facilities of developers at this stage and provide developers with a better development environment, considering the better expectations of ZK Layer2 and the degree of market competition, perhaps new developers will choose to pour into influx inThe ZK Layer2 track, this process will accelerate the chase process of ZK Layer2, realizing the surpassing before Op Layer2 completely forms a dominant advantage.

The opportunity of Layer2 under the upgrade of Cancan

DYDX: Although DYDX is a DEX deployed on Ethereum, its function and principles are very different from traditional DEXs such as Ethereum such as UNISWAP.The first is that it uses a thin order rather than the mainstream DEX’s AMM trading model, allowing users to obtain a more smooth trading experience, which also creates a good condition for its leverage transactions.In addition, it uses the second -layer scheme such as Starkex to achieve scalability and processing transactions, and the transaction is packed outside the chain to pass the chain after the chain is packed.Through the underlying principle of Layer2, DYDX users can get trading costs far below the traditional DEX, and the cost of each transaction is only about 0.005 US dollars.As the Ethereum and related Token fluctuations are upgraded, there can be almost almost a surge in high -risk investment such as leveraged transactions.And through the Cancun upgrade, the transaction costs on DYDX will surpass CEX even in small transactions, and at the same time, it has higher fairness and security. ThereforeA good trading environment.From the above perspective, the Cancun upgrade will bring a very good opportunity to DYDX.
Rollup Node: For the verification of the new block, the data that is cleaned up in the Cankun upgrade is no meaning, but it does not mean that these cleaned data is not valuable.For example, the project that is about to be airdropped is convenient to require complete historical data to determine the security of each project fund that is about to receive airdrops. There are also some institutions on the chain analysis, which often requires complete historical data to trace the flow of funds.At this time, a choice is to query historical data from the Rollup operator of Layer2. In the process, the Rollup operator can charge the data retrieval.Therefore, in the context of Cancun’s upgrade, if it can effectively improve the data storage and retrieval mechanism on ROLLUP and develop related projects in advance for layout, it will greatly increase the possibility of project survival and further development.

DAPP circuit

Ecological value explore

Similar to the application of Web2, the role of DAPP is also providing a certain service for users in Ethereum.For example, Uniswap can provide users with different ERC20 token exchanges in real time; AAVE provides users with services for excess mortgage lending and Lightning loan; Mirror provides creators with decentralized content creative opportunities.But the difference is that in Web2, the main profit method is to attract more users to introduce its platform through low cost and high -quality services, and then use traffic as a value to attract third parties to advertise and profit from advertising.However, the entire DAPP has maintained zero violations of users’ attention. It does not provide any recommendations to users. Instead, it will charge the corresponding handling fee from a single service by providing users after providing users.Therefore, the value of DAPP mainly comes from the user’s use of DAPP services and the depth of each interaction process. If DAPP wants to increase its own value, it is necessary to provide services better than similar DAPP, so that more developers tendIt is not operated by other DAPPs.

DAPP track subdivision

At this stage, Ethereum DAPP is mainly DEFI, Gamefi, and SocialFi. There are some Gamble projects in the early days.Gradually.These three types of DAPP provide financial, game and social services, and achieve value capture.

Defi

Implementation principle: In essence, Defi is an or a series of smart contracts on Ethereum.DEFI’s release stage needs to deploy related contracts (such as currency contracts, redeeming contracts, etc.) in Ethereum main online deployment, and the contract realizes the interaction between the DEFI function module and Ethereum through the interface.When the user interacts, the contract interface will be called for coins, coins, and exchange. The DEFI smart contract will pack the transaction data, interact with Ethereum with the Ethereum through the contract, and record the state on the Ethereum chain.In this process, the DEFI contract will charge a certain fee as a reward for upstream and downstream liquidity providers and its own profit.
Status: At this stage, on Ethereum, DEFI occupies an absolute advantage in DAPP.In addition to cross -chain projects and Layer2 projects, DEFI occupies other seats in the top 10 DAPP in Ethereum contract assets.As of now, the cumulative number of users on the Ethereum has exceeded 40 million. Although affected by the bear market, the number of monthly active users has gone through the peak of nearly 8 million in November 2021, but as the market recovers, the market recovers, but with the recovery of the market,The current monthly number of users has also risen to about half of the peak value, and waiting for the next round of bull market to rush again.At the same time, the types of Defi are becoming more and more diverse, and their functions are becoming more and more comprehensive.From the earliest currency trading, mortgage lending to the current leverage trading, regular purchase, NFT finance, Lightning loan, etc.The financial methods that can be implemented in Web2 are gradually realized in DEFI, and the functions that cannot be implemented in Web2, including lightning loans, have also been implemented in DEFI.

SocialFi

Implementation principle: Similar to the traditional design platform, SocialFi also supports individual content creation and the content created by the creation is published to spread and further attract fans for accounts. For users, you can check the content you need through the platform.Get the service you need.The difference is that the content published by the user, the interactive records of the content publisher and the fans, and the information of the account itself are decentralized through the blockchain smart contract, that is, the ownership of the information is paid back to each account individual.For the SocialFi platform, the more people are willing to create and share content through their platform, they can obtain more benefits by providing these services. Users use the SocialFi platform for interaction costs to minus the storage of accounts and transaction data for accounts and transaction data.The cost is the profit of the SocialFi project.
Status: At this stage, the UAW (User Active Wallet) of the head of the head at this stage seems to be able to compare with DEFI, but it often comes from the airdrop expectations of some projects, which is very durable. For exampleThe amount is less than 1,000, and the comparison between the 5 outside DEFI and the SocialFi can also be clearly seen.The fundamental reason is that SocialFi’s high service fee and inefficiency make it unable to bear the social attributes that should have, and simply fall into a speculative platform.

Gamefi

Implementation principle: The implementation of Gamefi is roughly similar to SocialFi, but the object of application has become a game.At this stage, the mainstream profit of the gamefi project party is to profit through selling props in the game.
Status: If the project party wants to get more profits, it is necessary to attract more people to participate in the game.At this stage, it can attract users to participate in the game. It is nothing more than the fun of the game, which drives users to buy props in order to obtain the power of the game or a better game experience.The other is expected to make a profit. Users believe that they can sell these props at a higher price in the future.The first model is similar to STEAM. The project party obtained real gold and silver and users have enjoyed the game.And in another model, if the profit of the user and the project party comes from the continuous influx of new users, and once the new funds are added, the item of the project party will be issued, and the project will quickly fall into the sell.The vicious cycle is difficult to achieve benefits, and has the Ponzi attribute.And due to the restrictions brought by blockchain fees and transaction speed, the current gamefi is basically unable to meet the user experience required by the previous model and most of the second model.

The impact of Cancun upgrades on DAPP

Performance optimization: After the upgrade of Cancun, you can carry more transaction data in a block, which corresponds to DAPP to achieve more state changes.Based on the average capacity expansion of 8 BLOB, the processing speed of DAPP after the upgrade of Cancun can reach ten times the original.
Decrease in cost: The cost of data storage is a fixed expenditure of the DAPP project party. Whether the DAPP on Layer1 or Layer2 will directly or indirectly use Ethereum to record the state of the DAPP account.After the Cancun upgrade, each transaction in DAPP can be stored in the form of BLOB data, which greatly reduces the operating cost of DAPP.
Function expansion: Due to the high storage costs on Ethereum, the project party deliberately reduces the chain data during DAPP development.This has led to the experience that users can enjoy in many web2s cannot be migrated to DAPP. For example, SocialFi cannot support the needs of video creation in Twitter, or even if it can not be the security of the Ethereum at the bottom.The interactive options of game games are often low -level and boring, because each state change needs to be recorded on the chain.Through the upgrade of Cancan, the project party has more attempts in the above aspect.

Different DAPP tracks under the upgrade

DEFI: The impact of decreased storage costs in the Cankun upgrade upgrade has a relatively small impact on DEFI, because only what needs to be recorded in DEFI is the state where the user assets are now in the contract, whether it is pledgedCompared to the other two types of DAPP less.However, the improvement of Ethereum TPS brought by the upgrade of Cancun can greatly promote the arbitrage business with a high frequency of transactions in DEFI and the leveraged business that needs to complete the positioning of the positioning in the short term.At the same time, the storage cost that cannot be significantly reflected in a single currency exchange reduces this improvement. This improvement can also save a lot of handling fees after the accumulation of leverage and arbitrage transactions.
SocialFi: Cancun upgrades are the most direct improvement in the performance of SocialFi.The ability to upgrade Cantun can improve the ability of SocialFi smart contract processing and storage of large amounts of data to provide a high -quality user experience closer to Web2.At the same time, basic operational interactions such as user creation, comments, and likes on SocialFi can also have lower costs, thereby attracting long -term participants in real social orientation.
GameFi: For the asset chain game in the last round of bull market, its affected influence is similar to DEFI, and the storage cost is relatively small, but the increase in TPS provides conditions for the high -frequency interaction of the game, which can improve the real -time interaction of the game.Support complex interactive functions to improve game playability.The full -chain game is even more directly influenced by the upgrade of Cancun.Due to all the logic and status of the game, the data is stored on the chain, and the Cancun upgrade will greatly reduce the operation of the game and the user interaction cost.At the same time, the cost of the initial deployment of the game will also be greatly reduced, thereby reducing the development threshold of the game and promoting the appearance of more full -chain games in the future.

Opportunities for DAPP under the upgrade

Dark Forest: Since the third quarter of 23 years, perhaps it is because it is because of not being decentralized for traditional asset chain games, or it may be simply weak because of the traditional gamefi narrative, and the full -chain game has begun to explode.But for the full -chain game on Ethereum, the 15 TPS trading speed and the storage cost of the single byte by bytes of the CALLDATA field 16 GAS have greatly limited their development limit.The landing of Cancan’s upgrade can improve these two problems. Combined with the continuous development of related projects in the second half of the 23rd year, the Cancun upgrade may bring a lot of benefits to this track.Considering the head effect, Dark Forest is a rare Fully On-Chain Game from the young wheel bull market. It has a relatively complete community foundation and has not issued its own token.This idea should have a good trend.

Summarize

The upgraded landing of Cancun will bring higher TPS and lower storage costs to Ethereum, but it also brings surge in storage pressure.The Ming card will be greatly affected by the track of DA and Layer2.For the DA track, the DA dedicated to Ethereum under surge in storage pressure will usher in huge benefits. Related projects such as Ethstorage are worthy of attention. In contrastAlthough the support of Ethereum Development community has opportunities, it needs to be more cautious when treating specific projects.Since most of the ZK -Department Layer2 has not been introduced to the tokens, coupled with the recent expected Arbitrium, the Arbitrium has been significantly strengthened. If Arbitrium does not have a big thunderstorm, ARB and its ecological -related projects will be in other Layer2 compared to other Layer2 will be in other LAYER2 in other Layer2 will be in other Layer2.Cancun has more advantages in upgrading.Due to the influx of a large number of speculators, there may also be some opportunities for the node of the DYDX project to upgrade in Cancun.Finally, Rollup has a natural advantage for the storage of Layer2 related transaction historical data. If it provides historical data access services, Rollup on Layer2 will also be a good choice.

From a longer -term perspective, Cankun upgraded to the development and performance of various DAPPs and performance creation. In the future, we will definitely see the gradual approach to WEB2 from interactive functions and real -time nature, so that Ethereum towards the world computersThe goal is further closer, and any pragmatic development project party is worthy of long -term investment.In the recent period of the market, Ethereum has always been in a weak state compared to Bitcoin. With the Bitcoin has returned to nearly 2/3 of the upper round of the bull market, Ethereum has not restored 1 of the previous round of 1/2.The arrival of Cancun’s upgrade may change this trend, bringing a round of ups and downs to Ethereum. After all, as a rare public chain that can maintain profitability and be on tokens, there is indeed an underestimation of value at this stage.