After discussing RWA, let's talk about noteworthy developments on ETH and Solana.

First, let's talk about ETH

The most notable thing on ETH is probably the Native Rollup proposed by Justin some time ago. This is a further extension of the current Based Rollup, and of course, the implementation difficulty has increased significantly.

First, let's briefly discuss Based Rollup -

This is what Puffer/Taiko is working on. Compared to traditional L2, the ordering rights are given to L1. The main benefits are twofold: first, L1 can capture more value, and second, all Based Rollups theoretically form interoperability.

I originally had doubts about the second point, but later when I spoke with a founder of a Based Rollup project, I confirmed that interoperability can indeed be achieved. This is because within any 12S slot on L1, there is a determined selected validator responsible for block production, and all Based Rollup ordering will be managed by that selected validator. Therefore, these Based Rollups can indeed form interoperability.

However, there are two subsequent questions

1. For the current few L2s that occupy an absolutely important position, I can't think of any motivation for them to transition to Based Rollup.

2. If in the future there are dozens or even hundreds of Based Rollups, then the burden on the validator responsible for block production on L1 will increase significantly, and the hardware requirements will certainly be much higher than they are now. Moreover, since validators are randomly elected, it means that all candidates must also meet these hardware requirements; otherwise, they won't be able to handle the ordering of dozens or hundreds of L2s, which will greatly impact the decentralization of ETH validators.

Regarding these two questions, feel free to leave me a message for discussion.

Now let's talk about Native Rollup

Based Rollup hands over the ordering rights to L1 validators, while Native Rollup hands over the proof system to L1 validators. By introducing a precompiled contract, L1 can perceive the state transitions of Native Rollup in each block (this precompiled contract likely needs to be added during a hard fork upgrade). Initially, the proof system uses Re-execution (where L1 validators run the transactions themselves) as the initial solution, and later adopts Real-Time Proving (based on Snark proofs) as an optimization. However, this requires a significant advancement in ZK technology (the ability to produce a proof for a block within seconds is currently unattainable and may take at least another 3-5 years).

Three noteworthy points about Native Rollup:

1. You will find that this is actually very similar to the early scaling solutions of ETH. Isn't this Rollup? Isn't this sharding?

2. You will notice that ETH and Solana converge at a certain point. Solana's two scaling projects, MagicBlock's Ephemeral Rollup and Lollipop's extended execution layer, share some similarities with the Native Rollup concept, both giving a sense of sharding.

3. I am not 100% certain, but I believe/hope that Native Rollup and MagicBlock will provide a user experience that does not require users to switch networks. In other words, you will remain on ETH/Solana L1 in MetaMask/Phantom, and your assets will not go through a bridging process to enter or exit L2. Native/Ephemeral Rollup will simply act as an external execution layer to complete the computation and then automatically settle on L1, thus avoiding liquidity island issues.

However, it always feels like the ideal is rich, but the reality is stark. Not to mention the technical difficulties and the timeline for implementation, the existing L2's interests are already a significant barrier to optimism. The crypto space has evolved to a point where it is no longer about the spirit of crypto punk and technology supremacy, but rather about the community.

As for next month's Prague upgrade, there are already many articles interpreting it online, so I won't elaborate further. I hope that after this upgrade, EIP-7702 can resolve the previous chaos of account abstraction and provide a chain-level final solution. Of course, whether end users and developers will accept it is Another Story.

Now let's talk about Solana

Recently, there are also two noteworthy developments on Solana.

One is the very popular SIMD-0228 proposal from some time ago.

The proposal generally aims to change the current inflation of Sol from a fixed annual reduction of 15% to a dynamically adjusted inflation rate based on the staking ratio.

Overall, it has several characteristics:

1. The status of MEV income is elevated (in Q4 2024, Solana's MEV income is ten times that of Q1, but with the Pump.fun hype dying down, I am quite curious what the MEV income will be in 2025).

2. The inflation increase is dynamically adjusted, with three balance points set at 65%, 50%, and 33% based on the staking ratio.

3. The new proposal is not very favorable for small and medium validators.

4. It can be seen that Solana is also shifting from "overpaying to ensure security" to "seeking the minimum necessary payment."

The proposal ultimately failed because it did not receive 66.7% of the votes in favor, but it was close, receiving around 61%.

Although the proposal did not pass, there are two interesting points worth mentioning:

1. Anatoly was not too discouraged; he believes that "Solana's governance needs to be quick and decisive, and rapid governance actions will be key to seeking better solutions." In other words, the failure of SIMD-0228 is also a reflection of the efficient autonomy of the Solana network. The entire process from the initiation of the proposal by Multicoin to community discussion and voting took only about a month. "Quick passage/failure," and then on to the next one, which is very important for the rapidly evolving Solana.

2. The interpretation of the inflation rate by Chinese media regarding this proposal is almost entirely incorrect. The vast majority of Chinese media, including Chinese Twitter, interpreted the inflation part of this proposal as "an 80% reduction in inflation," meaning that under the current staking ratio of around 65%, inflation would drop from 4.8% to about 0.8%. I was shocked when I first saw this, and after checking several sources, they all had the same interpretation! How could this be? The validators would be in an uproar! Even if MEV income increases, a sudden 80% reduction in inflation income would lead to a strike by validators… Then I looked at the original proposal and the interpretations by English KOLs, and under the current staking ratio, it should drop from 4.8% to around 4% rather than directly to 0.8%. It seems that the author of the earliest interpretation in the Chinese community misread the formula and directly understood it as a drop to 0.8%, and then all the media and KOLs copied the homework and collectively made the same mistake.

The second point to mention is not really news; it's something that will be available in 2024, but I first learned about it when chatting with a founder of an RWA project on Solana, which is the Solana Token Extension. Many may not know about it, so I wanted to share.

Solana Token Extension - a new generation of SPL token standards, which is a chain-level token solution on Solana, including privacy transactions (only amount privacy, both parties cannot hide), transfer hooks (e.g., requiring KYC, mandatory royalties), non-transferable tokens (similar to SBT), interest-bearing assets, metadata, etc., totaling 19 features that can be freely combined.

This is also why that RWA project chose Solana; in addition to TPS, Solana has chain-level native privacy, KYC, and other token standard solutions that can be combined, which is much more flexible than the various separate ERC token standards on ETH. Meanwhile, new-generation Move-based chains currently cannot offer such rich native-level usability, making Solana their only choice. This has also greatly increased my confidence in Solana; there is much more that can be done on Solana beyond just Pumpfun and Meme. I believe that the flexible use of these Token Extensions can lead to many meaningful projects.

Finally, having finished discussing ETH and Solana, I will write the last piece of this series this weekend, focusing on observations and thoughts on Crypto X AI in 2025.

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