L2 big fight is about to be staged? Optimism ecological inventory

2023/03/10 13:41
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Recently, various DeFi and Derivatives on Arbitrum (hereinafter referred to as Arb) can be described as extremely hot. Many people even say that Arb recently walked out of the F feeling of the 2020 DeFi Summer, which can be called "Arbitrum Summer".

The reason is that there are many original and innovative projects on Arb. The representative work is naturally the Derivatives GMX. A single GMX has derived more than 20 peripherals covering leverage, machine gun pool, borrowing, Neutual Delta strategy, etc. projects, plus Camelot in the DeFi circle and TresureDAO in the GameFi circle, many new innovative projects or successful projects in other chains have also turned their attention to Arb. For example, GNS, which recently went to Arb to open a branch, created Risk to Earn's Trident and more.

On Optimism (hereinafter referred to as OP), the popularity is obviously a step lower , but did OP lose? Not necessarily, OP also has its own unique advantages. Although the innovation and popularity of native projects are indeed not as good as Arb, OP is indeed better than Arb in terms of support for "big projects". For example, Uniswap goes to Arb before OP, and OP SNX Recognizing the OP, Coinbase wants to build an L2, that is, to cooperate with the OP and use the OP Stack to do it. What's more, Arb, you didn't issue tokens, but the OP has issued tokens here. Projects that issue tokens are naturally more rigid and confident when facing projects that don't issue tokens.

I talked about the Arbitrum ecology a few days ago, so let’s take a look at what the OP is worth paying attention to today.


OP Stack

This is the real killer feature of the OP ecology, not one of them.

It can be said that if there is no OP Stack, OP is really the rhythm of being beaten by Arb . Among other things, the fraud proof has not been fully launched yet, so it is worth complaining about.

But with OP Stack, everything is different. Although the product is still in its infancy, the "painted cake" is really delicious, and the circle attaches so much importance to narrative.

To put it simply, OP Stack is equivalent to moving the concept of one-click chain issuance + modularity from Cosmos to OP .

In the era when the Rollup -based Appchain of the ETH ecosystem is popular in the future, it is estimated that many of them will use OP Stacks . Not to mention, the L2 Base chain recently announced by Coinbase using OP Stacks is the best proof. This is Coinbase.

OP Stack not only allows you to use their SDK to make an OP Rollup. In the "full body" state (of course, it will be two years later by visual inspection), the configuration of many chains is completely modular, such as The execution layer of your chain (which virtual machine to use), the proof method ( fraud proof or ZK), data availability DA layer, settlement layer and the like are all optional, the real Lego Style, you can play on Cosmos I can play!

What? You said that Cosmos has IBC, but ETH does not. It doesn’t matter, OP has a “super chain”. Because in theory, when using the Rollup Chain developed by OP Stack, they can share security, communication layers and open source technology stacks with each other, and the asynchronous composability between them can become "synchronous". For example, to do Cross-chain Flash Loan, or even to make a super Dapp, the contracts are distributed on different OP Rollup Chains, which is a single entrance for users, completely hiding the complexity of the backend.

You see, this is after realizing the functions of IBC, but also doing things that IBC cannot. Although it is just a piece of cake at present, if this cake is really baked, it will be really delicious...



Not to mention the traditional ones like Uniswap and AAVE, but the most worth-seeing Dex on the DeFi side is Velodrome, which is a DEX, and Sonne, which is a borrower.

Among them, Velodrome TVL has occupied the first place in the OP ecological list for a long time, far away from Uniswap, which opened a branch . It can be seen that every new L2 or Alt L1, new protocols have opportunities, not UNI, AAVE, In the past few branches of Curve, there are no other people eating meat and soup.

What's so good about Velodrome? He is not a Fork of Uniswap, but has perfected many functions on the basis of Solidly, and then matched the timing of OP Token and Liquidity rewards to become the leader of TVL in the whole chain in one fell swoop.

If you are not too familiar with Solidly, you can simply understand it as a mixture of Curve+OHM. It is not the way of Uniswap at all, but the locking + voting + bribery mechanism of Curve War. LP can't earn much Handling fees, all earned are mining rewards of Velo Token issuance, transaction fees and bribery fees are given to veVelo holders. (OHM is an Algorithmic Stablecoin launched by Olympus DAO; LP, namely Liquidity Providers, Liquidity Provider)

The flywheel effect is basically: election bribery and transaction fee increase -> veVELO holders' income increases -> VELO price increases -> LP income increases -> agreement attracts more Liquidity-> better Liquidity further enhances transactions Fee income.

Of course, the sustainability of this flywheel is a question mark, especially in the past few months, several projects with a pool such as SNX, a major player in bribery, used OP officially rewarded by Optimism to bribe votes. When will the official rewards of OP stop? Now, or OP Token is close to full circulation, how many project parties will use their own Token, or even real money USDT, USDC, etc. to bribe elections, the situation is still unknown.

Sonne can be regarded as the second place in the OP borrowing ecology . Its TVL is still far behind AAVE. From a functional point of view, there are not many commendable innovations. The only thing that can be said is its Token model. They are not like traditional borrowing platforms. Use your own SONNE Token to reward Liquidity Provider, but use SONNE Token to bribe veVELO, let them vote for the SONNE/USDC pair, so that users who pledge SONNE Token will finally get VELO rewards, this operation can be regarded as deeply tied to the On the Velodrome, one prospers and one loses.



In terms of Derivatives, there is no project as shining as GMX, but the strength of two old brands cannot be ignored, one is SNX and the other is Perp.

  • SNX

The first is SNX. The surrounding ecology of SNX is basically built on the OP. In fact, the size of the ecology alone is comparable to GMX.

Kwenta - On-Chain Perpetual

Lyra - On-Chain Options

Polynomial - Option Vault

Overtime Market - sports betting (to be honest, the World Cup didn’t become popular some time ago, which shows that the influence of SNX ecology is still not enough)

Thales Market - Binary Options

SNX ’s Perp V2 has just SNX SNX not long ago, and has optimized a lot of trading experience (Kwenta can be called the front end of SNX Perp). Big blue chips such as ETH will be added, which will greatly improve the release of capital efficiency, and will also use non-slippage atomic swaps to help more Token pairs provide Liquidity, so in the future, whether it is spot or Derivatives, SNX will be an unstoppable Underestimated competitor.

By the way, SNX can also be regarded as a major briber of Velodrome, and the liquidity pool is basically there, so it can be regarded as deeply binding itself to Velodrome.

  • Perp

Perp first ran on xdai, and the model also used VAMM + no LP requirements + manual K value. Later, the second version was released at the end of 2021, and moved to OP. At the same time, it was built based on UNI V3, and the K value was canceled, but it also needs real LP. .

On the whole, it has been calm. I feel that the GMX next door is too eye-catching, and the development of Uniswap on OP is actually average. TVL and Velodrome are almost an order of magnitude behind. I don’t know if Perp will update the version in the future and cooperate with Velodrome. , also "strap yourself to the Velodrome" this chariot.

But in any case, as the earliest generation of perpetual contracts on the chain, Perp definitely has the strength, it depends on how it is deeply cultivated and sprouted on the OP side.



It's a pity that the OP really doesn't have much to offer on GameFi. There is neither a "chain game Nintendo" like Tresure DAO, nor an innovative Risk to Earn like Trident.

But in terms of games, OP also has a killer feature, which is closely related to the killer feature mentioned at the beginning of the article, and that is OP Craft based on OP Stack.


Full-chain games are a new paradigm. When it comes to pure-chain games, you must first think of the dark forest. To expand pure-chain games, a popular term is now called Onchain Autonomous World (Onchain Autonomous World) , perhaps the most in line with the characteristics of the blockchain, originated from the game, but it is higher than the game. This buzzword was first created by OP Craft.

So as long as OP Craft is really successful in the future, basically OP can rely on this game to face up to the dozens of mini-games of Tresure DAO!

We don't ask for quantity, but only for quality, which is also a way.

Optimism VS Arbitrum, I feel that this war will last for a long time, and then join Zk-Sync, Starkware, Scroll and other new ZK players this year, and the L2 chaos will be staged soon.

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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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