Take stock of 10 new Layer1s to prepare for the next bull market

The highlights of the bull market are often born in the last round of the bear market.

Author: Azuma; Editor: Hao Fangzhou

The Crypto world is no stranger to cyclical cycles. Since the birth of Bitcoin, the industry has experienced many rounds of bull and bear alternations, and it has always been able to find new vitality between ups and downs and chaos. The “rise and fall” of the project continues to evolve and grow.

In the last round of the bull market, we witnessed the explosion of the Layer1 track. In the context of the continuous spillover of the ecological value of Ethereum, from BSC to Solana, to Avalanche, Fantom, Near, Harmony and even Terra, the major Layer 1s have achieved vigorous development, the infrastructure has gradually matured, and various applications are blooming in the chain. With the rapid growth of data, it also ushered in the rediscovery of value at the market level.

With the passage of time, after several months of downward baptism, most of the above-mentioned Layer 1 projects have given up more than half of their gains, although it is not ruled out that these projects will continue their strong performance in the new round of upward cycle (objectively speaking, these Layer 1 projects will continue to perform strongly in the past. It is still quite competitive), but combined with the historical experience of “high-light projects in each round of bull markets are often born in the last round of bear markets”, at this moment, perhaps we should pay more attention to those who started later and developed. It’s still early for the new Layer1s.

There has always been a saying in the industry that “a bear market looks at the first level, and a bull market sees the second level”. Based on the dynamics of the primary market, the new generation of Layer 1 has become a new focus for institutions. Aptos, Sui and other star projects have been completed or are about to be completed. Completed hundreds of millions of dollars in financing.

In order to help everyone capture the latest development trend of the Layer1 track more clearly, Odaily Planet Daily has selected 10 more representative projects from the emerging Layer1 projects that have gradually entered the public eye in the past six months and have not yet issued coins. , we will briefly introduce these Layer 1 projects in turn from the basic situation, core highlights, financing endorsement, and the latest progress.

It needs to be explained in advance that the projects that will appear in the following paragraphs are all selected based on factors such as financing situation, founding team background, market popularity, etc. However, since the projects are generally in an early stage, there is no guarantee that the projects will eventually be as smooth as expected. development and successfully opening the market and therefore does not constitute investment advice.

Aptos: or the most powerful new generation Layer1

In 2019, Facebook and dozens of organizations inside and outside the circle jointly launched the once-famous blockchain project Libra (later renamed Diem, and unified Libra for the convenience of reading below). Although Libra was ultimately “stillborn” due to various pressures such as supervision, a group of developers who had worked in Libra inherited some of the development fruits of the project (such as the Move development language), in exchange for Another, more decentralized path created a whole new batch of Layer1 projects.

At present, the Libra background Layer 1 that has been unveiled on social media includes Aptos, Sui, Linera, etc. Among them, Aptos can be said to be half a step ahead in terms of financing level, development progress, and completeness of supporting facilities.

Aptos was born in February this year. At that time, more than a dozen developers and researchers who had worked in Libra jointly formed Aptos Labs and announced that they would re-develop the network based on some of Libra’s original technical foundations. Specifically, Aptos It will still be built on Libra’s open source code base, using the Move programming language and MoveVM development environment, and will use the iterative Diem-BFT consensus. However, unlike Libra, which focuses on cross-border payments, Aptos’ vision will focus on improving the security and scalability of Layer 1, creating an infrastructure network that can reach billions of people.

In mid-March, Aptos completed a round of strategic financing of US$200 million, led by a16z, and participated by many star institutions such as Tiger Global, Katie Haun, Multicoin Capital, Three Arrows Capital, FTX Ventures and Coinbase Ventures; in the latter half of the same month, Aptos invested The financing was completed again. Although the specific information of this round has not been fully disclosed, it is certain that the participating institutions include Binance Labs, and Aptos will work closely with Binance in the future in development, code review, infrastructure construction and hackathons.

Currently, Aptos is conducting the second round of verification of the incentive test network, and will airdrop 500 tokens to the group of qualified validators who have completed the test (registration has ended). According to the specific situation of the test, Odaily Planet Daily has previously I wrote “I chatted with the nodes participating in the Aptos network test and found that it is quite difficult to make money” (https://www.odaily.news/post/5180351), interested readers can take a look.

As for ordinary users, Aptos can currently be accessed through terminal wallets such as Martian and Fewcha. The suggested interactive projects include Aptos Name Service, decentralized exchange Liquidswap, NFT market Topaz, etc.

Sui: A new unicorn with a $2 billion valuation

Last week, people familiar with the matter revealed that Mysten Labs, a development team jointly formed by a number of former Libra project engineers, is seeking to raise at least $200 million in Series B financing at a valuation of $2 billion. This round of financing will be led by FTX Ventures. The current investors have Commit to at least $140 million in funding. Mysten Labs is Sui’s development team.

As early as last November, Mysten Labs completed a $36 million Series A financing led by a16z, with participation from Coinbase Ventures, NFX, Slow Ventures, Scribble Ventures, Samsung NEXT, and Lux ​​Capital.

Similar to Aptos, Sui also inherits Libra’s Move development language, but Sui has made certain improvements on the original version (Core Move) (see: https://docs.sui.io/learn/sui-move-diffs) , launched its own version of Sui Move. The new version optimizes the storage mechanism, address type, etc. on the basis of inheriting the security and flexibility of Move, thereby improving network performance and reducing transaction confirmation time. .

Improving performance has always been the core point of Sui. By classifying transaction types, Sui will adopt a completely different consensus mechanism for independent transactions and transactions with affiliation, so as to achieve transaction parallelization. Improve network performance. According to Trace, a partner at Figment Capital

(See: https://twitter.com/tracecrypto1/status/1546498909513650177) Early data on a Sui node running on a MacBook Pro shows that it can process more than 120,000 token transactions per second.

At the end of May, Mysten Labs announced Sui’s token economic model and incentive-related content. The total supply of token SUI is 10 billion pieces, a part of which will be circulated when the mainnet is launched, and the remaining SUI will be unlocked or released in the next few years. Allocated in incentive activities. In terms of use cases, the uses of SUI include participating in PoS staking, paying gas fees, supporting the Sui economic system, and participating in on-chain voting, etc.

This week, Sui just released Sui Wallet, a Chrome plug-in wallet for testing purposes. In addition, Mysten Labs has officially announced that the Sui incentive testnet will be launched in August, and interested friends can start preparing.

Linera: Another Layer1 of the Libra Gang background

After Aptos and Sui, Linera is the third Libra background Layer1 that has publicly announced the completion of financing.

On June 29, Linera announced the completion of a $6 million seed round. The lead investor in this round is still a16z. The participating institutions include Cygni Capital, Kima Ventures and Tribe Capital, etc. The funds raised will be used to hire developers and Other staff to work together to build the agreement.

Compared with the other two projects, Linera’s public debut is relatively late, and the information that has been disclosed for the time being is also less. The current source of reference is only an introductory article originally published by the official (see: https://medium .com/@linera/introducing-linera-bdb809735552).

To put it simply, Linera wants to build a low-latency blockchain that can scale as easily as web2 applications. To this end, Linera focuses on the research focus of its founder and CEO Mathieu Baudet at Libra, the FastPay protocol and the Zef protocol. superior. With these two protocols, blockchains could theoretically remove mempools entirely and minimize interactions between validators, greatly speeding up simple operations like payments.

Linera’s vision is to take this approach and put it into practice, enabling most account-based operations to be confirmed quickly in fractions of a second.

Canto: New Vision for Stablecoins in the Cosmos Ecosystem

Although still in beta, Canto has already attracted a lot of attention in the market.

In terms of positioning, Canto is a Layer1 network based on the Cosmos SDK, but unlike some other Layer1s, Canto will come with some DeFi functional components, such as the lending market forked from Compound, the DEX forked from Solidly, And a new stablecoin called NOTE.

From the perspective of composition, the three DeFi components are complementary to each other. The issuance of NOTE does not directly follow the mint mechanism, but needs to be generated through the over-collateralization of ETH, ATOM, CANTO and other assets in the lending market. Its effective anchoring needs to be jointly maintained by the interest rate adjustment in the lending market and the stable currency incentive pool of DEX. In the past, NOTE will serve as the stablecoin with the highest application priority on the Canto chain (or even the entire Cosmos ecosystem) to serve the lending and trading markets.

After the UST thunderstorm, the entire Cosmos ecosystem has a large gap in the decentralized stablecoin market, and the emergence of NOTE can also be regarded as filling this gap to a certain extent. It can be seen that the design of NOTE has learned the lessons of UST to a certain extent, such as choosing over-collateralization, and building a more direct support mechanism (mint becomes loan). If NOTE can successfully replicate the adoption expansion path of UST, Canto, as Layer1, also has the hope of quickly opening up along this expansion.

Gear: The most anticipated smart contract chain in the Polkadot ecosystem

The Cosmos ecosystem has Canto, and the Polkadot ecosystem also has a Layer1 Gear with high expectations.

In December last year, Gear, a smart contract layer based on Polkadot, announced the completion of $12 million in financing. This round of financing was led by Blockchange, with participation from Three Arrows Capital, Lemniscap, Distributed Global, and Polkadot founder Gavin Wood.

Gear is an advanced smart contract chain that supports WebAssembly (WASM). After the parachain slot is successfully captured and connected, developers will be able to deploy their Dapps to Gear in the easiest and most efficient way within 5 minutes. Thus entering the Polkadot ecosystem.

In terms of technical features, Gear includes but is not limited to the following features: First, it supports a variety of different programming languages, such as Rust, C, C++, etc., which will greatly reduce the difficulty of developers who are not familiar with blockchain. The entry threshold helps to bring more talents to the industry; the second is that when the application runs in the browser, WebAssembly supports the program to run at a code execution speed close to the local level, which will help improve the actual user experience; third The third point is about the interaction of smart contracts. Gear uses the Actor model for communication. This model is shardable and parallel in design, allowing developers to use different languages ​​for asynchronous programming and improving the efficiency of asynchronous transaction processing. , so that various business logic Dapps built on Gear can run at high speed.

Celestia: Let Celo be relegated to “Green Leaf” Layer 1

The former name of Celestia is called LazyLedger, although most readers may not be very familiar with these two names, but you may have some impressions of the following two things.

One was when Polygon launched Avail, a general-purpose scalable data availability layer, last year, when Celestia co-founder Mustafa Al-Bassam tweeted that Avail’s introduction was an almost verbatim copy of the Celestia introduction he wrote in 2019.

Second, in April this year, Ocelot, the Celo treasury organization, issued a document saying that it plans to change the development roadmap of the public chain, transform its Layer1 architecture into Layer2 Rollup on Celestia, and use the Celestia network to achieve shared security and data availability methods. , without taking the burden of validators and consensus problems.

Celestia is a very special Layer1, and the project positions itself as “the first modular blockchain network”. Specifically, Celestia will modularize the technology stack of the blockchain network, and at the same time decouple the consensus layer and execution layer. As a consensus layer, Celestia will only undertake transaction ordering and data availability verification. Will be decentralized on top of other execution layer networks (such as Celo) linked to Celestia.

In other words, Celestia is not using a single-chain architecture, but a multi-chain architecture of “consensus layer + execution layer”, and hopes to achieve scalability, flexibility and interoperability beyond traditional blockchain designs.

The roadmap shows that Celestia plans to launch the testnet in 2022, and gradually launch the incentive testnet and mainnet in 2023. Its development team has also confirmed that it will issue tokens for PoS pledge in the future.

However, objectively speaking, Celestia has certain similarities with Polkadot’s “relay chain + parallel chain” in architecture, and the development route of the latter’s multi-chain architecture does not seem to be so satisfactory for the time being. It remains to be seen if expectations are fulfilled.

Aleo: a privacy faucet that has been sharpened in four years

Strictly speaking, Aleo is not a new project, and its founding team was formed in 2019. After nearly two years to complete the development of the underlying protocol framework, Aleo completed a $28 million Series A in April 2021, led by a16z, Placeholder VC, Galaxy Digital, Variant Fund, Coinbase Ventures, Ethereal Ventures, Polychain Capital, Slow Ventures, Dekrypt Capital, Scalar Capital, Zero Knowledge Validator, Balaji Srinivasan, former CTO of Coinbase, etc. participated in the investment.

In February this year, Aleo completed another $200 million Series B financing, led by SoftBank and Kora Management, followed by a16z, Tiger Global, and Samsung Ventures.

Aleo is positioned as a privacy-based Layer1 that supports smart contracts. Its technical core lies in the two core sectors of Zexe and Leo. The Zexe consensus protocol is improved on ZeroCash’s original zk-snarks technology, which can not only encrypt simple token transfer transactions, but also Interactive transactions at the application level; Leo, as the programming language of the Aleo ecosystem, can modularize the zk-snarks of the Zexe consensus protocol, so that any Dapp operating on the Aleo platform can use zk-snarks.

It is worth mentioning that in the first quarter, Aleo reached a cooperation with the blockchain game platform Forte (which raised more than 900 million US dollars last year), and the latter will use Aleo’s solution to bring zero-knowledge proofs to chain games.

Previously, Aleo has completed two rounds of testnet testing, and the third round of testing is also in preparation. After the third round of testing is completed, Aleo will also enter the mainnet release stage, and its tokens will also be released simultaneously. Aleo has previously disclosed that its tokens will adopt a halving inflation model.

Anoma: a privacy network that supports the free exchange of arbitrary assets

Anoma is a private PoS public chain promoted by the well-known venture capital Polychain Capital.

In April last year, Anoma completed its first round of financing of $6.75 million, led by Polychain Capital, with participation from Electric Capital, Coinbase Ventures, FBG Capital, CMS Holdings, Lemniscap, Cygni Labs, and Walden Bridge Capital.

In November of the same year, Anoma raised another $26 million, and Polychain Capital continued to lead the investment, with participation from Fifth Era, Maven Capital, Zola Capital, Electric Capital, CMCC, etc.

The two core concepts of Anoma are “barter” and “privacy”. The project hopes to build a private payment system that serves everyone, so as to truly return financial sovereignty to individuals.

By “bartering”, Anoma wants to create a network that allows any asset to act as a means of exchange or payment, giving individuals the choice of using asset classes in transactions. It is worth mentioning that arbitrary assets here refer to any exchangeable goods, services, or anything that can be digitally represented with intrinsic value, including assets created on Anoma, other assets transferred to Anoma through interoperability protocols. Chain assets, and fiat currencies in the form of stablecoins.

“Privacy” is better understood. In Anoma, in order to protect user privacy and prevent others from collecting data retrospectively, the sender, receiver, amount and asset denomination will be encrypted, and zero-knowledge proof will be used to ensure the transfer of funds. Additionally, assets on the Anoma network are transferred with a unified shielded pool shared among all assets, rather than shielding each asset individually. In this way, the more participants, the more assets, and the more frequent transfers, which greatly increases the concealment of asset transfer data.

Iron Fish: Aiming to be a privacy layer for a Web3 world

The name “Iron Fish” comes from an encrypted communication system built by the United States during World War II based on Native American languages. The project hopes to demonstrate the magical power of cryptography.

In November last year, Iron Fish announced the completion of a $27.7 million Series A round led by a16z, Elad Gil, Sequoia, Electric Capital, Dylan Field, Alan Howard, Jeff Weiner (Executive Chairman of LinkedIn) , MetaStable, A Capital, Divesh Makan (Iconiq), Do Kwon (Terra), Matt Luongo (Keep Network), Nathan McCauley (Anchorage), Arrington XRP, etc.

Iron Fish is positioned as a Layer 1 privacy network. The project adopts PoW consensus and will use zk-SNARKs and Sapling protocol to provide the highest level of privacy protection for every on-chain transaction. The biggest highlight of Iron Fish is that the network wants to protect privacy without compromising the accessibility of on-chain transactions, so Iron Fish equips each on-chain address with an additional “view key” (view key). ), the address holder can grant others read-only access through this key.

This mechanism is a good solution to the regulatory problem of privacy class Layer 1. Through the “readable key”, Iron Fish will allow relevant institutions to view the details of the corresponding address in a read-only state, thereby complying with necessary anti-money laundering (AML) obligations .

At present, Iron Fish is still in the second round of incentive testnet stage, and this round of incentive test will continue until the node is stable and fully functional, and all preparations for the mainnet launch are done.

According to the plan, Iron Fish will open up a cross-chain bridge with other mainstream blockchains in the future to provide privacy protection for other mainstream assets, thereby gradually realizing its ultimate vision – becoming a privacy shield for the entire Web3 world.

Monad: The expansion ideal of Jump’s predecessor’s “brain”

In mid-April (when Jump had not yet been tossed to death by Terra), Keone Hon, head of research at Jump Trading, announced his departure and founded Monad with a vision to build a high-performance EVM-compatible blockchain and improve EVM’s performance on a large scale. Execution efficiency to unlock the potential of the EVM ecosystem. According to Keone, Monad is expected to perform over 1,000 times that of Ethereum and can host more complex application types, leading to wider adoption.

In Monad’s view, thanks to the sufficient user education of Ethereum, EVM has almost become a “standard” choice like Javascript in the web2 world. However, there are certain problems in the expansion path taken by Ethereum at present. Slice or rollup will cause the blockchain to be divided into independent execution environments, thus destroying the composability on the chain, so it is necessary to build a higher-performance underlying network.

In the current Monad public information (see: https://monad-labs.notion.site/EVM-scalability-the-case-for-radically-higher-throughput-53b5188b9b034701ba0565a468691b6a), although Monad emphasizes that Layer1 needs to provide Higher TPS to meet the innovative needs of applications, but there is no explicit mention of how Monad will achieve a qualitative leap in TPS. However, we can see from the few descriptions on the official website that Monad is likely to focus on low-latency programming, compiler optimization, multi-threaded computing, etc.

New era, new challenges

In each cycle, a batch of projects with distinctive characteristics of the times will emerge. Looking at the above projects, we can see that the new generation of Layer1 is actively responding to other propositions such as “privacy”, “composability” and “application richness” while continuing to pursue the biggest proposition of “scaling”. .

Although each project has different design ideas, technical frameworks, and features, all projects are trying to respond to the needs of the times in their own way, from the innovation of programming languages, to the reconstruction of transaction processing logic, to Thinking about the functions on the chain, we can see that the new generation of Layer1 is becoming the new blood of this industry.

However, this does not mean that the road ahead is smooth. Horizontally, the new generation of Layer1 not only has to face the competition of contemporary rivals, but also needs to face the “old” Layer1s who have made a lot of progress and the Layer2s that are gradually improving; Evolution, the application of the new era will undoubtedly put forward higher and more complex requirements for the new generation of Layer1.

In front of Aptos and Sui is a more severe competitive environment than their predecessors.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/take-stock-of-10-new-layer1s-to-prepare-for-the-next-bull-market/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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