Layer 2 Summer | Weekly Recap
Optimism, Arbitrum, and Polygon are kicking off DeFi Summer Round 2
Dear Bankless Nation,
Ethereum’s layer 2 is going to hit crypto like a tidal wave. 🌊
Here’s the setup…
Ethereum on DeFi exploded in 2020…ding! ding! ding! product market fit! 🚨
We don’t have enough trustless blocks for our DeFi transactions. Too much demand and not enough supply means high transaction costs. Users priced out. Apps priced out.
So along comes Binance Chain…an Ethereum computer inside a centralized casino. Not ideal, but it works out of the box with DeFi tools. Transaction demand explodes!
Then comes Polygon. Still not a layer 2 yet (remember—layer 2’s are fully secured by Ethereum) but it’s more socially aligned with DeFi and has an ambitious roadmap, including infinite sidechains! Demand explodes even more!
We have the data. People want Ethereum’s DeFi without the massive gas bill and there’s billions locked in Polygon to prove it. (Aave w/ $7B locked alone 👀).
That’s where we find ourselves now as we enter summer 2021.
But by the time you read this Arbitrum will have deployed on mainnet. (We’ve invited them on the show next Tuesday 👀). Arbitrum will be first true layer 2 with full EVM compatibility, making it easy for developers to deploy DeFi apps. I expect it will ship with DeFi apps. We’ll see how Arbitrum fairs on the market, but builders seem excited (Uniswap community begging to deploy on it!).
Then after Arbitrum comes Optimism—July? Many of our favorite DeFi protocols like Synthetix and Uniswap have already committed to deploying on it.
Fire up your block explorers folks.
It’s going to be a fun summer.
But let’s take it a week at a time! Here’s what lined up for next week:
William’s going to show you how to use Uniswap V3
We talk to Eric Wall the ALT SLAYER (was he wrong about ETH?)
David has a piece on the future of work.
Let’s get to the recap.
Recap for the week of May 24th, 2021
Execute any good market opportunities you saw in Market Monday
Read The Flippening is Inevitable 🔥
WATCH & LISTEN
🎙️ Listen to Crypto’s Existential Threat | MEV Panel
📺 Watch AMA: Robert Lauko of Liquity
BANKLESS DAO 🏴
Weekly Subscriber Perks 🔥
Bankless subscribers get access to perks like these:
Alpha Alert: Claim your GTC Token
Early Access: The Altcoin Slayer | Eric Wall
Launch your own raffle for Bankless Badge holders! Could be good marketing…
📺 Episode 46 of State of the Nation
We’re now live streaming State of the Nation—join us at 2pm EST every Tuesday!
🗞️ Latest Weekly Rollup.Download the crypto meta to your brain in this weekly show.
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