🧘‍♂️ALERT: Big Crypto in 2022

Market Meditations | December 23, 2021

With 2 Serious Developments!

Dear Meditators

Wishing all our readers a happy festive period.

Today’s Mediations:

  • ? ETH Scalability: Rollups and Bridges Explained

  • ? DeFi Puzzle

  • ? NFT x Under Armour Collection

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Our Market Meditations are longer format educational segments. Each letter features a Market Meditation which will deep dive and analyse a relevant crypto event, theme or tool. 

? ETH Killers Rolling Up Their Sleeves

Ethereum 2.0, also known as Serenity, continues to quietly advance in the background. 

But patience is a virtue in short supply among crypto users. 

  • The demand for an immediate solution to Ethereum’s scaling problems has created an entire market for immediate solutions. 

  • Ethereum 2.0 aspires to solve most of the network’s native scaling problems. In the meantime, the landscape for alternative solutions continues to flourish.  

  • Bridges and rollups are two popular tools patrons use to get away from the all-to-familiar headaches associated with using Ethereum. 

Rollups 

Rollups are solutions that perform the actual execution of transactions outside the Ethereum chain, then post the data from these transactions onto it. 

There are two main types of rollups which vary in their approach to security:

  1. Zero-knowledge rollups (ZK-rollups) – Hundreds of transactions are transferred off-chain and executed to generate a cryptographic proof. This proof is then submitted to the Ethereum L1 network. Since the ZK smart contract maintains the state of all transfers off-chain, it’s been “pre-approved”, therefore contains less data which means faster block validation.

Tip! Immutuable X uses the ZK-rollup scaling engine to solve the Ethereum scalability problem and achieve one of the most advanced NFT trading tools on the market. 

  1. Optimistic Rollups function similarly to ZK-rollups, but instead of being “pre-approved”, the rollup will execute a fraud-proof transaction upon submission. This process makes Optimistic rollups potentially slower than ZK-rollups.

Tip! Arbitrum and Cartesi use Optimistic rollups to get around the high gas and slow transaction times Ethereum can experience. 

Bridges 

Blockchain Bridges are connections allowing users to transfer tokens from one chain to another. This includes an approval and validation process and results in tokens being able to move from the original network to a desired one. 

Tip! Avalanche (AVAX), one of Ethereum’s top competitors, offers EVM compatibility support for Aave, Curve, Sushi and many native dApps. Transferring ERC-20 (Ethereum based) tokens from Ethereum to Avalanche can be done using the Avalanche Bridge.

Ecosystems like Avalanche (L1) and Immutable X (L2) are excellent examples of alternative solutions that have thrived in the demand for cheap, fast, and secure alternatives to the age-old Ethereum quagmire.

While the clock winds down to Serenity, it will be interesting to see how ETH’s native solutions affect secondary markets with scaling solutions as their top billing. 

Want to learn more about Avalanche, bridges and scaling solutions? Get the low down here.


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? Teenage Dirtbag?

What age is the teenage maths prodigy who allegedly stole $16 million from a DeFi application in October?

  1. 17

  2. 18

  3. 19


? He Shoots, He Scores!

Last week, Stephen Curry broke the record to become the all-time 3-point leader in the NBA. To commemorate this occasion, he decided to drop an NFT collection of digital replicas of the sneakers he wore when he broke the record. 

  • Partnering with Under Armour, he dropped his sneaker collection yesterday. It was a hit, to say the least. 

  • 2,974 NFTs were put up for sale of his “Curry Flow 9” sneakers worn when he broke the record. 

  • Each NFT cost $333 and sold out instantly

  • There are five tiers of the shoe with different degrees of scarcity

  • The sneakers are able to be used across three metaverses (Decentraland, The Sandbox, and Gala Games). 

The applicability of these NFTs being able to be worn across three different metaverses gives owners a place to show off their NFT. Additionally, they are partnering with Gala Games’ Town Star simulation game where the sneaker NFT will get players in-game rewards

This isn’t merely a ploy to get money. All of the money made will be donated to children’s sports charities. Also, back in August, he bought a $180,000 Bored Ape NFT. It is great to see sports stars up-to-date with crypto and looking toward avenues to continue marketing and operating within a place they genuinely find interesting. 


3. 19

19-year-old Andean “Andy” Medjedovic allegedly used flash loans to drain funds from a decentralised platform called Indexed Finance

  • He was due to be in court on Tuesday yet failed to show up!

  • He also is refusing to return any of the $16 million stolen claiming “code is law” as his defence. 

  • This is an unofficial ethos that any activities permitted by smart contracts on a technicality are legally and ethically permissible, as well as immutable in court. 

However, lawyers are advising that this argument is unlikely to hold up in court.


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??‍♂️✍️ Stories in this newsletter were written by Misael Calleja, Nick T., Max P., Kimia K., Ellen B. and Koroush AK. Graphics were produced by Gerasimos P.


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