Author: Wenk

In the dark forest of DeFi, fraught with crises, "safety" is the only light we rely on for survival.

We can see from the history of DEX development that it is a history of constantly searching for brighter and more reliable "light sources."

In this exploration, we have already acquired three great "lamps," each with its own "shadows."

The First Lamp: The "Code Trust" Light of Uniswap

This is the purest light. We trust Uniswap because we believe in its open-source code deployed on the Ethereum mainnet, which is an unbreakable "physical law." However, the cost of this light is the high "gas fees" and slow "light speed" (performance), making it difficult for ordinary people to approach.

The Second Lamp: The "L2 Shared Trust" Light of GMX

This is a more efficient light. We trust GMX on Arbitrum because we believe that while L2 enjoys higher performance, it will ultimately still hand over its "ledger" to Ethereum, this "eternal lamp," for notarization. However, the brightness of this lamp is constrained by the "centralization" shadows of components like L2 sequencers.

The Third Lamp: The "Sovereign Consensus Trust" Light of dYdX

This is the freest light. We trust dYdX v4 because we believe that its independent kingdom's "parliament" (validator network) is sufficiently decentralized and rational to honestly safeguard our assets. However, the stability of this lamp relies on the fragile "socioeconomic" balance of this "parliament."

For years, we have been searching for the light that suits us best among these three lamps. Until a brand new light source, aimed at "dispersing all shadows," began to emerge.

This is "Verifiable State."

"Verifiable State": A Star Lit by "Mathematics" That Never Goes Out

The core of "Verifiable State" is to natively integrate cutting-edge cryptographic technologies like ZK-Rollup at the protocol's base layer, generating an unforgeable, independently verifiable "mathematical audit report" for each "state transition"—that is, every update of the system ledger.

It no longer requires you to "trust" anything. It simply provides you with a tool to "verify."

Why is it said to be the "future" of the DEX security model?

Because it addresses all the "shadow" issues of the previous three lamps in a dimensionality-reducing manner.

1. It possesses the purity of "code trust" without its performance shackles:
   The foundation of trust in "Verifiable State" is also cold, impeccable mathematics and code. However, it completely frees itself from performance constraints by placing heavy computations off-chain and only putting the final "mathematical proof" on-chain.

2. It has the "shared trust" of trustlessness without the loss of sovereignty:
   It also realizes the ideal of "trustlessness," but it no longer needs to rely on any external network. A sovereign chain represented by QuBitDEX, which adopts this paradigm, is its own "supreme court," and its "law" is mathematics.

3. It enjoys the sovereign performance of "consensus trust" without the trust risk:
   It can also enjoy the extreme performance brought by sovereign chains. However, it revolutionarily separates the "validity of the state" from the subjective, gameable aspect of "validator consensus," handing it over to the objective, irrefutable arbiter of "mathematical proof."

"Whether it can be verified" will be the only standard in the future.

When this star lit by "mathematics" rises, it will irreversibly become the "gravitational center" of the entire DEX universe.

• Capital will chase this light: Because institutional-level funds will naturally flow to places with the lowest trust assumptions and the most objectively auditable conditions.

• Users will become accustomed to this light: Because the "computational transparency" it brings will completely end the plunder of "dark forests" like MEV.

• All DEXs will be "illuminated" by this light: Any newly born DEX that cannot provide "verifiability" will automatically be classified as a product of "the previous era" in terms of security.

"Verifiable State," a technical term that may sound somewhat obscure today, will soon become the only and ultimate "gold standard" for judging whether a DEX is safe and worthy of trust. This is the future of the DEX security model, a brighter and more certain future.

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