Breaking down the alternative projects of the Ethereum ecology: a bridge to Web3.0

In addition to DeFi, there are many alternative ecological projects in the Ethereum ecosystem that deserve attention.

Recently, public chains represented by BSC, Solana, and Fontom have launched fierce challenges to Ethereum, especially in the application ecology. It is copying the Ethereum ecology in all aspects on the track of lending, transactions, and aggregators. IDO, airdrop, etc. have attracted the attention and use of a large number of users.

However, Ethereum is still favored by the crypto market, which is directly reflected in the recent continuous surge of ETH. The moat of Ethereum lies in the decentralization and security of its network, as well as the richness and innovation of its ecology, which creates a relatively complete experience environment for both developers and users.

This article will focus on the less-known alternative ecological projects of Ethereum. They do not belong to the traditional track of trading, lending, games, NFT, expansion, etc., and it is even difficult to classify them according to the traditional classification method. However, many of these projects have the potential to become Ethereum. The important infrastructure of the Fang ecology becomes a middleware-like existence, and meets the subdivision needs of different user groups, such as obtaining information notifications on the chain, automatically adding loan product deposits, etc.

At the same time, these projects also reflect the creativity of the Ethereum ecology and continue to promote the growth and prosperity of the Ethereum ecology. Below, Chain Catcher will introduce some distinctive Ethereum alternative projects in detail.

EPNS

EPNS is an Ethereum information push service protocol that enables user wallets to receive DApp notifications. The goal is to become a communication layer middleware in the blockchain network. At present, the project has received millions of dollars in financing from Binance Labs, IOSG, Coinbase former CTO Balaji Srinivasan, and Gitcoin co-founder Scott Moore.

At present, Ethereum users can only get notifications of asset transfers in/out through the wallet APP, but they cannot get notifications of more complex types of DApp information, such as notifications of sharp declines in gas fees, notifications of important on-chain governance voting, and notifications of winning lottery DApps. , Lending DApp liquidation warnings, etc., many of the information is time-sensitive, but users can only obtain this information through active inquiry or news reports, which will undoubtedly have a bad impact on the user experience.

EPNS aims to solve this problem. By cooperating with the DeFi protocol and building the necessary communication middleware API and SDK, protocol developers can send messages to service subscribers based on their wallet addresses, so that these users can obtain them at the fastest speed. Important on-chain notifications to maximize self-interest.

See also  Financial Research Institute, “This year, Korea's economic growth rate is greatly increased to 4.1%”

Currently, EPNS is still in the testnet stage, and has reached cooperation with Gitcoin, PoolTogether, Ceramic, bZx, Frontier and other projects. The mainnet is expected to be launched in the third or fourth quarter of this year.

Gelato Network

Gelato Network is an Ethereum smart contract automatic execution tool, which allows developers/bots to automatically execute transactions according to user preset conditions without running any underlying server infrastructure.

For example, the project can help users implement transactions at specific prices, transfer tokens at specific times, etc., for example, automatically transfer funds when MakerDAO positions are about to be liquidated, and automatically stop losses when Uniswap LP’s impermanent loss exceeds a specific range.

It is understood that the first product launched by Gelato Network is Sorbet Finance. This product is based on Uniswap’s order thin DEX. It supports users to set target prices and execute buy/sell orders when the Uniswap market price reaches the target price. The transaction requires an additional fee of nearly one hundred dollars.

At the end of last year, the project received $1.2 million in financing led by IOSG Ventures and Galaxy Digital. Recently, Gelato Network announced that it will issue GEL tokens and support operations on the Polygon network.

Swarm

Swarm is a storage and communication system officially launched by Ethereum. It aims to provide decentralized and redundant storage for DApp code, user data, blockchain and status data, as well as provide an underlying structure for untraceable communication, and built-in incentives. The system is implemented through smart contracts on the Ethereum blockchain.

Ethereum developers can complete data decentralized storage tasks through Swarm, instead of directly relying on external ecosystems such as IPFS and Filecoin. Compared with Filecoin, the biggest difference between the two is the technical details and incentive mechanism. Filecoin does not penalize storage, while Swarm penalizes storage. The former causes the flood of spam due to the lack of a storage penalty mechanism, while the latter improves file availability and security through storage penalties.

Currently, Swarm is in the test network stage, and the main network is expected to go live in the second quarter of this year.

Tornado.cash

Tornado.cash is an Ethereum privacy transaction tool that can improve the privacy of user addresses and assets and make up for the shortcomings of Ethereum’s lack of privacy features. Since all transaction records and address balances of Ethereum are public, it is easy for the outside world to obtain private information such as asset balances and transfer records of specific individuals through associated transaction transfer records.

See also  $50 Billion Crash—What Next For Bitcoin, Ethereum, Ripple’s XRP, Litecoin And Chainlink? - Forbes

Through Tornado.cash, users can use their own address to transfer assets to the smart contract address of the product, mix them with other users’ assets, and then another address can withdraw the money. Based on zero-knowledge proof, other One cannot judge who the parties to this transaction are. And there is no custody behavior in this process, and users can control their assets at all times.

In order to avoid being used by money laundering, Tornado Cash has also added compliance tools to allow users to prove the legitimacy of their source of funds.

ENS

ENS is an Ethereum domain name service project that aims to provide users with short and easy-to-read domain names. ENS can assign a human-readable domain name ending in “.eth” to machine-readable data such as hexadecimal Ethereum addresses in a secure and decentralized way, and at the same time resolve simple human-readable domain names into the chain Address resources make it easier for users to remember and use.

For example, God V can register through ENS and associate “vitalik.eth” with its Ethereum address, so that his friends can use vitalik.eth as the target address to send him Ethereum assets, reducing the possibility of typing the wrong address.

At present, most mainstream wallet applications already support this service, and many well-known crypto industry people are also using this service. In a recent interview, V God publicly stated that ENS is the most successful non-financial application in the Ethereum ecosystem.

InstaDApp

InstaDApp is a DeFi aggregation protocol. Its main feature is to use smart wallets and bridging protocols to integrate the main DeFi protocols. Users need to mobilize MateMask to register a smart wallet on the website and transfer funds to use it. All user wallets are smarted by Instadapp The contract is under unified control, and the user does not own the private key and mnemonic.

At present, InstaDApp integrates DeFi protocols including Maker, Aave, Compound and Uniswap. Users can trade their encrypted assets on the platform and manage their own trading pairs LP in Uniswap, and at the same time mortgage LPs for leveraged financing in the lending agreement supported by the platform.

Thanks to the use of smart wallets, InstaDApp also provides users with functions such as one-click withdrawal of all collateral, collateral swaps, debt swaps, and automatic debt refinancing. It also supports users to migrate collateral between agreements.

In December 19, the project received US$2.4 million in financing from Coinbase Ventures, Pantera Capital and other institutions. Currently, the website has about 20,000 smart wallet users.

See also  ChainLink (LINK) Continues to Shrug off Calls of a Bubble - Ethereum World News

Kleros

Kleros is a decentralized arbitration protocol based on Ethereum, which provides arbitration for subjective conflicts that cannot be resolved by smart contracts. After the DApp that follows the smart contract standard of the project initiates arbitration, the agreement will randomly select a group of jurors for each dispute and let them vote based on the evidence submitted by the parties to ensure the correct ruling.

Any user can become a Kleros juror by staking tokens and earn token rewards through arbitration. Currently, Kleros’s representative arbitration cases include the prediction market Omen’s arbitration for the results of the 2020 US presidential election, and the decentralized exchange Ethfinex’s arbitration for the Baer token listing. There have been nearly 700 arbitration cases.

Mask Network

Mask Network is a Web3 privacy tool built in the Ethereum ecosystem. The goal is to become a portal to help users transition from Web2.0 to Web3.0. The project attempts to develop tools on the platforms of traditional social giants such as Twitter and Facebook. Users seamlessly send encrypted information, encrypted currency and even build decentralized applications.

At present, Mask Network has developed a series of tools on the Twitter platform, so that Twitter users who install its plug-in can purchase cryptocurrency directly on DEX, donate to Gitcoin, etc., without having to jump to the page, reducing the traditional social platform’s entry into the crypto world. threshold.

The above are just some representatives of the Ethereum ecological alternative projects. They help Ethereum greatly optimize the user experience, reduce the cost and threshold of use, and at the same time improve the privacy, fairness, and timeliness of behavior on the chain, and accelerate the arrival of the Web3.0 era.

Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at blockreview.net. Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.