Alpha Summary #2: Skate as an EigenLayer AVS season play
Post547 words
Structured case for Skate: modular fragmentation of users and liquidity creates demand for a universal application layer, with an AVS-season catalyst as EIGEN becomes transferrable. Covers tech, bull case and backers.
Key claims
Skate is on testnet with a launch plan that could align with EIGEN becoming transferrable
Fast finality AVS slashes restaked ETH if validators collude
๐ธ๐๐ก๐๐ ๐๐ฆ๐๐๐๐ฃ๐ช ๐๐๐ฃ๐๐๐ค #๐
๐ ๐ก๐ฎ๐ฟ๐ฟ๐ฎ๐๐ถ๐๐ฒ(s)
โฆ @eigencloud AVS season
โฆ Unification of modular stack
โฆ Chain abstraction
๐ ๐๐น๐ฝ๐ต๐ฎ ๐ฃ๐น๐ฎ๐
@skate_chain
๐ธ ๐ข๐ฝ๐ฝ๐ผ๐ฟ๐๐๐ป๐ถ๐๐
โ
Modularity enables an ecosystem of highly scalable, modular L1, L2 and even L3 execution layers that are optimized on every level of the tech stack.
โ
However, while this maturing ecosystem of modular infrastructure building blocks and rollup frameworks or RaaS providers significantly abstract complexity for builders, the modular stack is at a clear disadvantage to monolithic systems with regards to composability.
โ
Applications, users and ultimately liquidity are fragmented across ecosystems, resulting in a suboptimal UX. It also requires builders to rewrite code and redeploy contracts across chains.
โ
That's why interoperability is key in this modular multichain future. Without solutions that enable composability beyond the borders of networks and ecosystems, will be worth billions, or in many cases already are.
โ
๐ ๐๐ฎ๐๐ฎ๐น๐๐๐๐
โ
@eigencloud season is coming and currently, @skate_chain is on testnet. Its launch plan could align well with the $EIGEN token becoming transferrable and the ecosystem hype likely peaking.
โ
Skate could be an interesting AVS play and profit from the excitement around @eigencloud.
โ
Additionally, the above mentioned explosive growth in the number of execution layers and ecosystems, accelerated by the modular expansion and the complexity abstraction of rollup SDKs and RaaS solutions, will be a powerful catalyst in itself.
โ
New ecosystems will mean new (or moved) liquidity and users that applications want access to. A universal application layer to deploy once and tap into all these ecosystems simultaneously, is a compelling value proposition.
โ
โ๏ธ ๐ง๐ฒ๐ฐ๐ต ๐ง๐๐๐ฅ
โ
Skate's Fast Finality AVS leverages @eigencloud to execute transactions and send state attestations under sufficiently trust-minimized assumptions.
โ
If validators were to collude, their restaked $ETH would be slashed and used to compensate affected parties, allowing "insured" transactions to occur almost in real-time.
โ
Among the AVS operators, @skate_chain employs a Byzantine Fault Tolerant (BFT) consensus mechanism to ensure the security & integrity of the network.
โ
In each round, a validator is chosen as the block proposer based on their voting power, which is determined by the number of tokens they have committed to the network.
โ
Utilizing intent-driven mechanisms, @skate_chain facilitates effortless cross-chain interactions, establishing an unprecedented level of coherence between different blockchain ecosystems.
โ
This enables global applications to operate with a consistent state across various technical frameworks, effectively synchronizing disparate blockchains into a unified ecosystem.
โ
๐ฏ ๐๐๐น๐น ๐๐ฎ๐๐ฒ
โ
The spectrum of approaches is broad and @skate_chain's approach with a universal application layer that maintains a global state of applications deployed on it is definitely unique.
โ
If this novel concept finds adoption, Skate will be huge and considering the huge addressable market size (that continues to grow) as well as the @eigencloud season catalyst, Skate is definitely one to watch among the upcoming token launches later in the year.
โ
๐ฐ ๐๐ฎ๐ฐ๐ธ๐ฒ๐ฟ๐
โ
VCs including @NomadCapital_io, @HashKey_Capital, Symbolic Capital, @comma3vc, @capital_spark, @mirana, Asymm Ventures or the @0xMantle Eco Fund and angels from projects like @axelarnetwork, @MantaNetwork, @0xPolygon, @zetachain and more.
โ
๐๐๐๐'๐ ๐ ๐ ๐๐๐ ๐๐๐ ๐๐๐๐๐ข ๐๐๐๐๐! ๐ป๐๐ ๐๐ ๐๐๐๐ ๐ ๐๐๐ ๐ข๐๐ ๐๐๐๐๐ ๐๐๐๐๐ ๐๐๐๐ ๐๐๐ ๐๐๐๐๐๐. ๐๐๐๐๐๐๐๐ ๐๐ ๐๐๐๐๐๐ ๐๐๐๐ ๐ ๐๐๐๐๐๐๐ ๐๐๐๐๐ ๐ ๐๐๐ weekly ๐๐๐๐๐๐๐ข ๐๐๐๐๐๐๐๐๐๐๐๐๐.
โ
๐
๐ถ๐
ผ๐ธ
1 image on X
What came next ยท since 06 Jun 2024
Show how the covered asset moved
This piece lays out a thesis on the sector without making a call on the token, so price moves since publication are shown as market context.
Mentioned for context
Since then
Zero has written 3 more pieces on Skate since this one.
Daily closes in USD from DefiLlama and Yahoo Finance. Only a bullish or bearish call in a thesis or market take is tracked; explainers, lists, maps and mentions are neutral context. Not financial advice.