With the Cancun upgrade approaching, is it L2's show time?
Written by: Haotian
Recently, layer2 finally broke the silence and raised its head, $OP, $ARB, $METIS, etc.TokenIt shines brightly, just like the Show Time moment on the eve of Cancun’s upgrade.
Why did the "involution of competition" in layer 2 really begin after the Cancun upgrade? How will the market structure of layer 2 evolve after the Cancun upgrade? Next, let me share my views:
1) The implementation of Ethereum Cancun upgrade EIP4844 Proto-Danksharding proposal will bring a "qualitative" boost to the layer2 Rollup project.
By introducing the new data structure of Blob space, the limitations of the previous reliance on calldata to store data have been iterated, while the data availability capabilities of the Ethereum mainnet have been improved.
Compared to the full node storage structure of calldata, Blob is designed as temporary storage for some nodes, which can greatly increase the upper limit of data submitted by layer2 to the main network at a time, and can expand its TPS. At the same time, since it is only temporary storage, data storage efficiency will be improved, and data storage costs will also drop sharply. The improvement of DA capabilities is because 1 month of temporary storage is more than enough to deal with the 7-day fraud proof time window of OP-Rollup.
As a result, the number of transactions submitted by layer2 to the main network at a time will increase significantly, and the fees allocated to individual users will also decrease significantly. Before the Cancun upgrade, layer2 boasted about its TPS, but most of them were in testing environments. Instead, the poor experience of gas fee wear and tear that users intuitively felt made everyone feel that layer2 was not worthy of its name.
After the Cancun upgrade, layer2 players no longer have the performance bottleneck of the main network and can no longer use the main network limitations as an excuse. Hard indicators such as TPS and Gas will directly become a test and a key to layer2 reshaping the competitive landscape.
This is why I have repeatedly stressed that the competition in layer2 really kicked off after the Cancun upgrade;
2) After the Cancun upgrade, the internal competition in the layer2 market intensified, and new players emerged frequently to challenge the existing pattern of OP+ZK.
The issue of Sequencer decentralization has always been the focus of market attention. As a result, everyone found that with the strong OP-Rollup in the layer2 track, the decentralized Sequencer has become a social consensus "soft decentralization" of the Stack Alliance.
Whatsoever, although everyone criticizes Optimism for not doing anything about decentralization, Optimism seems to be able to turn the situation around with the market success brought by OP-Stack. But, can you say that OP-Rollup is all about Rollup? Obviously not, the more reasonable market evolution trend is that the success of OP-Stack will be further magnified, and the blanks of OP-Stack will naturally be filled by other relays.
In the past two days, @Metis, the provider of layer2 decentralized sequencer solutionDAO The secondary market performed exceptionally well, with 7D exceeding 100%, and its TVL locked data soared to US$540 million, approaching zkSync. Why?
The core business logic is simple. Since OP-Rollup has not made any progress on the issue of sequencer decentralization, as a relayer, proposing a reasonable decentralized sequencer solution is its market space.
Because the Sequencer decentralization issue is related to the credibility of layer2 submission transactions, and also to the main network interaction of layer2 transactions.SafetyIf we leave aside the issue of "foundation", the TPS and Gas rates after the Cancun upgrade seem to have become "castles in the air". I do not deny the success of Optimism in the Stack strategy, but there will always be other disruptors to solve the decentralization problem of Sequencer.
Metis uses POS staking to run multiple Sequencer candidate nodes. The nodes compete for block rewards through an election mechanism, and those who commit evil will be punished by Slash. This POS consensus binds each Sequencer as a stakeholder into a community of interests. The Metis Foundation uses the incentive of Token to invest 4.6 million $METIS TokenTo motivate Sequencer mining, new project deployment, and other subsequent ecosystems.
Compared with Optimism, Metis's market value is still relatively low. Even if it does not compete head-on with OP, the decentralized Sequencer alone can open up a vast market.
Metis is just a typical example that has caught people's attention recently. In my opinion, after the Cancun upgrade, the market size of layer2 will be further expanded. The emerging layer2 suppliers will try their best to snatch meat from the two giants OP and ZK, and will use all kinds of tricks to bring the layer2 track to a new level. Of course, more opportunities will also be in the emerging layer2.
3) Layer2 will gradually evolve into a modular system, its legitimacy will be broken, and the narrow sense of layer2 will be replaced by the broad sense of layer2.
I have mentioned in many articles before that the core of layer2 is Ethereum’s DA capability. If the full nodes of the main network do not participate in layer2 dataSafetyThe main network has become a "bulletin board" and layer 2 cannot inherit the main network'sSafetyTherefore, those who rely on Ethereum DA are chivalrous layer 2, and those who escape the scope of Ethereum DA are broad layer 2. (You can be more radical and not recognize it as layer 2)
But when layer2 Xiaobai NavigationWhen the market reaches a certain scale, the legitimacy of the purely chivalrous Ethereum layer2 may be broken. The reason is the same as the Fraud proof of OP-Rollup, which can be selectively ignored by the market even without actual battle-tested challenges. Technology is only a part of business logic, and the market and the ecosystem have the final say, just like Optimism can always work miracles in the name of optimism.
This means that after the Cancun upgrade, third-party DA solutions will invade layer2, including @CelestiaOrg's third-party DA solution, @EspressoSys's shared sequencer solution, etc. Although everyone is reluctant, the business logic of modular evolution will gradually break the defense line that the Ethereum mainnet can hold.
The focus of OP-Stack is to realize the shared sequencer. In the future, the more strategic alliances OP has, the greater the benefits it can capture through the sequencer. On the contrary, the interests of multiple parties involved will also become greater. This social consensus will become a new constraint besides technology, and stabilize Optimism in the position of a big brother.
The focus of the ZK-Stack is to realize the shared Prover system. Its own DA capabilities and third-party DA capabilities such as Celestia, and of course the limited DA capabilities of the main network, will all fall within the strategic scope of ZK. Its development focus is the new multi-chain ZK map interface of layer3 Hyperchains. It is not critical who provides the DA.
Their interests determine that they don’t care where DA is, and the only one who cares about DA is Ethereum itself. So in the face of Celestia’s continued snatching of the DA market, Vitalik cheered for Plasma+ZK, but OP+ZK, who are busy with strategic expansion, don’t care about these. They only care about how big the layer2 camp will be covered by their Stack strategy. After all, RaaS is the commercial end of layer2.
In short, the layer2 track after the Cancun upgrade will be extremely exciting. Whether it is the frequent emergence of new players or the expansion of the layer2 strategic boundaries, it will stimulate the layer2 market to move towards "diversified" prosperity.
The layer2 track will eventually become a highly modular market that integrates ZK technology + OP framework + various DA solutions + various Sequencer services + various Gas fee models.
The article comes from the Internet:With the Cancun upgrade approaching, is it L2's show time?
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