IOSG 11th OFR Denver | Restaking Summit Event Recap
“ As you sow, so shall you reap ”
IOSG 11th Old Friends Reunion — — Restaking Summit in Denver was an ultimate success on March 1st. With dynamic participation of industry experts presenting 5 talks & 4 panels & 1 Fireside Chat, the half-day event unfolded successfully!
The success of the event can be attributed to the collective efforts of founders, developers, industry experts and all participants who generously shared their invaluable insights on LRT, AVS, DA, Layer 2, ZK Coprocessor and more. The energy and enthusiasm displayed by everyone in attendance were truly inspiring.
We extend our deepest appreciation to each one of you who contributed to making this event a grand success, and we anticipate more opportunities to collaborate and further contribute to the growth of this dynamic industry.
🎙️ Talk: Emergence of Middleware Innovation Sparked by Restaking
🎤 Ray Xiao, Senior Director of IOSG Ventures
Ray’s opening remarks on IOSG Ventures’ investment thesis and direction were truly remarkable, encapsulating a strategic vision poised for success in the ever-evolving landscape of venture capital. With a keen focus on pioneering technologies and disruptive innovations, IOSG Ventures stands at the forefront of identifying and nurturing groundbreaking projects with the potential to redefine industries. Ray’s insights underscored the firm’s commitment to supporting visionary entrepreneurs and driving forward-thinking initiatives that not only generate substantial returns but also leave a lasting impact on the global ecosystem. In articulating a clear investment strategy rooted in foresight and adaptability, Ray set an inspiring tone for the future endeavors of IOSG Ventures, signaling a journey marked by innovation, collaboration, and transformative growth.
🎬 Youtube Link: https://youtu.be/Jm2Hh9yQ8I4
🎙️ Talk: Converting Cloud to Crtpyo
🎤 Sreeram Kannan, Founder & CEO of EigenLayer
“EigenDA: Converting Cloud to Crypto”, presented by Sreeram Kannan, the CEO and founder of EigenLayer. He introduced how EigenDA converts cloud into cryptocurrency and how it solves the problems of rollup. The talk outlined why cloud applications need cryptocurrency, why rollup is chosen, and how EigenDA addresses the issues with Rollup. EigenDA is committed to transforming the cloud into cryptocurrency, offering higher throughput and lower costs. The talk also discussed EigenDA’s architecture, economic model, and security, as well as how it addresses the limitations of Ethereum.
📖 To read the full article : click HERE
🎬 Youtube Link: https://youtu.be/YDP6mvcxwdg
🎙️ Panel: Liquid Restaking
🎤 Ray Xiao, Senior Director of IOSG Ventures;
🎤 Lucas Kozinski, Co-founder of Renzo;
🎤 Mike Silagadze, Founder & CEO of ether.fi;
🎤 Daniel Dizon, Founder of Swell;
🎤 Amitej Gajjala, Founding Contributor of KelpDAO;
🎤 Amir Forouzani, Founder of Puffer Finance;
The panel highlighted over $100 billion value staked in Ethereum within EigenLayer’s ecosystem, pioneering a new liquidity Restaking paradigm. Projects like KelpDAO, Puffer Finance, ether.fi (Project that IOSG Ventures just invested in), Swell, and Renzo shared insights on user experience simplification, liquidity enhancement, and effective risk management for validating operators and AVS structures. Aligning incentives across Rollups and focusing on risk management for institutional users were emphasized to prepare for the EigenDA launch, driving activity on L2 solutions.
Discussing AVS’s’ potential use cases, the emphasis was on economic trust leveraging infrastructure development and bridges oracles compatible with Restaking foundations to boost security. Liquid Restaking adoption was viewed as democratized trust-building revolutionizing DeFi primitives, prioritizing innovation efficiency to capture user value. Dual token models were highlighted for network security, allowing oscillation between staking modes based on growth stages. Projects like Renzo aimed to integrate easy ETH across L2 solutions, ensuring broad accessibility and promoting innovation in measured risk-taking strategies to capture value.
🎬 Youtube Link: https://youtu.be/Tkkv2fz1szo
🎙️ Talk: DA: 100 Days Later
🎤 John Adler, CRO & Co-founder of Celestia
John’s talk on Celestia’s Decentralized Autonomous Organization (DA) launch, spanning 100 days, was enlightening, highlighting the rapid progress and milestones achieved within a relatively short timeframe. Emphasizing Celestia’s commitment to interoperability and fast throughput, John articulated a vision centered on seamlessly connecting diverse blockchain ecosystems and enabling swift transactions at scale. By prioritizing interoperability, Celestia is poised to bridge disparate blockchain networks, fostering collaboration and unlocking new opportunities for decentralized innovation. With a focus on fast throughput, the platform is well-positioned to handle high volumes of transactions efficiently, ensuring a smooth and frictionless user experience. John’s insights shed light on Celestia’s ambitious goals and its pivotal role in shaping the future of decentralized finance and blockchain technology.
📖 To read the full article : click HERE
🎬 Youtube Link: https://youtu.be/RwaEzvRmn2Y
🎙️ Panel: Road to Hyperscale DA Solution
🎤 Jiawei Zhu, Investment, IOSG Ventures;
🎤 Sreeram Kannan, Founder & CEO of EigenLayer;
🎤 John Adler, CRO & Co-founder of Celestia;
🎤 Ganesh Swami, Founder of Covalent;
🎤 Dan Mills, Head of Prodcut of Avail;
🎤 Michael Heinrich, CEO of Zero Gravity;
During the panel, Michael, the founder of Zero Gravity, outlined their plans to rapidly deploy aid apps through a modular AI chain. Ganesh Swami from Covalent detailed their API that indexes multiple blockchains. John from Celestia Labs discussed their scalable blockchain network for data availability, and Dan Mills from Avail presented their infrastructure for execution layers. The next discussion focused on the future of data availability (DA) solutions, with Michael emphasizing AI as a public good. Sreeram highlighted wireless tech advancements for scaling data availability, while John stressed the need for scalable blockchains to enhance applications like payments.
The panel explored topics such as Ethereum scalability goals, verification layers in DA systems, and ongoing research on hyperscale DA solutions. Participants noted progress in data availability sampling and erasure coding but highlighted the need for work on economic scaling and governance models. Michael underscored the importance of censorship resistance in achieving their vision of making AI a public good, while John expressed optimism about future applications. The meeting brought together founders pursuing diverse DA solutions, offering insights into scalable blockchain systems with enhanced data availability.
In summary, Michael aims to make AI a public good, stressing censorship resistance. Ganesh Swami showcased Covalent’s API indexing multiple blockchains. John discussed a scalable blockchain network for data availability, while Dan Mills explained Avail’s execution layer infrastructure. The panel agreed on the necessity of further work on economic scaling and governance models despite technical innovations in data availability systems. The gathering united founders contributing to scalable blockchain systems with advanced data availability capabilities.
🎬 Youtube Link: https://youtu.be/pn2TdjTbCVU
🎙️ Fireside Chat: Bitcoin & Staking Programmability
🎤 Gokhan Er, Managing Director of IOSG Ventures;
🎤 David Tse, Co-founder of Babylon;
🎤 Alexei Zamyatin, Co-founder of BOB;
In this Fireside Chat session, participants Alexei and David discuss projects BOB and Babylon aiming to leverage Bitcoin security for other ecosystems. Alexei explains BOB as a hybrid L2 solution inheriting Bitcoin security. David shares how Babylon works on protocols to extract security from Bitcoin for proof-of-stake ecosystems. They see demand for using Bitcoin’s security to secure other chains.
Technological breakthroughs such as BitVM enable more expressive power in the Bitcoin scripting language. Trust assumptions like honest watchtowers are necessary for Bitcoin staking, but overall, they believe Bitcoin offers stronger security than native proof-of-stake chains. They want to show demand and functionality before proposing changes to Bitcoin’s core code, respecting the community’s conservative nature.
Alexei and David discuss the timing of their initiatives, seizing the moment with advancements in L2s on Ethereum. They mention changes to Bitcoin’s code should not rely on forks and acknowledge Bitcoin’s role as a secure backbone. Education on Bitcoin programmability includes being honest about current capabilities and future potential, utilizing resources like Telegram chats dedicated to BitVM and Bitcoin rollups.
For timelines, David notes the Bitcoin staking testnet has launched, while BitVM is in the research stage with plans for Rust implementation by year-end. Use cases like watermarks storing data on Bitcoin for digital art and enabling DeFi infrastructure are explored. Simplifying user experience with one-click deployments is seen as crucial for developing innovative strategies atop Bitcoin.
🎬 Youtube Link: https://youtu.be/mH2nh9-T7fM
🎙️ Panel: DA + Layer 2
🎤 Yiping Lu, Investment, IOSG Ventures;
🎤 Jeremy Bruestle, Co-founder of Risc Zero;
🎤 Oren Katz, COO of StarkWare;
🎤 Misha Komarov, Founder of Nil Foundation;
🎤 Austin Marrazza, Product Manager of Offchain Labs;
🎤 Marcin Mischalski, Chief Protocol Architect of Matter Labs;
In this Panel, we focused on L2 solutions and data availability in Ethereum, Ruihan from Manta Network introduced Oren from Starkware, Misha from Nil Foundation, Austin from OffChain Labs, Marcin from Matterlabs, and Jeremy from RISC Zero. Yi Ping from the IOSG investment team moderates the discussion.
The panelists present their L2 solutions: Jeremy discusses RISC Zero’s efforts with zero-knowledge proofs. Misha explains ZK sharding’s aim to horizontally scale Ethereum. Marcin introduces zkSync as a cost-effective L2 Rollup solution, while Austin mentions Arbitrum’s leading scaling capabilities and customizations. Oren touches on Starknet’s infrastructure building for validity rollup.
Considerations for data availability layers are shared: Jeremy stresses using data availability technologies like data availability sampling. Misha highlights Ethereum’s security compared to other options. Austin mentions any trust’s off-chain committee and fallback options. Marcin talks about Starknet’s plan to offer multiple DA offerings.
When discussing enhancements for product capabilities, Jeremy mentions scalability considerations. Misha emphasizes rigorous testing and verification. Austin focuses on low-cost solutions and considers extending committee responsibilities. Marcin underlines security levels and the exploration of cost-effective alternatives.
🎬 Youtube Link: https://youtu.be/mH2nh9-T7fM
🎙️ Talk: Accelerating Ethereum with Restaked Rollups
🎤 Yao Qi, Founder of AltLayer;
YQ’s presentation on AltLayer’s restake rollups and their three primary functions was exceptionally informative, elucidating key concepts with clarity and depth. By delving into the intricacies of restake rollups, YQ underscored their significance in optimizing blockchain scalability, security, and efficiency. Moreover, YQ’s delineation of the distinctions between restake rollups and Layer 2 (L2) rollups provided valuable insights into the nuanced mechanics of each approach, empowering the audience to discern their respective strengths and applications. AltLayer’s innovative restake rollup solution, as elucidated by YQ, stands poised to revolutionize blockchain technology by offering a potent combination of performance enhancements and novel functionalities. YQ’s talk served as a beacon of understanding in the complex landscape of blockchain scaling solutions, showcasing AltLayer’s pioneering efforts in driving the evolution of decentralized ecosystems.
📖 To read the full article : click HERE
🎬 Youtube Link: https://youtu.be/89zrIFu23bA
🎙️ Panel: AVS Design Principle
🎤 Jiawei Zhu, Investment, IOSG Ventures;
🎤 Yao Qi, Founder of AltLayer;
🎤 Riad Wahby, Co-founder & CEO of Cubist;
🎤 Jon Kol, Co-founder & CEO of Hyperlane;
🎤 Luis Schliesske, Co-founder of Gelato;
The panel discussion on designing actively validated services (AVS) in the blockchain ecosystem involved Yao Qi, Riad, Jon, Luis, and Jiawei. They covered different types of AVS, economic security demands, and shared security. YQ presented a platform for Rollups and Restake Rollups. Jon explained Hyperlane’s open framework for blockchain interoperability. Luis discussed Gelato’s Web3 Middleware services and Rollup platform. Riad focused on key management infrastructure at Cubist and anti-slashing criteria.
In a brainstorming session about creating a live AVS dashboard akin to L2, key factors were identified: AVS operators, delegated tokens, slashing conditions, and payment details. Riad addressed the importance of understanding who contributes to economic security. Luis highlighted the significance of total value locked (TVL) and utility. Jon emphasized clear slashing conditions and software reliability in AVS development.
Regarding experiences in designing AVSs, Jon raised the need to establish pricing and payment methods, suggesting using EigenLayer for economic security. YQ mentioned collaboration efforts in this context. Participants emphasized the importance of economic security, clear criteria, and software reliability in AVS design. The discussion encompassed various aspects of AVS, economic security demands, and factors crucial for their successful implementation in the blockchain ecosystem.
🎬 Youtube Link: https://youtu.be/75PHnDXjiVg
🎙️ Panel: Empowering Coprocessor with Cryptoeconomic Primitive
🎤 Ray Xiao, Senior Director of IOSG Ventures;
🎤 Yi Sun, Co-founder of Axiom;
🎤 Junda Liu, Co-founder of Brevis;
🎤 Ismael Hishon Rezaizadeh, Founder of Lagrange;
🎤 Marcello Bardus, Co-founder & CTO of Herodotus;
🎤 Scott Dykstra, Co-founder & CTO of Space & Time;
In this meeting, a panel consisting of Junda, Yi Sun, Ismael, Marcello, and Scott Dykstra discussed ZK coprocessors and zero-knowledge proofs. They delved into scalability, and performance, expanding use cases beyond pure ZK, and making ZK accessible. Projects like Brevis prioritize scalability, Axiom focuses on developer experience, Lagrange emphasizes scaling computation, Herodotus aims to enable data access across Ethereum history, and Space and Time pioneers proof-of-SQL for SQL databases.
The panelists expressed interest in collaboration but highlighted challenges due to differing proof systems and standardization issues. They explored machine learning use cases, noting the early-stage progress and hurdles like security concerns and standardization needs. The discussion extended to technical battles ahead, focusing on proof generation, verification costs, go-to-market strategies, finding developer-relevant use cases, and addressing challenges in decentralized AI networks’ consensus mechanisms.
Overall, the meeting provided insights into various projects’ approaches to ZK Coprocessors and zero-knowledge proofs, discussing positioning, suitable use cases, challenges in composability, technical hurdles, and the potential for integrating machine learning with coprocessors. Collaboration was a key theme, recognizing complex coordination needs due to differing systems. The panel emphasized the importance of standardization, education, and addressing security concerns for further advancements in the field.
Closing Remark
We would like to give our sincere thanks to our valuable supporters from EigenLayer, Celestia, AltLayer, Renzo, Arbitrum, Nil Foundation, StarkWare, Scroll, Covalent, Babylon, Swell, Bob, Space&Time, Gelato, Brevis, Axiom, Ether.fi, Avail, Zero Gravity, Cubist, Lagrange, Herodotus, Hyperlane, KelpDAO, Chainbase, Mantle, Manta Network, ConsenSys, etc. alongside the support from our media and community friends, and many other great guests from the space. We appreciate the insights and visions shared by the founders, developers, industry experts, etc around the topics of this event!
Once again, thank you for being a part of this meaningful gathering. We look forward to the opportunity to see you again in the future.
About IOSG Ventures
IOSG Ventures is a pioneering crypto fund founded in 2017 that invests in the future of Web3. As a thesis-driven firm, we assist founders in developing community-driven protocols that are primed to transform the crypto landscape. Our portfolio comprises a wide range of innovative and high-potential investments, including ZKRU (Scroll, StarkWare, Arbitrum, zkSync), Security Auditing(Runtime Verification, Hexens), MEV (Flashbots, Blocknative), DeFi/NFT-Fi (1inch, MetaMask), FOG (Big Time, Illuvium), and a number of industry leaders including Arweave, Cosmos, Celestia, EigenLayer, Scroll, zkSync, Nil Foundation, and Mina, etc. We are passionate about investing in crypto-native paradigms that have the potential to transform the future of the industry, whether you’re building infra, middleware, security, gaming, or social platforms.
If you would like to cooperate with us or contribute to this event in any way, please feel free to let us know. Kindly email us at hello@iosg.vc. Follow us on Twitter to stay tuned to us!
