The Weekly Reorg: Bitcoin Fashion Week

In case you missed it, Bitcoin Season 2 released some of its spring/summer collection last week.

That, etc. Mezzothe “Bitcoin Economic Layer” was born out of stealth with a $21 million funding round. Alpine Research Institute Announced $10.6 million in funding to launch Bitcoin-native zero-knowledge infrastructure.

Different blockchain designers came together, including the folks at Starkware. L2O consortium “To set the standard for trustless applications and Layer 2.”

Of course, no one knows what this means, but it’s provocative. It moves people, boils capital, and energizes industry. Eight-figure seed rounds are popping up, and quite large venture companies are making a comeback. Almost every day, a new layer is announced, or a “Bitcoin native” protocol you’ve never heard of announces that its users have locked billions of dollars worth of Bitcoin into a “trustless” multisig protocol. Masu.

I think that will lead to a bull market. Curiously, some involved admit that this feels more like performance art than legitimate engineering.please remember rick owens Free runway show? It’s flashy, but who would wear it?

Note that most of the proposed new gadgets have not yet taken off their training wheels where they have been implemented.For example, the Ethereum rollup is still just a Dressed up multisig. Similarly, this new Bitcoin-adjacent protocol appears to be content to launch with either no product or “decentralization on the roadmap.” Beneath the layers of empty marketing and technical gibberish, it’s hard to find a much better trust model than the simple and often maligned Liquid federated sidechain.

Forget about unilateral withdrawal. Most of the current “Layer 2” offerings hardly qualify under this term under our admittedly lax policies here at Bitcoin Magazine.

To make matters worse, proof-of-stake variants are creeping into the design space despite Ethereum’s abysmal performance since its migration. Naturally, the conversation has already evolved into something like: Ponzinomics To bootstrap a speculative flywheel. A new token gimmick, the colloquially styled “point,” has arrived on the scene and is all the rage among designers. This new liquidity farming craze requires users to deposit Bitcoin (and Bitcoin’s Bitcoin). friends and family) Somewhere, you guessed it, in exchange for concessions.

They’re calling it gamification this time. I think this is the height of cryptocurrency nihilism. Fast fashion has officially been adopted by Bitcoin!

The emperor has no clothes?

Speaking of catwalks and people wearing fancy clothes, that’s what the staff at Taproot Wizards had to say recently. chaos unleashed We engage an ambitious layer 2 community by working on our most valuable scientific project, BitVM.

My esteemed colleague Shinobu has put together a decent summary of the events. I won’t go into the technical details, but of course this claim remains hotly debated to this day. The fate of at least a dozen startups is at stake here, so you can imagine the smell of being publicly exposed by the fashion police.

I agree with the wizards, but perhaps I should refrain from writing an obituary for BitVM. Jumping through liquidity hoops appears to be one of the broader trade-offs that must be made when designing a minimal trust protocol on top of Bitcoin. Lightning has been giving us inbound liquidity headaches for years. Proposals like Ark’s were rejected because UTXO operators would have to commit huge amounts of capital. Perhaps the BitVM Bridge could be designed to reduce upfront liquidity requirements for operators. At the very least, this problem probably isn’t enough for anyone to drop everything and go home.

The disappointing takeaway from this story is that everyone involved comes away looking a bit amateurish.in spite of make a contrary argument, some due diligence was clearly skipped. This issue could have been considered with a little more collective brain cell research before going public, and you can tell that all of Target feels pretty blindsided by this announcement.

To tie all this together, the wizards have just announced their ruse. derived function suggestion. I can’t help but get the impression that this was a bit of a setup motivated by marketing purposes. Again, they’re adults in wizard hats. What do you expect?

On the one hand, this is a legitimate issue, and the response from “Team” BitVM was not exactly kind. You would expect thick skin from researchers who have been around this area. Banning them from participating in Telegram working groups or waving them out of their entire facility is not in the best interest of the community they are building. They may disagree with the conclusions, but the clear result is that the audience and interest in BitVM has expanded beyond the small engineering circles in which it was cultivated. Many have suggested that perhaps this is the first time this mechanism has been conveyed in an accessible way. If a project feels misrepresented, its supporters have missed an opportunity to use this attention to steer the project in their own direction.

I hope this is just a rehearsal gone wrong. Because I can’t understand how inspirational this is for anyone who seriously wants to contribute to this field.

Grand Finale

Of course, no circus show would be complete without a clown act.

The hottest protocol designer in town is preparing to unveil its latest line in time for Halving this Friday. Rune, the alternative token protocol, is perhaps the most anticipated drop since the Jordan 1. as we talked, hundreds of users They are syncing their Bitcoin nodes for the first time in their lives in preparation for the festival. Please note that Blockchain is expecting record crowds for this event, so tickets may be expensive.

Personally, I might just be watching from my balcony while wearing my safe and always reliable Bitcoin jeans. Click, next block.

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