Investing in blockchain enabled businesses & digital assets.
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As the producers of Medici LA 26, we want to thank the incredible founders, operators, policymakers, and institutions that helped make our event a great success.
@Moelis @adam_winnick @KamalMokeddem @David_Grid @RepBryanSteil @EleanorTerrett @CryptoAmerica_ @bobbinth @0xMiden @Charlie_Pyle @hourglasshq @KYDLabs @keoneHD @monad @AndrewBenson @HillMarkets @kirillzzy @alienorg @EulerLagrange @OpacityLabs @sreeramkannan @eigencloud
Medici LA 26 is a wrap.
The conversations last week weren’t about the hypothetical. They were about the movement already happening underneath the global financial system: stablecoins becoming payment rails, tokenized markets moving into production, AI agents requiring programmable ownership and payments, and blockchain evolving into the invisible coordination layer underneath it all.
We’re actively watching real world deployment happen in real time.
Blockchain won. Those in attendance got an early look at who will win blockchain.
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Lots of takes on @eigencloud’s new product: EigenCloud.
Here’s another: it will change crypto and the Internet forever.
Regulatory tailwinds are big. This is bigger. 🧵👇
The evolution is here. The age of verifiable apps has begun.
Introducing EigenCloud, a platform for verifiable apps, services, and AI, built on EigenLayer, secured by the EIGEN token. ☁️
Crypto has spent a decade building trustless infrastructure.
Now it's time to build on it.
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At Finality, we envision a world that’s less bounded by geography & where the benefits of technology are more broadly shared across all aspects of society. 🔮
🧵 Here's our thesis on how to realize this vision. More at finality.capital.
Keep reading for the big ideas. 👇
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At @finalitycap, we think “Plaid for AI memory” is a massive opportunity. Imagine every app or AI model instantly knowing your context, preferences, interests, and history
This is huge for UX + costs 🧵👇
Props to @binji_x @nikunj @ashleymayer @levie for sparking great ideas:
nitter.app/binji_x/status/1929147…
nitter.app/nikunj/status/19275128…
nitter.app/ashleymayer/status/192…
nitter.app/levie/status/192852464…
“Plaid for memory” is a very good concept. Hard to pull off, but memory portability and ways of providing new AI systems instant context will be extremely useful in the future. Lots of game theory here that make it hard, but would be great for the ecosystem to support.
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Great discussion between @austincampbell & @leptokurtic_ .
We're investors in @ethena and are financially supporting their launch. We backed them bc we think people and institutions should be able to better express their risk preferences when it comes to stablecoins. (1/4)
Firstly - we agree with @austincampbell comments on the use of "stablecoin" within the product name
Internally we have adjusted this within our documents which are yet to be released, and will ensure all public documentation reflects this including the landing page
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Do you want Web3 apps that surpass the utility of Web2 apps? 🤤
⚠️ You’ll need validators to stake $440B and protocols to pay $40B annually for security.
💡 Restaking with @eigencloud solves this problem and makes holding ETH much more compelling.
Here's a 🧵 …
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TGEs mark the beginning of a new chapter 📖
Markets can be noisy and our conviction in @fragmetric + $FRAG remains strong 💪
This is why we back high quality, missionary founders at @finalitycap who stay focused and build through the noise 🧘
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The future belongs to builders who can merge the scale of Web2 with the agility of Web3.
That’s why we backed @eigencloud, @Monad_XYZ, @Babylonlabs_io, @ethena, @Ondofinance and more from the beginning.
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Ethereum has dominated shared security, but Solana is catching up👀
@fragmetric is helping accelerate @solana shared security adoption through the novel design of its liquid restaking protocol
We’re excited to back @SolZacque @sangdotsol and the team who are leveraging their unique set of insights and communities from South Korea 🇰🇷
1/ We're excited to announce our $7M seed round co-led by @FinalityCap and @hashed_official
to build the first liquid restaking station on Solana that enables native NCN rewards distribution and serves as a gateway for diverse Solana LSTs
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🧠 Blockchains are missing their RAM – just like computers rely on memory layers to store and retrieve data efficiently, @get_optimum introduces a decentralized memory layer for Web3
Random Linear Network Coding (RLNC) is the core technology that helps @get_optimum solve scalability bottlenecks by converting data from one format to another for efficient storage, transmission, and processing
@get_optimum is a great example that falls within our thesis at @FinalityCap of a rapidly maturing middleware stack that empowers Web3 to soon disrupt Web2
We’re stoked to support the team and are excited to see their technology revolutionize Web3
We’re excited to announce that Optimum has raised an $11 million seed round led by @1kxnetwork to build the world's first high-performance memory infrastructure for any blockchain.
The missing piece in the world computer architecture has arrived ♾️
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Most L2s scale Ethereum by fragmenting it. @risechain does the opposite, scaling while strengthening ETH itself 🧩
@galaxyhq led this round. As one of crypto's largest institutions, they know what we know: RISE doesn't just improve Ethereum UX, it multiplies value to ETH 🚀
Galaxy Ventures @galaxyhq joins RISE Chain on our mission to scale Ethereum with ‘Infinite Speed’.
This brings our total raised to $8M as we build the fastest environment for real-time applications on Ethereum.
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🚨 Are you building a network on @eigencloud, @babylon_chain, @solayer_labs, or another restaking protocol? 🚨
Make sure your voice is heard in our Restaking Report 2.0, the developer report for shared security, by filling out this short survey. 👇
bit.ly/rr2-survey
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3/ @sreeramkannan takes it further: it’s not just more middleware - it’s new kinds of middleware. The Internet is missing verifiability. EigenCloud fixes that.
Like @awscloud S3/EC2 in 2006, it will unlock a wave of innovation Web2 can't ignore.
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Our talk from @eigencloud's Restaking Summit just dropped. 🙇♀️
If you're building an appchain, watch this first. We explain how to lower your largest operating cost by building on shared security.
piped.video/watch?v=tds-y3-V…
Key points below. 🧶
Finality flash talk
Everyone Should be an AVSPresented by: Graziella Camata https://t...
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1/2 - Introducing Finality Capital Partners and our involvement in Blizzard, Avalanche Blockchain’s ecosystem fund #Avalanche
medium.com/@FinalityCap/our-…
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BTC is massively underutilized today.
We're thrilled to support @babylon_chain as they develop BTC staking – a new primitive that allows BTC holders to earn yield and PoS chains to leverage the decentralization and economic security of BTC.
Here's what we love about it... 👇
1/ We couldn’t be more excited to announce the successful close of an $18 million funding round co-led by Polychain Capital (@polychain) and Hack VC (@hack_vc ) for the Babylon #Bitcoin Staking Protocol!
coindesk.com/business/2023/1…
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Most organizations won’t share their data with big LLMs. Private data is a massive unlock. @octra has the most unique approach we’ve seen to make this a reality.
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The restaking flywheel is now here ⚡ – with slashing live on @eigencloud mainnet, AVSs can now enforce real penalties, start paying rewards, and deliver true economic security
The verifiable cloud will now power the next generation of web3 applications 🌐
Slashing goes live on mainnet today! 🥳
The protocol is now feature-complete.
Programmable trust is no longer a concept. It’s code.
Let’s talk about what this unlocks & why it matters. 🧵
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We love this @eigencloud deep dive on the Bell Curve podcast:
nitter.app/sreeramkannan/status/1…
Here are three ideas that stuck out to us on Ethereum enshrinement, validator stratification, and EigenDA. 👇
One of the deepest dives yet into @eigencloud. Thanks to @MikeIppolito_ and @MylesOneil for the highly insightful discussion!
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Client-side proving is how blockchains finally scale by harnessing off-chain computation to create leaner networks and empowering the next generation of real-world apps in Web3 🧬
We’ve long believed in ZK and off-chain computation as being critical to Web3’s evolution 🔮: nitter.app/FinalityCap/status/166…
@0xMiden’s blockchain architecture is the blueprint we’ve been waiting for: client-side proving, asynchronous execution, and privacy by default – all without forcing developers to learn a new language 🏗️
@0xMiden combines Rust support with a modular prover system to enable apps to scale and go private more easily
Introducing Miden, the Edge Blockchain.
Today, we announce our $25 million seed fundraise and spinout from @0xPolygon.
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At Finality, we pride ourselves on being value added investors in both private and liquid venture markets.
Check out our proposal for shaping @jito_sol economics and join in on the discussion
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We'd been waiting for this for a little while now – @eigencloud's first official long-form post on EigenDA:
nitter.app/eigenlayer/status/1699… 🙌
Now that we know what EigenDA will offer, let's talk about which features set it apart from other DA solutions... 👇 (1/10)
Intro to EigenDA: Hyperscale DA for Rollups
This post represents our 1st public, long-form content about EigenDA - what it is, how it works, what benefits it offers to rollups. There's too much to summarize fully, so please read at the link below!
blog.eigenlayer.xyz/intro-to…
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We’re excited to back companies with real-world utility tackling large TAMs, especially those like @KYDLabs who is leveraging critical middleware (@OpacityNetwork) built on @eigencloud 🛠️
The best part? Fans don’t know that @KYDLabs is being powered by blockchain tech... 🧵👇
Excited to announce we’ve raised $7M led by @a16zcrypto CSX to build a factoring protocol for venues and deliver loyalty rewards to fans
We’re the first web3 company to onboard legendary venues like LPR and H0l0, driving $4M+ in ticket sales in the past year alone
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The fusion of consumer finance and composable identity will power the next generation of applications, thanks to @OpacityNetwork and @eigencloud ⚡️
1/ Real world apps are back!
Facebook Libra tried and failed to marry identity and consumer finance.
Now @OpacityNetwork, built on top of @eigencloud, is seeking to deliver on Facebook Libra’s original vision and usher in a new era of real world apps for Web3.
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We, @FinalityCap, are excited to attend the Science of Blockchain Conference hosted by @initc3org, @CBRStanford, and @BerkeleyRDI. It's our favorite event.
Decentralized AI is a big theme. We doubt many traditional AI folks will be in attendance - but they should be! Read the tea leaves 🍵 🌱: even incumbents are starting to embrace Web2/Web3 #convergence. Let’s go 👇🧵
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Decentralized databases (DDBs) are a crucial component of the web3 application stack, but most web3 apps still use centralized DBs.
🐙 @OpenledgerHQ brings verifiable DDBs to web3, leveraging shared security to lower costs and maximize decentralization. Thrilled to support them!
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Proud to invest in / support @neonlabsorg and EVM compatibility for @solana blockchain. More recognition that we will be living in Multichain universe (not world) with ETH in the center (for now)
theblockcrypto.com/post/1237…
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We’ve always seen the launch of @eigencloud as blockchain’s @awscloud moment. That moment is here! It didn’t take long in 2006 for devs to grok the benefits of on-demand compute and it won’t take long for Web3 devs to grok the benefits of on-demand verifiable trust. Web3 parity is on the horizon! Web3 supremacy will follow. #web3clipse ☀️🌕🌎
@eigencloud launches on mainnet today, taking the first steps towards our vision of building the verifiable digital commons!
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Ethereum is the verifiable internet.
Rollup is the verifiable web server.
AVS is verifiable SaaS.
Eigenlayer is the verifiable cloud.
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When you want to build an application, you build an application server.
-> When you want to build a verifiable application, you build a rollup.
The internet enables applications to communicate with each other.
-> Ethereum enables rollups to verifiably communicate with each other.
Building all the components of your application for your server is hard, so application servers integrate SaaS solutions, which solve specialized problems.
-> Building all the components of your rollup yourself is hard, so rollups can leverage AVS to solve specialized problems in a verifiable manner.
Hosting your server and SaaS yourself is hard, so you use a cloud provider, who leverages economies of scale to run all your software.
-> Running your own rollup and services verifiably is hard, so you can leverage eigenlayer to verifiably run your rollups and AVS.
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Welcome to the verifiable digital commons!
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早上好 to our Mandarin speaking friends 🌞. Now you can read our special report on the importance of restaking and @eigencloud in Mandarin. 下载报告 👉 restakingreport.com
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Finality is hiring!
Finality is hiring an investment professional! Our thesis, experience, and community skills = performance. Join a small team that punches way above its weight 👊 and references incredibly well with founders. DM us with a resume or bio.
Qualifications:
- 4 year degree in CS or applied math
- strong writing and interpersonal skills
- 2 to 3 years working in blockchain either at a research firm, product role, or blockchain focused investment firm
- someone you want to have a drink or hang with
Responsibilities:
- IRL community building: curating event attendance and content for Finality and @shared_security, a 501c6 we created with 50 members
- Online community building: leading efforts with our social which focused on sharing insights about our thesis and our portfolio
- Market Mapping and Research: covering communities for key projects like Eigen or research focus areas like Web Proofs
- Evangelize: we will create opportunities for this person to share ideas at leading industry events
- Engage our portfolio: our founders are our best source of new opps - the more we help them, the more they help us
- Travel: this person should be good going to lots of conferences
In-person preferred. We are primarily in LA and NY
Here is a recent piece that speaks to our thesis:
nitter.app/adam_winnick/status/18…
I just published my keynote from Medici SG 24. I make the prediction that Web3 projects are about to start causing havoc for Web2. Can Web3 handle the heat when Web2 responds? 🥊
medium.com/@adam_winnick/med…
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Honesty is always a good policy but candor is not. Sometimes it’s just more harmful to share.
@octra is combining Fully Homomorphic Encryption (FHE) and Web3 to increase adoption of decentralized apps through enhanced privacy and security. 🧩
@octra is not the first on the scene, but they will be the first to deliver performant FHE 📈 without the reliance of specialized hardware acceleration that other schemes need - this could take years! ⏳
some news:
1/ octra has raised $4m in pre-seed funding, led by @FinalityCap and supported by @BigBrainVC, Karatage, @presto_labs, @BuilderVC and others.
2/ octra is releasing a public WASM sandbox to demonstrate the efficiency of hypergraphs in FHE:
sandbox.octra.org (WIP)
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The fight for data sovereignty is already here ⚔️
JPM choking data aggregators like Plaid. Slack walling off APIs. Microsoft balancing EU data sovereignty laws while serving users. In contrast, Google is stepping in with its digital wallet
At @finalitycap, we believe decentralized infra and a confidential computing stack are critical for proving trust and processing data without exposing it – companies like @eigencloud @OpacityNetwork @0xMiden @Octra @NovaNet_zkp @alignedlayer sit at the forefront of this revolution 🧭
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Why choose between speed or decentralization anymore when you can have both? ⚖️
Users and dApps can now rise 🛫 above these historical limitations while supporting Ethereum.
@risechain is a based parallel EVM L2 rollup that will significantly improve dApp UX and liquidity by preventing liquidity fragmentation between L1 <> L2 ⛲️
1/ Introducing RISE, the Gigagas Layer 2!
We’re excited to announce our $3.2M seed round! The round is led by @FinalityCap and joined by @OrangeDAOxyz @DigiAssetFund @ether_fi @PolygonVentures @mhventures and @publicworksfm as well as several notable angel investors.
This is just the beginning. The Gigagas Era is here.
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We believe in fully decentralized web apps. Recent events like Pavel Durov's arrest highlight why this matters more than ever. 🌐
@spaceandtime has been building with this insight since 2022 and their partners such as @Microsoft @Azure, @chainlink, @googlecloud, @0xPolygon @zksync are already seeing the benefits. 🤝💼
We are thrilled to announce that Space and Time Labs has secured a $20M Series A, bringing our total funding to $50 million. 🚀⏳
SxT is empowering the community to own their future in an AI-powered world by providing the tools they need to build sophisticated, data-driven applications, tokenize them onchain, and win in the AI economy.
Generate a new world with Space and Time, secured by our sub-second ZK coprocessor.
Exclusive by @FortuneMagazine: fortune.com/crypto/2024/08/2…
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Our 1st bet in the NFT space. We believe the incredible team at @UNXD_NFT has identified a unique segment of the market that carries incredible cultural relevance. We think they have a chance to build the new rails for luxury brands to connect with their customers.
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We’ve raised $4M to create the future of luxury and culture in the metaverse. We’re humbled to be joined by a slate of organizations & people we admire: @AnimocaBrands, @0xPolygon @PolygonStudios, @RED___DAO, and other groups / private investors.
More: notes.unxd.com/creating-the-…
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Everyone's excited about @eigencloud's TVL, but what matters most is devs building solid projects on top of it. And they are.
@0xOthentic makes it easy to build on shared security, paving the way for rapid @eigencloud and @babylon_chain adoption. 🚀👇
1/ We’re thrilled to announce our seed funding led by @FinalityCap and @BreyerCap as we work towards facilitating the creation of innovation on @eigencloud and @babylon_chain! 🏗️
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🚀 We’re excited for their next phase of growth: @fragmetric soon launching on-chain yield vaults, curated by blue-chip partners like @gauntlet_xyz, accessible via their upcoming new stablecoin 💡
Think @MorphoLabs but for optimized yield strategies beyond borrowing/lending
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1/ We live in a world of scarcity of security. @eigencloud changes this, giving builders a way to improve existing products and create new ones.
What would you build in a world with an abundance of security? 🌎
Lots of interesting ideas here, but two really stood out to us...👇
Ready to build the next unicorn? Introducing our newest research on The EigenLayer Universe 🌌 Explore 15 unicorn ideas 🦄 and what you can build with EigenLayer now!
Research Post: blog.eigenlayer.xyz/eigenlay…
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L2s are the new app framework. 🛠️
With EigenDA as critical infra and 100s of AVS providing necessary middleware, @eigencloud is well positioned to be the verifiable cloud. ☁️
Together with based sequencing, the future of ETH is more united, more profitable, more secure, and more exciting. 🌐
🚀 Breaking news: All Chains Fit on EigenDA!
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@eigen_da mainnet is now processing 15+ MB/second (120Mbps), and we are posting ALL raw block data from 15+ chains simultaneously.
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L1s: Bitcoin, Ethereum, Solana, Celo, Celestia, Avalanche, BNB chain, Fantom.
L2s: Polygon, Mantle, Base, Arbitrum, Optimism, XAI games, Blast, Scroll, ZKSync, Mode, Taiko.
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The *only* fully horizontally scalable system in crypto.
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All Ideas Fit on EigenDA.
You can even inscribe your idea into EigenDA!
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What breakthrough are you going to build on @eigencloud?
eigenda.wtf
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We believe Ethereum will be the hub of this digital economy.
Although we see Layer 1 as a winner-take-most market, apps will spill over to other EVM-compatible chains/rollups as the technology matures. That’s why we invested in @monad_xyz – 10k TPS + EVM compatibility. ⚡(3/23)
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We're thrilled to support @0xHolonym in their mission to shift ownership of online identities to users.
Holonym introduces Human Keys, a way to create keys from biometrics, so that data ownership is tied to a human rather than random keys. 👇🧵 (1/5)
1/ 🚀 Big news! Holonym Foundation has secured $5.5M in seed funding to advance global digital personhood through ✨Human Keys✨
Led by @FinalityCap & @Papervc and ...
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Sovereignty over data is sovereignty over identity. 🧭
zkTLS (also known as Web Proofs) was the talk of the town last month on CT but it’s not a new technology. @tlsnotary originally introduced the underlying concepts of zkTLS in a 2014 paper: tlsnotary.org/TLSNotary.pdf 📜
Invention is the mother of necessity. @OpacityNetwork was the first to figure out how to scale zkTLS. 💪 How? Thanks to @eigencloud we now live in a new world with an abundance of economic security.
@OpacityNetwork jumped on shared security early to decentralize the TLS handshake between client and server when they exchange critical data. By piggybacking off of existing infrastructure like @GoDaddy and @digicert, @OpacityNetwork can provide trust minimized verification of user data behind walled gardens. 🏰
1/ The hype is real.
Opacity has raised $12M led by @archetypevc and @BreyerCap, with support from @a16zcrypto CSX, @FinalityCap, @bodhi_ventures, @NorthIslandVC,@EV3ventures, @ambushcapital and @GD1_VC.
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Pre-settlement gives Ethereum card-swipe speed: instant “approved,” settlement later 💳
Preconfs are a solution to 100s of rollups and their users needing instant tx confirmations
@lu_ban_ takes over - delivering instant tx confirmation to every rollup user 🧵
1/ Today we're thrilled to introduce LingLong—a proposer-commitment framework by Luban that brings pre-settlement to Ethereum.
It enables horizontal scalability and composability that helps Ethereum truly live up to its name as the World Computer.
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We're excited to be a founding member of the Shared Security Alliance which is furthering the adoption of decentralized SaaS as the foundation for better web3 apps. Catch us at the Symposium in Brussels on July 8th. 🫡
1/ Join us during EthCC at the Shared Security World Congress, featuring a Symposium and Hackathon.
The Shared Security Symposium will bring together researchers, builders, integrators, and others to advance the adoption of restaking.
Limited tix here 👉 sharedsecuritysymposium24.ev…
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@fragmetric is also the top liquid staking solution for $JTO (40%+ market share) – we think it’s the best way to stake your $JTO tokens
ALT https://dune.com/jito/jito-restaking
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RPC providers in web3 brag about 99.9% availability. In a month that's 43 mins of downtime during which apps are unusable. Devs deserve better. 🥺
Allow us to introduce you to "constant availability," a core part of @lavanetxyz's permissionless RPC network. Let's discuss. 🫴🗣️👇
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You can read all of our ideas in a special 26-page report at restakingreport.com - we released it this past weekend at @harvard_crypto conference after @sreeramkannan’s keynote.
Don't worry, we'll summarize it here. 😅
Keep scrolling for the biggest takeaways. 👇
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ZK tech is at the crux of enabling scalable Web3 apps, but few devs have the ZK expertise needed to build these apps – there's a big bottleneck here. 🤔
The Lasso/Jolt work by @srinathtv, @SuccinctJT, and Riad from @cubistdev will make ZK development easier. Here's why ⚡️👇🏼
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Ethereum has dominated shared security, but Solana is catching up👀
@fragmetric is helping accelerate @solana shared security adoption through the novel design of its liquid restaking protocol
We’re excited to back @SolZacque @sangdotsol and the team who are leveraging their unique set of insights and communities from South Korea 🇰🇷
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@fragmetric commands 55%+ market share of the SOL restaking market – it’s by far the leading way to participate in the SOL restaking economy 👑
As more NCNs build on @jito_sol, @fragmetric is well positioned to capture the expanding reward flows for their restakers
ALT https://dune.com/jito/jito-restaking
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Special thanks to those who helped review or contribute to restakingreport.com:
@sreeramkannan, @cjliu49 (@eigencloud)
@TedBreyer (Breyer Capital)
@pbartstephens (@bcap)
@FigmentCapital
@rjdrost
@ViktorBunin
@MustafaYilham (@BixinVentures)
🧠🙌👏🫶🤗
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The most significant risk Austin raised is counterparty risk -- USDe is exposed to this with its global exchange network.
However, it only requires a USD/ETH price feed, not US government permission, to exist.
That's a major win for crypto, DeFi, and global finance. 🙌
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Blockchains are getting faster through parallelization and increasing throughput through horizontal scaling. Unfortunately the world’s getting more fragmented too.
Based Sequencing fixes this. Instead of an L2, @Spire_Labs provides the critical infrastructure for everyone to build their app as a based appchain.
Now appchains can inherit Ethereum's decentralization and liveness, simplifying the design by removing the need for a separate sequencer, and aligning economically with Ethereum.
It’s hard to imagine a world where there is no liquidity fragmentation, but given the billions of dollars stolen through bridges in the past few years, it’s even harder to imagine blockchains being successful without projects like @Spire_Labs.
Sovereignty and Composability: breaking the appchain tradeoff once and for all
Spire Labs has raised $7m to orchestrate the development of the Based Stack - the next generation of based rollups.
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All apps rely on other apps to deliver utility.💡 A typical Web2 SaaS app integrates with 15 other services. chiefmartec.com/2020/05/proo…
According to Riad Wahby of @cubistdev, the average Web3 app only integrates with 3 to 5 - this number should probably be closer to 20.
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1/ If you missed the recent @cubistdev x @eigencloud announcement, it's worth double-clicking on its impact.
In short, this partnership makes both building and validating on EigenLayer easier, which helps foster greater decentralization. Here's how... 🧵
1/ Cubist is thrilled to announce a new partnership: we are working with EigenLabs to build anti-slashers that will help honest operators avoid getting slashed on @eigencloud when participating in AVS validation tasks. 🧵
Learn about the collaboration: cubist.dev/blog/cubist-eigen…
ALT Cubist and EigenLabs collaborate to help honest operators avoid getting slashed on EigenLayer
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You’ve heard of rebootable blockchains. How about one that can stop security threats while the chain keeps running?
@UseFirewall is the modular security layer for rollups that intercepts exploits before they're finalized. Today's day 1 out of stealth, so stay tuned for more 🔜
Introducing @UseFirewall (usefirewall.com) - @sam___iamm and I raised $3.7M co-led by @NorthIslandVC @BreyerCap and @hack_vc to take smart contracts mainstream with programmable finality and proof-of-exploit consensus.
Firewall enhances a chain's consensus mechanism to eliminate smart contract exploits, enabled by the modular shift in blockchain architecture.
Read about our vision, covered by @TheBlock__ here: theblock.co/post/279157/secu…
This pre-seed raise had participation from @FinalityCap & angels including @kaiynne @hjmomtazi via Bodhi, @jiayaoqi @SmokeyTheBera @Tim_Ogilvie @nathanmccauley @xinshudong @jackventure and @pranaymohan
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VC performances are benchmarked by “vintages” for a reason. 🥂
Innovations like MS Windows, AWS, and the iPhone/app store accelerate the pace of innovation. We think @Commit_Boost could have a similar impact on the pace of innovation.
@Commit_Boost is an open-source project that will create a standard platform for applications and services to support Ethereum.
To find out more and see what can be built read on 👉
1/ We are excited to share that Commit-Boost is headed towards audit and production! As an open-source, public good, this could not have been possible without many teams across the Ethereum Community. Thank you for all your time and effort! See below 👇
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We're fully aligned with @alignedlayer's vision for a ZKP verification layer that:
1⃣ Decouples proof generation from verification
2⃣ Leverages Ethereum’s security via @eigencloud
3⃣ Anticipates rapid progress in ZK by embracing a proof-agnostic design
🟩 A Fully Aligned Round: $20M Series A Round🟩
Aligned Layer is pleased to announce a $20M fundraise led by Hack @hack_vc, with support from @daofive, @l2iterative, @NomadCapital_io, @FinalityCap, @symbolicvc, @theta_bv, @J17Crypto, @EVG_Ventures, @decimafund, GM Ventures, @ProtagonistXYZ, and other strategic partners and angels.
We want to specially thank @alpackaP, @ed_roman, and @0xRodney from @hack_vc for their support.
Read the full announcement: blog.yetanothercompany.xyz/a…
What?
Aligned Layer, thanks to @eigencloud, enables Ethereum to become a better, faster, and much cheaper settlement layer for validity and ZK proofs. We verify proofs cheaply and quickly, and post their results in Ethereum and any DA layer that the developer wants. We provide developers with new options to focus on building the best products possible for the users.
Why?
Until recently, it was difficult for engineers to prove their code. They had to write circuits to generate proofs. A few months ago, it became possible for Rust developers to easily prove their code. Dozens of companies are working on accelerating the speed at which proofs are generated. As an industry we are also close on having hardware acceleration to quickly generate proofs close to real time.
In the near future, proof generation won’t be the biggest bottleneck but on-chain proof verification costs. Applications that use validity and ZK proofs can’t be implemented in Ethereum due to the high costs of verification. We actually created Aligned Layer because we wanted to implement some of these applications and it was not possible to do so. Also, it’s currently impossible to verify some proving systems on Ethereum due to its high costs or due to how the EVM works.
We believe that by reducing barriers and friction for newcomers, decreasing the proving time, and lowering the costs of on-chain verification, we will unlock unprecedented levels of exploration and innovation within the space.
How?
We verify these proofs, post the results in Ethereum and any DA layer. We provide the developer with an SDK to check the results of our verification of proofs in any smart contract. This is only possible thanks to being an Eigen Layer AVS that runs different ZK and validity proofs verifiers written directly in Rust and Go without any VM in a decentralized network. In addition we will also have an aggregation layer that will aggregate all proofs that then will be verified by Ethereum.
Read the draft white paper here: whitepaper.alignedlayer.com
Check out the code here: github.com/yetanotherco/alig…
When?
We already have a first simple testnet working with Cosmos SDK. We are migrating to an Eigen Layer testnet in the upcoming weeks. We are working hard to deliver mainnet as soon as possible. We are also working on showing different examples of what can be built on top of Aligned Layer.
In the next few weeks, we will also be sharing the partnerships we are launching and the angels that are supporting us in our mission.
At last
Follow the founders' journey here: @fede_intern and @thisisrj.
Join our Telegram: t.me/aligned_layer and Discord: discord.com/invite/alignedla…
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Congratulations @eigencloud! The next big wave of innovation is about to be unleashed.
We are thrilled to announce the deployment of the Stage-1 EigenLayer protocol on Ethereum Mainnet!
This marks a significant milestone in our mission to create a permissionless environment for innovation.
blog.eigenlayer.xyz/eigenlay…
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Glad to see the big dogs like @paradigm get in on the zkTLS action! @3janexyz is using Web Proofs to make old DeFi concepts like unsecured lending new again. This is just the beginning
🏦 zkTLS will enable new consumer finance use cases such as EWA lending by @ArynChadha's Earnifi, powered by @OpacityNetwork
Reach out if you're working on new zkTLS use cases! 👂
1/ 3Jane is excited to announce our $5.2M seed round led by @paradigm to enable the first scalable credit-based money market on Ethereum.
This funding accelerates our long-term vision of driving cryptonative credit creation & economic growth.
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Proud to support @NovaNet_zkp as they enable new use cases for verifiable, private compute by unlocking ZKP generation for edge devices. ⚡️
As a fully open network, NovaNet supports new proving schemes & max decentralization, setting it up to be the fastest, cheapest ZK network.
We're thrilled to announce $3m in funding to build the world's first incentive layer for zero knowledge proofs that run everywhere.
NovaNet enables local verifiable computation and privacy-preserving applications at scale.
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9/ In crypto, we call these microservices AVSs. There are now hundreds - we estimate ~500. At @FinalityCap, we’ve backed many:
@OpacityNetwork @spaceandtime @OpenledgerHQ @parasailnetwork @eo_network @alignedlayer @0xHolonym @0xOthentic @k3_labs @lu_ban_ @layerlens_ai
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Why such a big difference? 🤷♀️
In Web3, all dApps need to be decentralized which means building their own validator sets, and that’s expensive.
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2/ At @FinalityCap, we’ve worked with @sreeramkannan since 2023 on a roadmap for a new cloud - one built on trust.
Our idea: More economic security → more middleware. More middleware → better apps.
Do you want Web3 apps that surpass the utility of Web2 apps? 🤤
⚠️ You’ll need validators to stake $440B and protocols to pay $40B annually for security.
💡 Restaking with @eigencloud solves this problem and makes holding ETH much more compelling.
Here's a 🧵 …
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This new model should attract significant interest from developers to build new services that will make dApps more useful and realize the vision of Web3 to give ownership of data back to users.
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EigenLayer calls their shared security model “restaking” – validators restake their ETH to secure new protocols (more in our report).
No more $440B stake required for Web3 app parity. 👋
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Web3 will rebuild the Internet to shift value accrual away from tech oligarchs into the hands of users. ✊
Rebuilding these apps unlocks massive economic potential, which we think could approach the value of physical economies. (2/23)
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Of course there are risks which we detail in our report ⚠️ :
- Smart contract risk
- Work token model risk (thanks @viktorbunin)
- Rehypothecation risk
- Malicious majority subset risk
- Underwriting risk
- Market risk
Share your concerns in the comments. ✍️
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5/ Data today is siloed. Big Internet (especially BigAI) wants to keep it that way.
@OpacityNetwork, part of EigenCloud, makes data portable. Prove facts about yourself without exposing everything. No APIs. Protected by the DMCA.
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The launch of @babylonlabs_io last week, which makes BTC a “stakeable” asset, maxed out its cap in ~1 hour. ⏰
It’s up to @satlayer to make BTC “restakeable.” 🔄
Say ₿m to SatLayer!
The universal security layer powered by Bitcoin is announcing a $8M pre-seed round led by @Hack_VC @CastleIslandVC w/support from @FTI_DA @OKX_Ventures @mirana & other awesome partners 🤝
SatLayer deposits kick off on August 22, 2024, 14:00 UTC, at stake.satlayer.xyz with the initial cap of 100 BTC.
Stake your Bitcoin & liquid staked Bitcoins on SatLayer to earn rewards!
🟨
🟨🟨
🟨🟨🟨
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How expensive? 💸
To match the security of Ethereum, a dApp with 15 middleware service integrations would require roughly $440B of staked capital and $40B of annual security costs across those integrations - here is an exhibit from our report:
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In exchange, protocols pay rewards to ETH validators that choose to restake.
Since ETH validators now have to put up less stake, they will require less APY from each new protocol.
No more $40B in annual security costs to additional trust networks for Web3 app parity. 🙌
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13/ A verifiable internet won’t just help young people get jobs or launch companies. It will rebuild the pillars of American capitalism:
⚖️ Fairness
🚀 Innovation
🏁 Competition
If we want a future worth defending, we need an economy worth belonging to.
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In the long-run, the primary reason for holding ETH may be the opportunity to restake it. 💡
This represents a paradigm shift for ETH value accrual.
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Shared security is unleashing the next wave of innovation in Web3 apps. That’s why we invested in @eigencloud. 🔥
For more on restaking, see our previous thread: nitter.app/FinalityCap/status/164… (6/23)
Do you want Web3 apps that surpass the utility of Web2 apps? 🤤
⚠️ You’ll need validators to stake $440B and protocols to pay $40B annually for security.
💡 Restaking with @eigencloud solves this problem and makes holding ETH much more compelling.
Here's a 🧵 …
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1/4 📚 We took a deep-dive with some friends into @markets_edx. This high-profile project backed by @paradigm and @citadel has our attention for a few reasons...
bloomberg.com/news/articles/…
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Shared security changes the game. 🀄️
While shared security is not a novel concept, EigenLayer is the first to implement this security model on Ethereum.
@eigencloud is a general-purpose marketplace for decentralized trust, which is built on Ethereum, the largest programmable decentralized trust network and unbundles the trust layer of Ethereum so components of the trust network can be reused for other purposes.
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Few truly understand how important @k3_labs will be to web3.
🏒 They're skating to where the puck is – a new paradigm for devs. Soon, apps will have 100s of decentralized middleware to choose from thanks to @eigencloud @babylon_chain @solayer_labs...
Now that we're finally out of stealth and available on #Eigenlayer testnet we can formally thank our pre-seed lead investor @FinalityCap and our other major backers @BlockchainFF & @Aztlan_Capital! We couldn't have done it without you!
eigenlayernews.web3citizen.x…
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Look, we love TVL too. It's a valuable metric.
But we're gonna sleep like babies tonight knowing @0xOthentic is focused on making developer adoption something CT will be tweeting about soon.
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We’re en route to @EFDevconnect ✈️🇹🇷
Catch our talk, “Everyone Should be an AVS,” at the Restaking Summit to be Eigen-pilled by @GraziellaCamata
Graziella Camata @GraziellaCamata, Investor at @FinalityCap will be speaking at the Restaking Summit by EigenLayer at Devconnect.
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About the authors...
From @FinalityCap:
@adam_winnick
@KamalMokeddem
@0xtangelo
@GrazCamata
From @harvard_crypto:
@5tephenXi
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With the collapse of SVB and others reinforcing crypto’s use case and the center of gravity post-Merge shifting back to Ethereum - we think this is an exciting time for ETH. 🔥
[Note: This is not investment advice. Please see our report for disclaimers and disclosures.]
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Anyone can buy the $EIGEN token now 🛍️. Want earned insights not widely held about @eigencloud?
Closely follow @0xOthentic which makes it easier to build on @eigencloud with its “AVS in a box” solution 📦. Othentic launched its Mainnet today with 30 projects and counting. 🔢
MAINNET LOADING…
▓▓▓▓▓▓▓▓▓▓▓▓ 100%
Othentic is now on Mainnet.
Accelerate open innovation, build your AVS 🏗️
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4/ Preconfirmation protocols like @lu_ban_ are building on @Commit_Boost to efficiently reach Ethereum validators at scale.
This lets @lu_ban_ concentrate on delivering fast transaction experiences and reliability, while @Commit_Boost provides the essential infrastructure for secure and standardized commitment management.⚡️
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11/ @a16z just placed another $70M bet on EigenLayer.
We are doubling down on the @eigencloud ecosystem too. Thanks to EigenCloud, we can back more apps, not just middleware.
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First, EigenDA fully decouples DA from consensus -- it won't be responsible for transaction ordering, a job better left to sequencers in a modular worldview. 🧩
This allows nodes to attest to data blobs in parallel, rather than serializing them, cutting out consensus lags.
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Can the blockchain make sure you never miss the winning goal or shot because of lag? 🏆 @BlockcastNet is a decentralized content delivery network (“CDN”) that can flip the script on essential technology for smoother streaming.⚡
In traditional CDNs, each user receives their own stream which overloads the network and wastes cash. 💸💸💸 @BlockcastNet aggregates supply through a “DePIN” model and uses multicast to send one stream to multiple users simultaneously. 📺
Going beyond traditional internet infra, @BlockcastNet can also use existing everyday devices as participating nodes on the network like consumer smart TVs, routers, and mobile phones! 📱
1/ 🚀We’re thrilled to announce our $2.85M raise led by @lattice_fund!
The round also includes participation from incredible supporters including @allianceDAO, @protocollabs, @FinalityCap, @ZeePrimeCap, @RW3Venture and @toly, founder of @solana(🧵)
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10/ Data collectives powered by @Vana, tools that prove attribution like @OpenLedgerHQ can encourage more people to share data PUBLICLY. 🔓 @geodnet is using token incentives to collect better location data for embodied AI. 🤖
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Stoked to see Lava's alpha launch! 🌋⚡️
Serving as a decentralized marketplace of nodes that provide dapps with blockchain data, Lava is a critical piece of middleware that empowers devs to build a fully decentralized stack that's fast, reliable & secure.
Congrats @lavanetxyz❤️🔥
🚨 INTRODUCING: Lava SDK Alpha
- Fully peer-to-peer, with no middleman
- Open-source RPC & APIs
- Easy multi-chain setup
- Can provide access to any chain
Build, share your feedback and contribute!
bit.ly/44mNyzd
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This also presents an attractive opportunity for ETH holders - way more yield.
Restaking could generate an add'l $11B in annual revenue for ETH validators w/in 5 years - 4x more revenue than from simply staking ETH itself.
Play with our model at restakingreport.com
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So, what are your risk preferences?
Do you worry about US banks
a) seizing your deposits,
b) failing without a government backstop, or
c) not receiving a market-based yield?
If the answer is no, you probably don't need USDe. 🤷♂️
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When discussing @VitalikButerin's post around restaking risks, it's important to remember that there are two tier options for protocols building on @eigencloud: permissioned and permissionless (as @sreeramkannan tweeted nitter.app/sreeramkannan/status/1…). (1/4)
Don't overload Ethereum's consensus:
vitalik.ca/general/2023/05/2…
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12/ Lots of LPs love to talk about #AmericanResilience and #AmericanDynamism: Drones. Chips. Border tech.
But real resilience = economic dynamism, upward mobility, trust in each other - not just institutions.
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8/ EigenCloud is crypto’s @awscloud moment - like AWS in 2006, it abstracts away the mess, all the server ops that come from integrating 1,000s of microservices.
Let builders focus on creating - not managing infrastructure.
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Like other DA layers (@CelestiaOrg & @AvailProject), EigenDA uses erasure coding for efficient storage & will scale horizontally w/ the number of nodes in the network.
But 2 optimizations set EigenDA apart from other DA options, allowing it to target 1GB/s throughput... ⚡️
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4/ Why does verifiability matter? Let’s start with verifiable data.
Young Americans live online. Verifiable data = an edge. Get a loan. Get an apartment. Get a job. Get healthcare. Secure a deal.
Proof = opportunity - and for many, it’s the only way forward.
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