After discussing RWA, let's talk about something worth mentioning about ETH and Solana Let's talk about ETH first The most worth mentioning on ETH should be Justin's proposal of Native Rollup, which has been further extended on the current Based Rollup, but of course, the implementation difficulty has also increased significantly Let's briefly talk about Based Rollup first- This is what Puffer/Taiko is doing. Compared to traditional L2, the sorting rights have been handed over to L1, which has two main benefits. Firstly, L1 can capture more value, and secondly, all Based Rollups theoretically form interoperability I was originally confused about 2, but later when I was chatting with a team working on a Based Rollup project, I asked the Founder and confirmed that interoperability can indeed be achieved. Because in any 12S slot on L1, there is a designated verifier responsible for block generation, and all Based Rollup sequencing will be handled by that selected verifier. Therefore, these Based Rollups can indeed form interoperability. But there are two follow-up issues that come with it 1 is currently one of the few L2 occupying an absolutely important position, and I can't think of any motivation to transform into a Based Rollup If there are dozens/hundreds of Based Rollups in the future, the burden on the validator responsible for block generation on L1 will be much greater, and the hardware requirements for him will definitely be much higher than now. And because the validators are randomly elected, it means that the hardware requirements of all Candidates must also keep up, otherwise you won't be able to handle the sorting of these dozens/hundreds of L2, which will greatly affect the decentralization of ETH Validator Regarding these two questions, please feel free to leave me a message for discussion and exchange Let's talk about Native Rollup again- Based Rollup hands over the sorting authority to L1 validators, while Native Rollup hands over the proof system to L1 validators by introducing a precompilation to make L1 aware of the state transitions of Native Rollup in each block (this precompilation blind guess needs to be added in a hard fork upgrade). In the initial stage of the proof system, Re execution (where L1 validators run the transaction themselves) was used as the initial solution, and Real Time Providing (based on Snark proof) was later used as the optimization solution. However, this requires a significant improvement in ZK technology before it can be implemented (a proof of a block can be generated within a few seconds, which is currently completely unattainable and is estimated to take at least 3-5 years) There are three points worth mentioning about Native: You will find that this is actually very similar to the earliest ETH expansion plan. This is not Rollup, isn't it sharding? 2. You will find that ETH and Solana met at a certain point. Solana's two expansion projects, MagicBlock's Ephemeric Rollup and Lollipop's extension execution layer, have similar ideas to Native Rollup, both of which have a bit of sharded visual sensation I am not 100% sure, but I believe/hope that the user experience of Native Rollup and MagicBlock does not require users to switch networks. That is to say, you have been stuck in ETH/Solana L1 on MetaMask/Phantom, and your assets have not entered or exited L2 through the bridge. Native/Ephedral Rollup only serves as an external execution layer to complete calculations and automatically settle in L1, so that liquidity will not have islanding problems However, I always feel that my ideals are full and realistic, and not to mention the technical difficulty and implementation time, it is difficult to be optimistic about the current issue of interest fragmentation in L2. The development of the cryptocurrency industry is no longer dominated by the spirit and technology of crypto punk, but by the martial arts world As for the Prague upgrade next month, there have been many articles interpreted online, so I won't go into detail here. I hope that after this upgrade, 7702 can end the chaos of account abstraction of various EIPs and come up with a final solution at the chain level. Of course, whether end users and developers buy or not, it's Another Story Then let's talk about Solana Solana, there are two things worth mentioning recently One is the SIMD-0228 proposal, which was very popular recently The proposal mainly aims to change the current inflation rate of Sol, from a fixed 15% annual reduction in issuance to a dynamically adjusted inflation rate based on the pledge rate Overall, there are several characteristics 1. MEV income status improvement (Solana's MEV income in Q4 2024 is 10 times higher than Q1, but with...) http://Pump.fun Turn off the engine, I'm curious about what level of MEV revenue will be in 2025 2. Dynamic adjustment of additional issuance, setting three balance points of 65%, 50%, and 33% based on the pledge rate 3. The new proposal is not very unfavorable for small and medium-sized validators 4. It can be seen that Solana is also shifting from "excessive payment to ensure security" to "finding the minimum necessary payment" This proposal ultimately failed because it did not receive 66.7% of the votes in favor, but the difference was not far. Getting 61% seemed like Although the proposal did not pass, there are two interesting things worth mentioning Antatoly is not too discouraged. He believes that "Solana's governance needs to be fast and decisive, and quick governance actions will be key to seeking better solutions." In other words, the failure of SIMD-0228 is also a manifestation of the autonomous efficiency of the Solana network. This proposal took only about a month from the initiation of Multicoin to community discussion and voting, with a "quick pass/fail" and then the next one, which is crucial for Solana's rapid evolution The interpretation of the inflation rate of this proposal by Chinese media is almost entirely wrong. The vast majority of Chinese media, including Chinese Twitter, interpret the inflation part of this proposal as "reducing inflation by 80%", that is, reducing inflation from 4.8% to around 0.8% under the current pledge rate of around 65%. I was surprised when I first saw it, and even a few Souces had this interpretation! How is that possible? The verifier hasn't exploded yet! Even if Mev's revenue increases, the issuance revenue will instantly decrease by 80%, and Validator will strike at a certain pace... After reading the original proposal and the interpretation of the English speaking KOLs, it is expected that the current pledge rate will decrease from 4.8% to around 0.8%, rather than directly dropping to 0.8%. It is estimated that the author of one of the earliest interpretations of the article in the Chinese section misread the formula and directly understood it as a decrease to 0.8%. Later, all the media+KOLs copied the assignment directly and then collectively copied it wrong.. The second thing I want to talk about is not actually news, it will exist in 2024, but the first time I found out was when the Founder told me about the Solana Token Extension while chatting with an RWA project on Solana. I guess many friends don't know about it either, so I want to share it with you Solana Token Extension - The new generation SPL token standard, which is a Solana chain level token solution that includes private transactions (only amount privacy, transfer parties cannot hide), transfer hooks (such as KYC requirements, mandatory royalties), non transferable tokens (similar to SBT), interest bearing assets, metadata, etc., totaling 19, which can be combined and used freely This is also the main reason why the RWA project adopted Solana. In addition to TPS, Solana has blockchain level native privacy, KYC, and other token standard solutions that can be combined, which is much more flexible than the individual token standards of various ERCs on ETH. And for the new generation of Move chains, it is currently impossible to have such rich native level availability, so Solana has become their only choice. This has also strengthened my confidence in Solana. Solana offers more than just Pumpfun and Meme. By flexibly utilizing these Token Extensions, I believe we can create many meaningful projects Finally finished discussing ETH and Solana. This weekend, I will write the final article in this series, "Observations and Reflections on Crypto X AI in 2025"