【Binance Space Text Response】
I have organized the answers to several questions into text.
- Question: What does the upgrade of Cancun mean for the Ethereum ecosystem, and how do you view the future competition landscape of Layer2?
1) The core of the Cancun upgrade is to significantly reduce the gas fees for layer2, expected to be 10 to 100 times lower. This is a huge benefit for layer2. Currently, the gas fees for layer2 are already very low, with ETH transfers on Arb costing $0.08, and if reduced by 100 times, it would be $0.0005. Therefore,
First, layer2 and the existing ecosystem on it will directly benefit.
Second, it can bring about larger ecosystem projects. Mainly those requiring multiple interactions, which previously might have had higher costs, such as games, quantitative trading, and large-scale application projects that need to generate NFTs for users and allow transfers. Since web2 users are not accustomed to paying fees, and if the project has to pay for users, when the user base reaches millions, the cost becomes a significant issue. With the greatly reduced gas fees, these projects can be deployed on layer2.
As for the future landscape of layer2, Cancun actually benefits all layer2 equally and will not change the layer landscape. So, purely from this perspective, I believe it will lead to several general-purpose public chains as leaders, and application-oriented layer2 solutions will be widespread. Chains where ecosystem developers gather will form a scale effect, frequently generating innovative projects, accumulating a large number of users, and having high market value to incentivize the ecosystem. Currently, this includes Arb, Op, and others.
In addition, with the rise of modular blockchains, it is low-cost and easy to create a new chain. Apps with a certain user base will create their own layer2 solutions to optimize for their apps.
- Question: Could the guests share their views on the advantages of zk technology and Optimistic Rollups technology in Layer2 solutions in terms of scalability, and whether they will affect the future growth of coin prices?
I believe the advantages and disadvantages of zk technology and Optimistic Rollups technology mainly lie in two aspects.
1) Compatibility with the EVM. The compatibility of Optimistic Rollups such as Arb and Op with the EVM is very good. However, the compatibility of zk technology with the EVM needs to be classified. Vitalik Buterin divided it into 4 levels and 5 categories. We are more familiar with zksync and starnet, which belong to the fourth level and require the use of high-level languages to be compatible with the EVM. This also means that ecosystem development will require additional costs. This is also why users find them difficult to use.
2) As the name suggests, zk rollup uses zero-knowledge proofs, which can protect privacy. Optimistic Rollups do not have this feature. Privacy protection is not only a future trend but also necessary in many application scenarios. For example, in the new concept of full-chain games, if all actions are recorded on the chain, zk is necessary for actions like playing cards.
In my opinion, from the current perspective, because zk rollup technology is difficult and not fully developed, it is difficult to compete with Arb and Op at this stage. Therefore, Arb and Op may have already seized a good position in the ecosystem. However, if they find their own different application scenarios and positioning in the future, they both have good potential value. For example, Arb focuses on ecosystem development, Op focuses on superchain, zksync focuses on privacy payments, and starnet specializes in games.
- Question: In the current L2 ecosystem, comparing zk and op technologies, which technology do you think will have better performance in the future?
As mentioned earlier, zk and op have some different characteristics. In this bull market, zk technology is not fully developed and it is difficult to compete with op. However, when zk technology matures and the ecosystem develops, zk will have more advantages. But this will take a few years, maybe until the next market cycle, as there are too many variables in between. Let's consider it later.
- Question: Finally, with the increasing probability of ETF approval and the upcoming halving event, could the guests share their views on the future medium to long-term market trends and any investment strategies to share with everyone?
In the long term, there will definitely be a bull market, which is also what everyone is looking forward to.
In the medium term, there will be a correction. Regardless of whether the ETF is approved or not. Of course, if it is approved, there may be a short-term rally. But it does not change the downward trend.
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