ETHDenver 2024: Modularity, Eigenlayer, and the need for EVM standard
Our team is back from ETH Denver!
As usual, the biggest blockchain conference gave us valuable insights into the trajectory of various crypto ecosystems, development in Cosmos, Ethereum and more! Here are our reflections and key takeaways from the event.
Ethereum’s Journey to the Settlement Layer
One of the predominant themes at ETHDenver was Ethereum’s steady march toward becoming the Settlement Layer, meaning that the network only provides finality to batches of transactions posted to rollups. While optimization solutions are continuously integrated into Ethereum, most user activity unsurprisingly is shifting towards Layer 2 solutions. The growing maturity of L2 solutions and infrastructure once again underscores the inevitable transition of the Ethereum network to become the Settlement Layer only.
When we talk about the Layer 2 space, we cannot not mention the popularity of the Modular Thesis. As more products and services formalize to cater to L2 solutions, a diverse array of offerings is emerging to accommodate the varied needs of users. This modular approach highlights the adaptability and flexibility inherent in L2 frameworks, allowing for tailored solutions to address specific use cases and requirements.
The Dominance of EigenLayer
Among the myriad developments on Ethereum, EigenLayer, a protocol that introduces restaking, emerged as a dominant force currently shaping the Ethereum ecosystem. In essence, it allows assets that are already staked on Ethereum, to be reused to provide economic guarantees for additional layers and applications. This means that instead of establishing its own economic security, each new application or layer built on Eigenlayer can tap into the existing pool of staked assets. Instead of relying on traditional methods to bootstrap economies and prevent attacks, new solutions can tap directly into the vast pool of staked assets, currently valued at over 7 billion USD. From the underlying hardware infrastructure to the established services and applications such as as Oracles, Bridges, and DeFi applications, EigenLayer’s impact will stay the shaping trend for the foreseeable future, and a number of major solutions will have to either adapt to the new conditions or be replaced.
A Note on Bitcoin
While Ethereum was taking center stage at ETHDenver, Bitcoin wasn’t about to be left in the shadows. In fact, it is experiencing a bit of a renaissance, and it’s turning heads for some unexpected but exciting reasons.
Ordinal’s presentation showed us that using Bitcoin as a settlement layer is not only possible but potentially game-changing. Although still in its nascent stages and lacking extensive testing, the mere possibility sparked significant interest.
What’s even more exciting is the sudden surge of interest in bringing Ethereum-esque solutions to Bitcoin. A myriad of projects are now aiming to do what Ethereum has been doing for ages but on the Bitcoin playground.
Babylon, a restaking protocol similar to EigenLayer, could bring many of the key innovations on Ethereum to Bitcoin.
Conclusion
ETHDenver gave us a compelling look into the future of the Ethereum and EVM ecosystems. From the ascent of Layer 2 solutions to the growing influence of EigenLayer, the dynamics, and vibrancy of the EVM community prove that the EVM is continuing to be the industry standard.
We, at Evmos, recognize this and fully embrace the imperative for EVM compatibility. We are committed to breaking down barriers to compatibility, ensuring that the EVM remains the bedrock of decentralized applications. Together, let us forge ahead toward a future where the EVM standard propels the entire web3 ecosystem to new heights of accessibility and interoperability.
About Evmos
Evmos is an interoperable EVM blockchain designed for cross-chain dApp development.
With groundbreaking roadmap features, such as Outposts and the Evmos dApp Store, Evmos gives developers the freedom to take advantage of the IBC and connect their smart contracts to the Cosmos Ecosystem. This revolutionary technology frees developers from the confines of today’s siloed blockchains.
The future is cross-chain.
Helpful Resources
🎮 Evmos dApp Store: https://store.evmos.org
🖥 Evmos Website: https://evmos.org
💻 Developer Documentation: https://docs.evmos.org
👾 Official Discord: https://discord.gg/evmos
🐙 GitHub: https://github.com/evmos/evmos
📯 Telegram: @EvmosOrg
📄 Blog: https://blog.evmos.org
🌋 Evmos Careers: https://evmos.org/careers
evmOS is the EVM stack for building natively cross-chain decentralized applications.
DISCLAIMER: None of this is financial advice. This content is strictly for educational purposes. It’s not investment advice or a solicitation to buy or sell any assets.
