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The best layer 1s that are designed for DeFi are the ones that decide to become Ethereum Layer 2s

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Aug 4, 2020

already see layer1s "pivot" into either fund manager or "layer 1 specific designed for defi" reminds me of the TPS competition in 2017/2018 glad we have projects like @KyberNetwork and @0xProject stuck with their vision, ship stuff and make things happen

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Due to interoperability any L1 blockchain can simultaneously be a sidechain (but that‘s not really L2) to any other blockchain. I feel like the term L2 is probably misapplied here. For example, does Solana depend on Ethereum for its security or is it independent with a bridge?

Dovey "Rug The Fiat" Wan

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it does not but the cost of minting a compatible/swappable asset gonna be super high (if i want to do it through a contract not a merchant), like what currently wBTC/tBTC facing

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Isn‘t WBTC super low-cost? At least in theory it occupies the low cost, high trust part of the custody spectrum

Dovey "Rug The Fiat" Wan

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in practice, it's super expensive if i want to go the full defi route ..

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I don‘t think I‘m following yet. Are we talking of making a WETH (not wrapped ETH, but the WBTC equivalent) on Solana?

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Most of the smartest minds in the world WRT cross chain are working on this problem right now for Serum. Results will be in production pretty soon. There will be multiple approaches: wrapped assets, thorchain-style swaps, and cross chain settlement Cc

@aeyakovenko

@SBF_Alameda