2023 was eventful for web3. What lies ahead for 2024? Take a look at the top 10 trends we are on the lookout for. l2ivresearch.substack.com/p/…

6:30 - 7:00: Bitcoin panel • ​Moderator: Kony Kwong @konyk001 • ​Babylon: Fisher Yu, Co-founder & CTO @baby_fisherman • ​Nubit: Hanzhi, Co-founder & CEO @nubit_org • ​Lorenzo: Matt Ye, Co-founder & CEO @LorenzoProtocol • ​Bitlayer: Charlie Hu, Co-founder @CharlieHusats

We are hosting an event during HK Web3 Fest 🇭🇰! Conversations with Crypto Gigabrains - Host: L2IV @l2iterative - Cohosts: @RiscZero, @PolyhedraZK, @zkPass, @nubit_org, @LorenzoProtocol - Partners: @eigencloud, @babylon_chain, @BitlayerLabs, @renzoai, @ZKEX_Official

Conversations with Crypto Gigabrains: Wrap Up We have successfully hosted the event on 8th April during Hong Kong Web3 Festival 🇭🇰 with 300+ signups! 🙌💯 Thanks for all the cohosts, partners and participants for making it possible. 🤝🎊🏆

Excited to announce that L2 Iterative Ventures is proud to lead @Fiamma_Chain's $4M seed round alongside @FactionVC! 🌟 Fiamma is revolutionizing Bitcoin, transforming it into a dynamic, programmable asset with trust-minimized infrastructure powered by BitVM2. With innovations like the Fiamma Bridge—the first trust-minimized Bitcoin bridge—and Fiamma Layer, a ZK verification layer on Bitcoin, Fiamma is unlocking new possibilities for cross-chain interoperability, DeFi, and decentralized applications. 🧑‍💻⚡ Their groundbreaking use of ZK verifiers like Fflonk & Groth16 sets a new benchmark for efficiency and scalability in Bitcoin scripting, redefining what's possible on the Bitcoin network. We're thrilled to support @Fiamma_Chain in shaping the next chapter of Bitcoin's evolution as the backbone of the decentralized internet and financial systems. Learn more: 🔗 fiammachain.io Press Release: 🔗 cointelegraph.com/press-rele… #Bitcoin #ZKInfrastructure #FiammaChain #BitVM2

Exploring Atlas: The Execution Abstraction Protocol by FastLane Labs Developed by @0xFastLane, Atlas is revolutionizing the way transactions are handled within DeFi. We did a deep dive into Atlas to discover how it's pushing the boundaries of what's possible in DeFi

We are thrilled to announce our investment in @OneBalance_io’s $20m Venture Round, alongside the lead investors @cyberfund and @bcap OneBalance is redefining blockchain infrastructure by shifting Web3 from a fragmented, chain-centric model to a unified, account-centric architecture that prioritizes seamless user experience and true interoperability. Founded by Flashbots core contributors @thegostep and @DanielWorsley_ , alongside @ankitchiplunkar, former engineer at Coinbase, the team brings decades of combined experience in blockchain research, technical development and operational scaling, positioning them uniquely to solve Web3’s most persistent UX and interoperability challenges. At the heart of their innovation are Resource Locks, which allow solvers to release funds on the destination chain immediately upon seeing a user's signed intent, without waiting for inclusion on the source chain. We believe this innovation ushers in a new era of composability across chains—without compromising sovereignty or security🌟 Learn more: onebalance.io/ L2IV Research: l2ivresearch.substack.com/p/… Press Release: fortune.com/crypto/2025/06/1…

We're thrilled to be a part of @nubit_org's pre-seed round. With the rapid growth of inscriptions, NFTs, & other BTC-native applications, the network has experienced scalability concerns. Here's our thesis behind our investment:

It was such a pleasure to chat with @LarrotizPablo, a former core engineering who worked on the famed ConstitutionDAO. God speed on sending folks to the moon with your new MoonDao.com Pablo! YouTube: piped.video/Z2t10sPbSPs #dao #web3 #Crypto

L2IV and @babylonlabs_io are hosting an exclusive event for the pioneers building Bitcoin's future during Bitcoin Asia this Thursday, August 28th We are convening the ecosystem's leading minds for a deep dive into the next evolution of Bitcoin, featuring: 🚀 Trustless Bitcoin Vaults: The latest from Babylon, presented by @baby_fisherman 💡 The Power of BitVM3: A comprehensive overview by @weikengchen 🔎 The future of BTC-Fi: An insightful panel discussion with top builders and investors Come and join us to explore the frontier of Bitcoin innovation! 📍 lu.ma/vzta5di3

Japan becoming the next Web3 and blockchain power house!!!🚀 The Japanese Government is strategically positioning Japan as the next global hub for Web3 and a formidable powerhouse in the crypto industry! 🇯🇵 As the world's third-largest economy and an early adopter of cryptocurrency, Japan is distinguished by its robust regulatory framework and over 100,000 merchants accepting crypto as a medium of exchange. The revenue in Japan's cryptocurrency market is projected to reach close to US$2 billion in 2024📈 In early 2024, the Ministry of Trade, Economy, and Industry @METI_JPN approved the Act of Strengthening Industrial Competitiveness, empowering Japanese venture capitalists to invest in crypto assets. This transformative legislation allows startups to offer tokens instead of shares, thereby enhancing opportunities for VCs to fund blockchain ventures within Japan. Furthermore, the National Tax Agency has clarified that, starting in 2024, crypto issuers will be exempt from paying capital gains tax on unrealized gains, which previously stood at approximately 35%. 🏛️ Recently, @Ripple has strategically expanded by establishing the XPRL Japan and Korea Fund, amounting to $640 million, which is allocated towards developer grants, startup investments, and community building. This move signifies a broader trend of tech companies shifting their development bases from the U.S. to Japan. 🌐 Moreover, the Osaka Digital Exchange commenced Japan’s first trading of digital securities in December 2023. Collectively, these initiatives underscore the Japanese government's unwavering commitment to fostering a thriving Web3 ecosystem. The continuous review and enactment of new legislation have created a fertile environment for the advancement of blockchain and cryptocurrency technologies, significantly benefiting startups and solidifying Japan's position as an innovation leader in the digital economy. 📢 At @l2iterative, we identified the Japanese market as a big arena for crypto and blockchain startups. We are currently working closely with founders and investors on the ground. We are committed to bringing our portfolio companies to penetrate this burgeoning market, leveraging the unique opportunities that Japan offers in the Web3 and blockchain space. Stay tuned for exciting developments! 🌟 For more insights, check out this article by @PitchBook pitchbook.com/news/articles/… #VC #Web3 #Crypto #Japan #Osaka #Tokyo #Blockchain #Innovation #Japanvc #Japancrypto #Japanbitcoin #OSAKA #L2IV #L2Capital

We are thrilled to back @yalaorg alongside @polychain , @EthrealVC, and other top-tier investors. 🚀 Yala is unlocking Bitcoin’s massive liquidity by building seamless integration between Bitcoin and the DeFi ecosystem through its cutting-edge cross-chain infrastructure. A key innovation in Yala’s architecture is $YU, a Bitcoin-collateralized stablecoin that plays a pivotal role in this ecosystem. $YU offers a stable value medium for users without requiring them to exit Bitcoin’s liquidity, ensuring that BTC holders can participate in DeFi protocols such as lending, borrowing, and trading without needing to convert to fiat or other assets. This design allows Bitcoin liquidity to flow freely into DeFi, solving the critical issue of fragmented capital. Yala’s trust-minimized bridge also ensures secure movement of assets between Bitcoin and EVM-compatible chains. By leveraging Bitcoin’s native infrastructure along with cryptographic proofs, Yala guarantees decentralization and security, making it a reliable platform for both builders and institutions. With $YU stablecoin and cross-chain liquidity, Yala is creating a sustainable, Bitcoin-native DeFi ecosystem that unlocks exciting new opportunities for participants across the crypto space. This marks an important milestone in bridging the gap between Bitcoin and decentralized finance. 🔑 #Bitcoin #DeFi #CryptoInnovation #YUStablecoin #L2IterativeVentures #DecentralizedFinance #Interoperability

We successfully concluded the BITCOIN AND FUTURE INFRACON event, and what a remarkable success it was! 🙌 We extend our heartfelt gratitude to all the brilliant speakers who graced us with their perspectives: @lukejdpearson, @domodata, @xinshudong, @vreeland, @blockchain_bri, @allen_su1024, @klee_049, @captain8299, @MattYe_MEP, @trackoor, @taggaOyl, @tugcesmith, @januszg_, @dominik0_, @BitmapTech, @Chungtszchung, @kyleellicott, @konyk001, @HouseofYogiX, @alipaints, @VickyFu09, @Xaviert221 Your active participation and insightful contributions made this event an unparalleled success. The event was hosted by the teams at @nubit_org, @ark_stream, and @l2iterative, with invaluable support from co-hosts @babylon_chain, @PolyhedraZK, @LorenzoProtocol, @MezoNetwork, and @BlockBeatsAsia.

We recently participated in @luminoai's latest pre-seed round. Please find our detailed report on our thesis behind investing in Lumino AI. l2ivresearch.substack.com/p/…

We have just published an in-depth article that delves into the intricacies of @aori_io's infrastructure for high-frequency intent execution. l2ivresearch.substack.com/p/… Aori is positioned to revolutionize the landscape of decentralized trading by providing institutional-grade infrastructure that facilitates seamless and real-time execution of complex trading strategies and operational workflows.

🚀 Thrilled to announce that @L2Iterative is the exclusive venture partner for #BTCON2024! Join us on September 4th in Seoul during @kbwofficial for a groundbreaking Bitcoin Conference organized by the former Coindesk Korea CEO and the founder of a Korean crypto exchange. We are honored to collaborate with distinguished partners @Official_Upbit , @BithumbOfficial , @CoinoneOfficial , and #Korbit to help showcase Korea’s vibrant crypto community. #BTCON2024 will explore the latest trends in Bitcoin, uncover groundbreaking advancements in Bitcoin infrastructure and applications, and foster deep discussions and invaluable insights. Our agenda is thoughtfully crafted to catalyze collaboration among the finest minds in the industry. The conference will feature 4 sessions - on Policy, Investment, Builders, and Community, with 60 dynamic speakers representing diverse backgrounds in the Bitcoin industry. The event will gather Korean government officials, policymakers, institutional asset managers, and licensed crypto platforms to discuss Bitcoin ETFs and crypto finance policies in Korea. Together with leading builders, VCs, and community members, we will explore the Bitcoin Renaissance. 🏆 BTCON anticipates 5k+ attendees, 70+ sponsors, 30+ media partners, and over 500 builders. 🇰🇷 South Korea is a crypto powerhouse and vibrant hub for blockchain development. Engage with government officials, policymakers, institutional asset managers, and leading builders in the Bitcoin industry. 💬 Stay tuned for more updates on btcon.xyz! 🌟 #Bitcoin #Crypto #Blockchain #KBW2024 #Seoul #Upbit #Bithumb #Coinone #Korbit #KBW2024 #Crypto #Blockchain #Bitcoin #Seoul #BTCON #L2IV #L2Capital

🚀 Excited to announce our investment in @Spire_Labs! 🎉 Spire's "Based Stack" is redefining rollup frameworks with a focus on app-centric ideals: censorship resistance, efficiency, openness, and seamless UX/DX. 🛠️ Here's why we're thrilled to support their vision: 1️⃣ Censorship Resistance: Innovative features like forward-based sequencing & CR Committees enhance security. 2️⃣ Efficiency & Access: Low barriers for smaller apps, backed by Ethereum’s top-tier blockspace. 3️⃣ Open & Customizable: Supports EVM, MoveVM, and sync functions for real-time L1 state access. 4️⃣ MEV Retention & UX: Offers app-specific MEV benefits, preconfirmations, and revenue retention. With Spire Labs, we’re excited to help drive the future of open, composable, and user-friendly blockchain ecosystems. 🌐 #L2IV #SpireLabs #Blockchain

We’re excited to support Turtle Club's $6.2 million seed round, alongside the lead investor THEIA Blockchain Led by Essi Lagevardi, Turtle Club is an on-chain liquidity distribution protocol designed to optimize how liquidity is deployed across ecosystems—setting a new standard for efficiency and fairness. With Turtle Club: - LPs earn higher returns from the liquidity they deploy; - Protocols retain liquidity sustainably, without relying on excessive incentives; - Partners monetize user activity in a transparent, value-driven way. We believe Turtle Club marks a significant step toward building a more sustainable, efficient, and resilient DeFi infrastructure 🚀 Learn more: turtle.club/ Press Release: cointelegraph.com/press-rele…

Curious about @aori_io's role in the future of DeFi? Check out our latest article where we take a deep dive into their innovative high-frequency trading infrastructure. l2ivresearch.substack.com/p/… Discover how Aori's intent-based framework, off-chain matching engine, and liquidity aggregation capabilities are enabling a new era of complex trading strategies and institutional-grade execution. From CEX-DEX arbitrage and MEV mitigation to composable products like yield optimization vaults, learn how Aori's architecture is unlocking a world of possibilities for DeFi traders and builders alike. Read the full article to understand Aori's competitive advantages and potential to shape the DeFi landscape.

Congratulations to @eigencloud on securing $100M in funding led by @a16zcrypto. It is a testament to the immense potential of EigenLayer's restaking infrastructure. Congratulations to @sreeramkannan and the entire team.

A huge thank you to @taikoxyz for hosting an incredible panel discussion! 🚀 It was a privilege to share the stage with such insightful panelists @ed_roman from @hack_vc , @0xfishylosopher from @StanfordCrypto, @danpark012 from @hashed_official and @KC_SNZ from @snzholding We delved into key topics, exploring the current macroeconomic environment and its implications for the #crypto space, the transformative role of #AI in #Web3, and the recent surge in meme token hype. It was enlightening to hear diverse perspectives on how these elements intersect and shape the future of our industry. Despite the recent market volatility, the long-term outlook remains bright. Let’s keep building! 🌐

@l2iterative x @boomlabs_web3 Announcing our first cohort #web3 #rust development track. Starting as local sessions only, but will go online soon. This course will lead onto different #WASM smart contract development tracks in @solana, @cosmos, @NEARProtocol, etc. #BUIDL

Announcing the "Bitcoin and Future Infrastructure" Seminar! Join us today from 12:30 PM to 5:00 PM (UTC+8) at the Eaton Club Central for an insightful event featuring prominent speakers from the Bitcoin and blockchain space. Don't miss this opportunity to learn from industry experts and engage in thought-provoking discussions about the future of infrastructure powered by Bitcoin. Esteemed Speakers: @lukejdpearson, @domodata, @xinshudong, @vreeland, @blockchain_bri, @allen_su1024, @klee_049, @captain8299, @MattYe_MEP, @trackoor, @taggaOyl, @tugcesmith, @januszg_, @dominik0_, @BitmapTech, @Chungtszchung, @konyk001, @HouseofYogiX, @alipaints, @VickyFu09, @Xaviert221 Reserve your spot now: lu.ma/bitodayseminar #BitcoinAsia2024.

Happy to share that L2IV is hosting the event with our friends @nubit_org and @ark_stream. See you all on 9th May in HK! Register now!

🌟 L2 Iterative Ventures is thrilled to host @BTCON_Seoul during Korea Blockchain Week on September 4th in Seoul! 🚀 Korea's First Pioneering Bitcoin Conference & the World's Largest Bitcoin Hackathon in history! Join us to hear from top influencers, policy experts, and leaders driving Bitcoin's evolution, including our portfolio companies Polyhedra, Nubit, and Yala, as well as our strategic partner, Starkware! 💡 🗓️ Program Highlights: [9:00 - 17:30] BTCON Conference @ MainStage [10:00 - 12:00] Bitcoin Olympics Hackathon Finals @ Builders Lounge [13:30 - 17:30] Meet the Builders Networking Session [18:00 - 19:00] Ordinals Chat Session @ BTCON Beer Garden [19:00 - 22:00] DJ Afterparty @ BTCON Beer Garden 🎟️ Register now: btcon.xyz Join us and be a part of Bitcoin's next evolution! 🚀 #BTCON #Bitcoin #KoreaBlockchainWeek #L2IV #cryptocurrency

Join us at BiToday Seminar: Bitcoin and Future InfraCon 🗓 Date & Time: 12:30 - 5:00 PM, May 9th 📷 Host RSVP lu.ma/bitodayseminar #BitcoinAsia2024

we are aligned 🟩

Excited to announce our investment in @GAIB_ai! At @l2iterative , we’re always on the lookout for visionary teams pushing the boundaries of innovation, and GAIB’s mission to financialize GPU and AI compute resources is a game-changer. With their recent $5M raise, GAIB is set to unlock new efficiencies and opportunities in the rapidly evolving AI and blockchain sectors. We’re proud to back Kony and the incredible team driving this transformative vision forward. The future of decentralized compute is here, and we’re thrilled to be a part of the journey. Stay tuned for more updates as GAIB reshapes the intersection of AI and crypto! #Web3 #AI #Crypto #L2IV #GAIB

🚀 Grateful to join #RWA Summit organized by @BTCON_Seoul for insightful discussions on the future of #RWA & #BTCFi. From blockchain infrastructure powering tokenized assets and BTCFi to cross-chain innovations and the latest #stablecoin trends - our panels covered it all! A huge thank you to our incredible speakers - Justin from @AvaLabs , Kate from @MANTRA_Chain, Alex from @LayerZero_Core, Jihoon from @babylonlabs_io, Kaitai from @yalaorg, Jing Xiong from @SolvProtocol, Chaosmos from @botanix, Patrick from @cryptocom, Sergio from @Anchorage, Luca from @m0foundation, Ronak from @Paxos and all attendees—excited to build a brighter Web3 future together!🏆

🔥 TEAMZ SUMMIT 2025 Panel Recap: Web3 & AI’s Next Frontier 🔥 Our Managing Partner @klee_049 has joined this incredible discussion on “The Frontline of Web3 & AI Investment” today with all the industry leaders - @jtwald from @ogprotocol, @realjameswo from @DFG__Official, and @KeppleNigeria1 from @VerodKepple. In our panel, we explored the most compelling investment opportunities at the intersection of #Web3 and #AI - examining how blockchain democratizes AI development while AI simultaneously enhances Web3 infrastructure and applications. What’s your take? Which “next-gen tech” are you betting on? Share your view below 👇 Huge thanks to @teamz_inc for the invite—what an inspiring discussion! #Web3 #crypto

Congratulations to the entire team at @nubit_org on their successful raise. We are excited to be a part of their journey. Here's a refresher on Nubit, what they are building, and why we participated in their early rounds: l2ivresearch.substack.com/p/…

We're thrilled to introduce the incredible lineup of speakers from our co-hosts for this year’s EVM Summit! These thought leaders are at the forefront of innovation in the blockchain space and will share their insights on the future of Web3, EVM, and decentralized ecosystems. Here's who you can look forward to:​ ​ 📷 Thanaarmates A., Vice Chairman, KXVC​ 📷 Kampant V., Managing Director, KXVC​ 📷 Min Teo, Co-founder, Ethereal Ventures​ 📷 Xiao Xiao, Partner, HASHKEY Capital​ Tune in to see our Managing Partner, Kevin Lee @klee_049 discuss the latest High Performance L1 and L2 EVM Compatible blockchains alongside @keoneHD and @SmokeyTheBera ​ Stay tuned for more updates and details about our expert panelists! Make sure to RSVP for the event and be part of the conversation shaping the future of blockchain. 📷 Date: November 11, 2024​ 📷 Location: K+ Building, Bangkok, Thailand​ 📷 lu.ma/ftb2d57t #EVMSummit2024 #KXVC #Web3 #Blockchain

🎉 Congratulations to our Co-Founder @WeikengChen, @EliBenSasson, and the @StarkWareLtd team for achieving a significant milestone in the implementation of a zero-knowledge verifier using Bitcoin script! 🚀 This groundbreaking achievement showcases the potential of zero-knowledge proofs (ZKPs) to revolutionize Bitcoin’s programmability and scalability. By leveraging the OP_CAT primitive, we've demonstrated how STARK verifiers can be seamlessly integrated with Bitcoin, paving the way for more private, efficient, and scalable transactions. 🌐🔐 We are bullish for the future development of bitcoin. This achievement underscores our commitment to pushing the boundaries of blockchain technology and fostering advancements that will shape the future of decentralized finance. Full article: bitcoinmagazine.com/technica… #Bitcoin #STARK #Innovation #L2Iterative #Starkware #OP_CAT #L2IV #L2Capital

We are excited to announce our investment in @IrreducibleHW’s $24M Series A round, alongside the lead investors @paradigm and @BainCapCrypto. @radi_cojbasic and @jimpo_potamus form a remarkable team with a compelling vision to accelerate the zero-knowledge revolution through the world’s fastest proof generation. Irreducible is dedicated to building the foundational infrastructure of the verifiable Internet with its flagship proof system, Binius. Binius is setting a new industry standard in cryptographic proving—designed for speed, efficiency, and scalability. Irreducible also operate their own data centers equipped with custom FPGA-based servers and bring this groundbreaking technology to blockchain protocols like @0xPolygon and our existing portfolio company @RiscZero. We can’t wait to see @IrreducibleHW help build a future Internet where all transactions, identities, and content are cryptographically verified. Learn more: irreducible.com/ Press Release: irreducible.com/posts/irredu…

Join us for an incredible event during Southeast Asia Blockchain Week in Bangkok from April 2-3. @klee_049 , our Managing Partner, will be joining a panel with Tascha from INFINIT, Andy from Frax, Aniket from Biconomy to dive into how AI is transforming DeFi—unlocking better UX and seamless interactions. Date & Time: 13:55 - 14:25 April 3, 2025 (Hall 2) RSVP: lnkd.in/eVDAQpj2

Congratulations to the @luminoai team on their pre-seed raise. We're thrilled to have joined the round and support @realyogeshdarji @eshanchordia to build more efficient, cost-effective, and accessible AI model training & fine-tuning compute protocol.

We already discussed the need for variational gas pricing in two of our research articles published on our substack as we explored the Ethereum Fee Markets in detail. Research on 1559: l2ivresearch.substack.com/p/… Research on 4844: l2ivresearch.substack.com/p/… Happy to see Vitalik advocating for a modification in how fee markets operate.

At L2IV, we have been actively assessing opportunities within shared sequencing. We've closely examined EIP-1559's volatile base fees and downstream effects on reliably estimating sequencing costs across multiple rollup chains. A 🧵 on our thoughts & key takeaways:

Join our Research Partner @weikengchen's panel with Andrew Poelstra, @p0stc4p0n3, and @GwartyGwart next week in Bitcoin 2025 @TheBitcoinConf ! Don’t miss this chance to dive deep into Bitcoin innovation.

🚀 Congratulations to the entire team at @renzoai on their successful raise. We are proud to support @renzoai as they continue to innovate and lead in the Restaking crypto and Defi industry. Renzo is simplifying liquid restaking and enabling easy collaboration between users and @eigencloud node operators for higher yields and collaboration. Renzo can minimize the losses caused by slashing conditions incurred by the AVS system through building an algorithmic model that does portfolio construction; thus simplifying the process of node operator management such that users will not have to actively manage their positions. 🌟 Great leap forward!! #DeFi #Crypto #Cryptocurrency #restaking #Innovation #EigenLayer #Global #Blockchain

At L2IV, we get excited about projects pioneering new territory in the decentralized infrastructure space. When we first learned about Babylon Chain, we instantly recognized they were tackling an ambitious problem - strengthening connectivity between the historically siloed worlds of Bitcoin and proof-of-stake networks. As investors in modular technology - as seen in our portfolio company EigenLayer - we believe the future lies in increased interoperability between blockchains with varying models and strengths. Babylon's novel approach represents an important leap toward this future. By enabling BTC holders to stake into and provide security for PoS ecosystems, Babylon unlocks new monetization streams for both groups of users. This is a win-win value proposition with immense market potential. PoS networks boast major advancements in scale, throughput, and sustainability compared to Bitcoin. However, PoS consensus inherently offers weaker security properties, such as vulnerability to "long range attacks" that can override transaction history. With Bitcoin's immense mining infrastructure and hash rate protecting immutability, Babylon provides two killer solutions here that tap into Bitcoin's hardcore security: 1. Bitcoin Timestamping: Recording hashes and signatures from PoS chains onto Bitcoin's ledger cement's their chronology. Rewriting history becomes impossible. 2. Bitcoin Staking: Allowing BTC itself to be staked as collateral for PoS validation boosts economic security. Attackers have to overwhelm Bitcoin's trillion-dollar hardness to successfully censor or tamper. This demonstrates brilliant design by using Bitcoin's decentralized timeline and hardness to offer stronger assurances for PoS chains - all without needing asset bridges. Equally notable is how Babylon pushes modularity for Bitcoin itself. BTC has historically operated as an isolated, singular chain purpose-built solely for value transfer through mining. By broadening Bitcoin's role into timestamping and enabling external staking without disrupting Bitcoin's protocol, Babylon shows how even the most ossified networks can evolve. We love how Bitcoin's base layer immutability and security become almost modularized into an infrastructure primitive that other chains can tap into. This aligns tightly with our investment thesis around composability and separation of concerns. By taking the concept of Bitcoin bridging into entirely uncharted territory, we believe Babylon pushes the envelope for what's possible in decentralized infrastructure. We're thrilled to support David, Fisher and the entire with their efforts and discover together what can be built on this foundation. When ambitious and talented teams venture into the unknown like this, magic happens. We hope Babylon becomes another crucial piece advancing the on-chain infrastructure.

Congratulations to @babylon_chain on securing investment from @BinanceLabs. This funding validates Babylon's ingenious work pioneering native Bitcoin staking for PoS chains. We congratulate @dntse @baby_fisherman and the entire Babylon team on hitting this milestone.

Aori's approach to tackling the challenges of MEV on rollups is truly pioneering. By combining an intent-based model, off-chain execution, and carefully designed incentive alignment mechanisms, Aori effectively mitigates the risks associated with MEV, such as front-running, sandwich attacks, and other forms of value extraction that can harm users and undermine the integrity of the system. We have also categorized in detail the Security and Economic Equity risks to understand this situation better.

Congratulations to @Starknet for being the pioneer L2 to unite the two largest ecosystems - #Bitcoin and #Ethereum on a single layer! This remarkable milestone highlights Starknet’s commitment to scaling #blockchain technology and leveraging Zero Knowledge innovations. L2IV team is excited to contribute to Starknet’s vision, paving the way for new DeFi opportunities and improved liquidity. We can’t wait to see the growth of Bitcoin adoption on Starknet!

We are proud backers of @aori_io. As DeFi continues to mature and attract more institutional players, Aori's focus on atomic financial intents and its composable infrastructure will be instrumental in driving the next wave of adoption and unlocking the transformative potential of DeFi.

Our managing partner @0xdenniswon tweeted about the high level benefits of using the recently finalized EIP-2535 #DiamondStandard, a standard for designing upgradeable and replaceable contracts, for #solidity developers out there.

🎉 Congratulations to the entire team at @ZKEX_Official on their successful raise! As the lead investor, we are immensely proud and excited to support their journey in revolutionizing decentralized trading towards a more secure, cost-effective, and versatile future. 🚀 @ZKEX_Official is breaking new ground in the DEX space by addressing persistent industry challenges. Their innovative use of ZK rollups not only enhances platform scalability but also enables advanced features like portfolio margining. Moreover, their seamless cross-chain functionality allows users to trade assets across different blockchains effortlessly, eliminating the hassle of bridging. Additionally, @ZKEX_Official offers native multi-chain support without external bridges, providing an unified experience that accesses fragmented liquidity across chains, thereby improving capital efficiency for traders. The platform also caters to sophisticated traders and institutions with advanced order types, akin to those found on centralized derivatives platforms. This combination of cutting-edge technology and user-centric features positions ZKEX as a leader in the decentralized finance landscape. 🌐🔐 #Bitcoin #Innovation #Crypto #blockchain #ZKEX #KEX #L2Iterative #L2IV #L2Capital

Date & Time: 8th April, 5:30pm - 8:30pm We will be discussing the latest trends on ZK, Bitcoin and Restaking. Come join us! Limited availability, sign up using the link now! ✍️ Registration link: lu.ma/gigabrains

Aori's competitive moat is remarkably strong, thanks to its architectural superiority, unparalleled execution efficiency, deep liquidity, and significant pricing power. Aori's off-chain matching engine and solver network are meticulously designed to minimize the impact of network congestion and gas costs, ensuring lightning-fast trade execution. By co-locating its infrastructure with sequencers, Aori can achieve near-instant trade confirmation and settlement, greatly reducing the risks of front-running and other forms of market manipulation. As Aori continues to expand its network of integrations and partnerships, it benefits from powerful network effects that further entrench its position as the go-to platform for high-frequency DeFi trading.

Please find our detailed report on our thesis behind investing in @babylon_chain l2ivresearch.substack.com/p/…

Composability lies at the core of Aori's value proposition, catalyzing the creation of a wide array of powerful DeFi products and services. From routing-as-a-service, which enables protocols to outsource their trade routing needs, to structured products that combine different assets and risk profiles, Aori's composable architecture opens up a world of possibilities for DeFi innovation.

• ​Host: L2IV @l2iterative • ​Cohosts: @RiscZero, @PolyhedraZK, @zkPass, @nubit_org, @LorenzoProtocol • ​Partners: @eigencloud, @babylon_chain, @BitlayerLabs, @renzoai, @ZKEX_Official

6:00 - 6:30: ZK panel • ​Moderator: Kevin Lee (Managing Partner, L2IV) @klee_049 • ​RISC Zero: Steven Li, Growth @Li_Steven1 • ​Polyhedra: Eric Vreeland, CSO @PolyhedraZK • ​zkPass: Joshua Peng, Head of Strategy @zkPass

7:00 - 7:20: Restaking sharing • ​Moderator: Kevin Lee (Managing Partner, L2IV) @klee_049 • ​Renzo: Lucas Kozinski, Co-founder @LucasKozinski

Agenda as follows: 5:30 - 6:00: Registration

One of Atlas's key features is its ability to capture & internalize the MEV generated by operations. Instead of extracting value from miners and validators, Atlas redirects it to users, DAOs, or public goods funding.

Huge congrats to @sreeramkannan @cjliu49 and the entire team on the successful launch of their mainnet for @eigencloud and @eigen_da. With over $13B in TVL, this highly anticipated launch marks a major milestone, and we couldn't be more proud to have backed them.

Aori's architecture is meticulously designed to handle complex trading intents, such as those involving - perpetual contracts (perps) and - low-capital spot tokens. By aggregating liquidity from diverse sources, providing real-time price updates, and implementing robust risk management mechanisms, Aori can effectively support the diverse trading needs of institutional players. This includes handling the unique challenges associated with perps, such as funding rate payments and continuous price updates, as well as optimizing gas costs and transaction fees for spot token trades during periods of high network congestion.

Atlas also introduces atlETH, wrapped ETH within the protocol. atlETH enables solvers to escrow funds for gas consumption and supports an Atlas-native cross-operation flash loan system, ensuring financial backing and security against spam and insincere actions.

We have been assessing Vitalik's interesting thoughts on balancing minimalism and enshrinement in Ethereum while retaining its ethos - it's a complex tension with merits on both sides. A 🧵 highlighting key takeaways & our thoughts:

Huge congrats to @Levr_Bet on closing a $3M seed round led by @bcap & @Maven11Capital! 🎉 As pre-seed investors, we’re excited to witness @Levr_Bet pioneering leveraged sports betting - now with over 600,000 unique wallets and 5 million bets placed on the @monad testnet! 🚀 Incredible momentum so far - keep building, we can’t wait to see what’s next!

Atlas takes Execution Abstraction to the next level by creating a generalized protocol for order flow auctions (OFAs).

Atlas achieves this through EIP 712 messages called "operations" that are bundled into a single transaction. This bundling process is crucial for maintaining decentralization & preventing manipulation of execution order.

See you all in Hong Kong 🇭🇰!

Unlike traditional MEV bundles, Atlas allows operations to reference each other in any direction within the same transaction. This provides atomicity & protection against chain reorgs, ensuring intended execution order & preventing value leakage.

The crux of the debate lies in the organization of labor and capital in the realm of virtual reality of internet. One thing is for sure, humans are tirelessly defining the economics and governance of information technology. And the progress is only accelerating.

Please find the detailed deep dive here: l2ivresearch.substack.com/p/…

The foundation of Aori's architecture lies in its innovative off-chain, intent-centric matching layer. This layer operates independently from the underlying blockchain, allowing it to process and match trading intents at ultra-high speeds without the constraints imposed by on-chain execution. By moving the matching process off-chain, Aori effectively overcomes the limitations of purely on-chain solutions, such as high latency and excessive gas costs, which can significantly hinder high-frequency trading strategies.

We previously explored the concept of OFAs in detail here: l2ivresearch.substack.com/p/…

Key features of Atlas: - Captures & redirects value from operations to users, DAOs, or public goods - Uses EIP 712 messages (operations) as building blocks for decentralized, trustless transactions - Enables atomic, reorg-resistant operations within a single transaction

[Bitcoin Panel 🌐💰] • ​Moderator: Kony Kwong @konyk001 • ​Babylon: Fisher Yu, Co-founder & CTO @baby_fisherman • ​Nubit: Hanzhi, Co-founder & CEO @nubit_org • ​Lorenzo: Matt Ye, Co-founder & CEO @LorenzoProtocol • ​Bitlayer: Charlie Hu, Co-founder @CharlieHusats

And arguably most critical component of the Atlas module are the hook functions that allow developers to customize the interaction between the Originator and Solvers, as well as define the pre-conditions and post-conditions for execution to be considered successful.

From this comparison we believe that Execution Abstraction through Atlas can be applied across various sectors within the blockchain ecosystem, each tailored to address specific needs and challenges, including:

For Solver Bid valuation, the Atlas module must define how these Solver bids are evaluated and compared. This can be based on various criteria, such as:

Atlas offers a more integrated, cost-effective & balanced approach to customizing execution.

Atlas also allows for the internalization of value generated by operations, ensuring a more equitable distribution of value. By bundling operations into a single transaction using smart contracts, Atlas maintains decentralization and trustlessness.

• ​7:20 - 8:30: Mingling & Drinks

[ZK Panel 🔐] • ​Moderator: Kevin Lee (Managing Partner, L2IV) @klee_049 • ​RISC Zero: Steven Li, Growth @Li_Steven1 • ​Polyhedra: Eric Vreeland, CSO @PolyhedraZK • ​zkPass: Joshua Peng, Head of Strategy @zkPass

Aori is "UniswapX with no limits". This approach brings forth a multitude of advantages for traders and liquidity providers alike. It enables the creation of flexible trading strategies that can involve multiple assets, price ranges, and conditional orders. By optimizing execution and reducing slippage through off-chain matching and liquidity aggregation, Aori helps traders achieve better overall returns. Moreover, Aori's dynamic liquidity allocation mechanism improves capital efficiency for liquidity providers, ensuring that their assets are deployed where they are needed most, thereby minimizing idle capital and maximizing returns.

One of the most groundbreaking aspects of Aori's architecture is its "Intent-based framework" In contrast to traditional order book systems, which require users to specify exact trade parameters, Aori empowers users to express their trading intentions in a highly flexible and adaptable manner. Users can convey their desired outcomes and objectives, along with any specific conditions or constraints, allowing for the execution of sophisticated trading strategies that would be difficult or impossible to achieve on conventional platforms.

Based on our internal research and understanding with the FastLane team, this is how a transaction is processed with Atlas:

Execution Abstraction allows apps & wallets to define the context in which operations are executed within a transaction. The benefits within EA are clear: - Expanded control over transaction processing - Equitable value distribution - Maintained decentralization & trustlessness

One of the key benefits of Execution Abstraction is the expanded control over operation execution, enabling sophisticated transaction processing and protecting users from predatory practices like MEV exploitation.

Architecture: Originator: Initiates the process with a signed operation Solvers: Propose solutions to internalize MEVful / fill intents Auctioneer: Aggregates & sorts operations Operations Relay: Middlemen b/w parties Bundler: Generates and submits the full Atlas txn onchain

atlETH It plays a crucial role: - Enabling solvers to escrow funds for gas consumption, ensuring that operations are financially backed & preventing spam or insincere actions - Supporting an Atlas-native cross-operation flash loan system, allowing for complex transaction flows

For Auctioneer and Bundler, Atlas module must specify who can assume these roles for the particular use case. The options include

Aori's on-chain matching layer employs advanced algorithms and liquidity aggregation mechanisms to identify optimal matches for trading intents across a wide array of DEXs and AMMs. By tapping into liquidity pools from multiple protocols and sources, Aori ensures that users consistently receive the most favorable execution prices while minimizing slippage. This liquidity aggregation capability is particularly crucial for high-frequency traders who require deep liquidity to execute large orders without causing significant market impact.

To integrate Atlas, an app or wallet must publish an Atlas module (a smart contract) that defines: - How solver bids are valued - Who can be the Auctioneer and Bundler - The hook functions that determine how the Originator and Solvers interact

At L2IV, we believe Atlas is poised to redefine transaction execution standards in DeFi. Thanks to @ThogardPvP and the entire FastLane team for their insights on the article and cooperation during our assessment of Atlas and FastLane. Whitepaper: fastlane.xyz/Atlas_Whitepape…

- Pre-operation hooks: Set conditions & checks - User operation hooks: Define core transaction logic - Solver operation hooks: Specify solver requirements & assistance - Post-operation hooks: Handle cleanup & additional actions Well-designed hooks unlock Atlas's full potential

DeFi is full of promises, but the landscape is riddled with misaligned incentives with extraction, manipulation, and sheer complexity undermine those ideals right now But what if you could redistribute wasted value while smoothing demand spikes? Here comes Order Flow Auctions.

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- Composability: integrates with the ecosystem; appchains may face isolation - Infrastructure: uses the main chain; appchains require separate infrastructure - Trade-offs: balances key factors; appchains may compromise

Apart from the above, we also believe its important to compare Atlas with Appchains. While both Atlas (Execution Abstraction) and appchains offer increased control over the execution environment, they differ in key aspects:

EIP-4844 represents a significant milestone in Ethereum's upgrade towards becoming a scalable settlement layer. As active investors in scaling solutions, we provide an in-depth analysis of proto-danksharding, the first step on the road to danksharding. l2ivresearch.substack.com/p/…

Please find the detailed research here: l2ivresearch.substack.com/p/…

[LRT Sharing💰🔄] • ​Moderator: Kevin Lee (Managing Partner, L2IV) @klee_049 • ​Renzo: Lucas Kozinski, Co-founder @LucasKozinski

Hey that’s our mission too! Let’s collaborate! #WAGMI

Congrats!!!

In the event, we delved deep into the latest developments of ZK 🔐, the Bitcoin ecosystem 🌐💰, and LRT💰🔄 with various industry gigabrains 🧠.