Initia redefines the multi-chain experience by seamlessly integrating Layer 1 and Layer 2 solutions into a user-friendly ecosystem.
Author: Silent Validator ⚛
Translation: Deep Tide TechFlow
Introduction
Initia is a multi-chain Rollups network aimed at innovating the multi-chain experience and forming a unified ecosystem through the integration of architecture, products, and economic systems. Inspired by Apple's design philosophy, Initia aims to make blockchain interactions more intuitive and seamless.
Team Introduction
Initia's two core developers, Zon and Stan Liu, previously worked during the heyday of Terraform Labs. Zon is a smart contract developer, while Liu has been researching MEV. After leaving Terraform Labs, they began building a Cosmos-based DeFi blockchain. Following Terra's collapse, they paused the project and returned funds to investors. They re-evaluated their direction, seeking to create greater value and innovation in the blockchain space, ultimately focusing on Initia.
The Initia team consists of over 20 members with rich experience from the Cosmos, Terra, and Ethereum ecosystems, as well as backgrounds working at FAANG and top quantitative companies. They have built numerous DeFi dApps, managed and developed multiple blockchains, and made significant contributions to Cosmos Core and CosmWasm. Major achievements include developing the Station Wallet (with 5.3 million downloads and over 100,000 daily active users) and supporting infrastructure for over 700,000 daily transactions on Terra.
Funding Situation
In October 2023, Binance Labs announced an investment in Initia. Binance co-founder and head of Binance Labs, Yi He, commented, "Binance Labs continues to identify infrastructure providers introducing novel solutions to accelerate the growth of Web3 applications. Initia's innovative architecture and tools are an important step in driving widespread adoption by developers."
In February 2024, Initia announced that it had raised $7.5 million in seed funding, led by Delphi Ventures and HackVC, with participation from Nascent, Figment Capital, A.Capital, BigBrain Holdings, as well as some angel investors and industry thought leaders, including Cobie, DCF GOD, Zaheer, Nick White, Smokey, and others.
Omnitia Architecture
Initia introduces a foundational Layer 1 blockchain and integrates a custom Layer 2 infrastructure called Omnitia, promoting a unified ecosystem for modular networks.
Initia Architecture
Initia (Layer 1)
Layer 1 is built on the Cosmos SDK, using CometBFT for consensus, and integrates Move VM for smart contracts, serving as a coordinating layer for security, liquidity, routing, and interoperability.
Initia L1
Key Features:
Omnitia Liquidity Hub and Native Liquidity: Enhances security and liquidity by staking INIT tokens with validators, creating a liquidity hub within the L1 chain. This mechanism allows staking INIT tokens or paired tokens, increasing staking rewards and facilitating seamless token transfers across rollups.
Omnitia Liquidity Hub
Omnitia Shared Security (OSS): A scalable security framework that protects assets across multiple Minitias. OSS leverages Celestia's data availability solution to achieve efficient data validation and fraud proofs without downloading the entire block. This system ensures that the L1 validator set can maintain network security without being burdened by the full data load of each Minitia.
Omnitia Shared Security
Minitia (Layer 2)
The Layer 2 infrastructure consists of Minitias, designed for high-performance application chains for scalability and throughput, utilizing the VM-Agnostic Optimistic Rollup framework.
OPinit Stack
OPinit Stack is a pioneering optimistic rollup framework tailored for the Cosmos ecosystem, inspired by Optimism's Bedrock specification. Its VM-agnostic nature allows Minitias to support various virtual machines, including MoveVM, WasmVM, and EVM, catering to the preferences of different applications and developers.
Minitia
Minitias is a full-featured CosmosSDK chain that relies on Initia Layer 1 for security and data settlement. This allows Minitias to leverage advanced rollup capabilities and use various CosmosSDK modules. Transactions on Minitias are efficiently ordered and settled in batches to L1 and Celestia, ensuring a transparent and secure environment for operations and validation.
Key Features:
Comprehensive Built-in Functionality
- Developer Tools and Features: Minitias provides a set of built-in features for developers, including instant bridging, native USDC, token interchangeability between different virtual machines, oracle interfaces, fiat gateways, and extensive developer tools.
Impressive Technical Specifications and Rich Feature Set
- Performance: Over 10,000 TPS, with a block time of 500ms, ensuring high performance to meet demanding application requirements.
- Interoperability: Integrated IBC for Cosmos interoperability and Omnitia shared security.
- Support for Celestia Data Availability: Leveraging Celestia for efficient data availability and state verification.
- Multi-VM Support: Supporting MoveVM, WasmVM, and EVM.
- Various Native Features: Such as staking plans, token rebates, and Omnitia message modules.
- Advanced Tools: Including InitiaSDK, WalletSDK, and one-click deposit widgets.
Third-party Integration: Support for integration with external services and oracles to expand functionality and user experience.
Aligning with Omnitia
Initia aligns the ecosystem by programmatically parameterizing the allocation of INIT and enabling dApps to directly capture generated economic value.
Native Liquidity
Initia's Delegated Proof of Stake (DPoS) mechanism, enhanced through the x/mstaking module, allows staking of individual INIT or INIT-X LP tokens on a whitelist. This system not only mobilizes assets, diversifies security, and increases rewards, but also enhances liquidity. It also supports inter-minitia routing and gas payments using whitelist LP tokens.
Value Incentive Plan (VIP)
VIP ensures active user engagement through long-term incentives and benefits all ecosystem participants. It ensures that Layer 2 activities accrue value within the Initia ecosystem and incentivizes developers to integrate INIT and attract users.
Rebates
By splitting transaction fees at the smart contract level, Initia captures value from economic activities, ensuring that all participants benefit from the ecosystem's economic activities.
Highlights
MoveVM
Move is a blockchain-agnostic programming language designed to enhance security and productivity, simplifying the learning curve for Web3. Originally developed for the Diem blockchain and based on Rust, Move provides advanced abstractions for assets, transfers, and access control, ensuring safer and more efficient smart contract programming.
Initia is the first CosmosSDK chain to integrate the Move programming language and its virtual machine.
Initia's MoveVM integrates the Move runtime with CosmosSDK, coordinates token standards, and allows the use of Move tokens within Cosmos. The Liquid Staking module enables Move users to leverage Cosmos staking capabilities. Initia also supports the use of CosmosSDK messages in Move, enhancing application functionality and interoperability.
Additionally, this integration enables interoperability between EVM, WasmVM, and MoveVM, the three most widely used virtual machines.
InitiaEVM
InitiaEVM is a CosmosSDK module designed to support Solidity smart contracts and EVM operations while leveraging Cosmos and IBC interoperability.
- Full EVM Compatibility: Solidity contracts can be deployed or ported directly without modification.
- Custom Bank Interface (BI): Replaces the standard Cosmos x/Bank module with ERC20, ensuring unified token standards in EVM Minitias.
- Single Token Standard: Using only ERC20 token standards simplifies development and integration, eliminating the need to manage Cosmos tokens or interfaces.
- Native IBC Integration: ERC20 tokens created in Solidity smart contracts can be transferred to other chains via IBC without additional complex operations. Native Cosmos assets transferred to EVM Minitia will automatically convert to ERC20 tokens.
- Cosmos Interaction: Solidity contracts can execute Cosmos messages, query chain state, and interact with cross-chain accounts, ICQ, and Slinky queries.
- Interwoven EVM: EVM IBC hooks support multi-chain, cross-VM contract interactions, fostering a new multi-chain ecosystem.
- Simplified Development: InitiaEVM ensures that Solidity projects are easy to integrate, allowing developers to focus on their applications without worrying about conversion or interoperability issues.
Slinky
Initia's Layer 1 (L1) ecosystem includes an advanced oracle system powered by Skip Slinky, which writes the latest price data directly into each block, ensuring reliable, accurate, and timely data required for financial operations and smart contract functionality.
By using Skip Slinky, developers can provide reliable data for Initia L1 applications, enhancing the functionality and user experience of financial dApps, gaming platforms, and other applications requiring external data.
Core Applications
Initia provides a complete product stack, unified architecture, and a consistent on-chain experience for users interacting with numerous interwoven Rollups, reducing barriers to entry.
InitiaScan: A multi-chain explorer providing tools and information for specific VMs.
Wallet Widget: Supports EVM and Cosmos wallet signatures, including social login functionality.
Bridget: A frontend bridge and uplink aggregator directly integrated into Rollups.
Initia App: A platform that centrally manages all Initia-related content.
Initia Usernames: A blockchain-wide on-chain identity system.
Initia Wallet: A wallet designed specifically for browsing the Initia ecosystem.
Ecosystem
Minitias is a Layer 2 application chain within the Initia ecosystem. Currently, there are 9 high-quality Minitias known. Here is the list:
Blackwing is a non-collateralized margin protocol built on Initia.
Contro is a GLOB (Gradual Limit Order Book) chain based on Initia.
Lunch is an integrated Web3 consumer app that connects Web3 to the real world, allowing users to earn rewards by participating in Web3 and Web2 activities.
Tucana is a liquidity and trading hub for modular ecosystems.
MilkyWay is a staking center for modular ecosystems.
Civitia is the first gamified social experiment based on Initia.
InitAI is a decentralized image generation AI protocol based on Initia.
Inertia is the first and only modular LRT and lending protocol of Initia.
Zaar is a full-featured mobile-friendly NFT marketplace.
Conclusion
By seamlessly integrating Layer 1 and Layer 2 solutions into a user-friendly ecosystem, Initia is redefining the multi-chain experience. Leveraging the advantages of Cosmos SDK, CometBFT, and Move VM, Initia provides robust security, scalability, and interoperability. Advanced features like OPinit Stack and Native Liquidity make Initia a leader in the blockchain space. With a strong team and substantial funding from leading industry players, Initia is poised for widespread adoption and innovation. Demonstrating a powerful ecosystem during the testnet phase, Initia is set to become the fertile ground for the next generation of decentralized applications.
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