🤓First ZK rollup on Bitcoin & ETH EVM for Solana
New technologies are cool!
🎤GM and happy Monday frens🖖
In this newsletter we are going to talk about:
🔐First ever ZK-rollups on Bitcoin
🎤Awesome Web3 Podcast that you should listen
💨NEON EVM combines ETH & Solana. How?
Ready? Let’s go👇
🏎️First ZK-rollup on Bitcoin🏎️
Chainway is the first Bitcoin ZK-rollup that is set to launch testnet in 2024. We asked the team a few questions:
₿Why in general Bitcoin needs rollups?
Bitcoin is a very limited blockchain. It can only do transfers of Bitcoin. However, at the beginning of this year with the launch of the Ordinals, a lot of people realized that Bitcoin could be more than just for transferring coins.
We were always thinking there should be a way to use the idle capital in DeFi, liquidity, collateral, or whatever. And after seeing people be very welcoming of Ordinals, we thought “How could we create a system that would let people use Bitcoin in DeFi or NFTs or whatever they want to do”.
And we realized rollups, specifically sovereign rollups in Bitcoin's case, would be the best tool out there for this.
💻Chainway is developed to be fully comfortable with EVM. Why even on Bitcoin we need full EVM compatibility?
With sovereign rollups, you can actually do whichever VM you want to do. But we decided EVM would be the best option out there because it has eight years of development in the past. So there are a lot of protocols out there that are ready to launch on any EVM chain. Also, it is the most used virtual machine for blockchains out there. It has the most amount of users. It has the most amount of developers.
If you want to launch a new chain, EVM is one of the best options out there, we believe
📊How do you plan to market your project? Is it for general investors or for infrastructure companies?
General investors. Anyone who believes in crypto and Bitcoin is welcome to use our rollup and technology. We believe that there is a huge demand for decentralized Bitcoin, like yield, borrowing, and lending, all the DeFi primitives, that don't exist on Bitcoin yet.
This is something that we want to open to the Bitcoin users. And thanks to Ethereum EVM, we can inherit all the already battle-tested dApps, and Ethereum devs can deploy the programs into our rollup. And by doing that, we expect to have institutional interest and miners' interest.
Anyone who owns Bitcoin and who cannot trust a centralized entity is welcome to use and utilize the Bitcoin token. And anyone who, like all the developers in the Ethereum ecosystem are natural user of our rollup.
🎤Awesome Epic Web3 podcast
Learn more about Web3 building on the go with Epic Web3 Podcast.
Join us as we bring in the founders of the leading Web3 products and protocols to dive deep into industry topics that often fly under the radar:
🟢Blockchain infrastructure, layer-2s, rollups, account abstraction, and more
🟢User acquisition: airdrop hunters vs real users
🟢Blockchain real-world use cases
🟢Fundraising and dealing with investors
🟢Mental health and dealing with the ups and downs of crypto
Tune in for topics that usually don’t get enough discussion in the industry! We already had talks with the Founders of Metis & Taiko, and the founding engineer @ Cartesi.
Listen to the latest episode on our website here:
🚅How to combine EVM benefits with the speed of Solana🚅
Neon is an Ethereum Virtual Machine with the scalability and liquidity of Solana. A little recap from Epic ETH Infra Day at Istanbul.
⚙️What is Neon EVM under the hood?
Neon EVM is a smart contract in Solana that can execute EVM bytecode. Also, Neon is an abstraction layer, that brings the best of both worlds. So builders can easily deploy their EVM bytecode on Solana using Neon.
🏹How Neon maintains Ethereum compatibility
There are several key factors in play:
Smart Contract Execution: executes EVM bytecode on Solana.
Proxy Server: acts as an Ethereum RPC for transaction compatibility and converts Ethereum transactions to Solana format.
Neon Pass: facilitates seamless asset transfer between Solana and Neon EVM.
Neon Faucet for Testing: provides dev/test tokens for experimentation.
🤖Future plans
First of all, Neon EVM plans to introduce a bridge to bring assets from other EVMs, promoting broader interoperability.
Secondly, the platform aims to support cross-chain swapping with no slippage and implement cross-chain messaging for various protocols.
Thirdly, gas payments with any token that the user holds.
In the distant future, this includes supporting Solana NFTs, achieving composability, and ensuring full interoperability with Solana's protocols and programs.
All right, that’s it for today! 👋 But wait…
You didn’t say “gm” on Twitter! Let’s catch up there for daily insights.
Sending growth your way,
Epic Web3