作者：Lao Bai 来源：X，@Wuhuoqiu

说完RWA，说下ETH和Solana上值得一提的事儿。

The most worth mentioning on ETH should be the Native Rollup proposed by Justin some time ago. This has been further expanded on the current Based Rollup, and of course it is much more difficult to implement.

Let's briefly talk about Based Rollup -

This is what Puffer/Taiko is doing. Compared with traditional L2, the sorting rights are handed over to L1. There are two main benefits: one is that L1 can capture more value, and the other is that all Based Rollups have theoretically formed interoperability.

I was originally confused about 2. Later, when I was chatting with a project of Based Rollup, I asked the Founder and confirmed that it was indeed possible to interoperate, because in the Slot of any 12S on L1, there is a certain selected validator responsible for block production, and all the sorting of Based Rollups will be the selected validator, so these Based Rollups can indeed form interoperability.

But there are two follow-up questions that follow

1 are currently several L2s that occupy an absolutely important position. There is no motivation to transform into a Based Rollup

2 is that if there are dozens/hundreds of Based Rollups in the future, then the burden on the verifier responsible for block production on L1 will be much greater, and the hardware requirements for it will definitely be much higher than that now. And because the validator is randomly elected, that is, all the hardware requirements of Candidate must keep up, otherwise you can't stand the order of these dozens/hundreds of L2s at all, then the decentralization of ETH Validator will inevitably have a great impact.

Native Rollup

Based Rollup is the order.The order rights are handed over to the verifier of L1, while Native Rollup handed over the proof system to the L1 verifier. By introducing a precompilation, L1 can sense the state transition of Native Rollup in each block (this precompilation blind guess requires a hard fork upgrade to be added). In the early stage of the proof system, Re-execution (that is, the L1 verifier runs the transaction by himself) is used as the initial solution, and Real-Time Proving (based on Snark proof) is used as the optimization solution, but this requires a significant improvement in ZK technology (the proof of a block can be produced in a few seconds, and it is currently not reachable. It is estimated that there will be at least 3-5 years)

Native has three points worth mentioning

1. You will find that this is actually very similar to the earliest ETH expansion solution. This is not Rollup, isn't this just sharding?

2. You will find that ETH and Solana meet at a certain point. The two expansion projects of Solana, the Ephemeral Rollup of MagicBlock and the expansion execution layer of Lollipop, are somewhat similar to the Native Rollup, and they all have a bit of a fragmented visual sense.

3. I am not 100% sure, but I think/hope this is the case, that is, the user experience of Native Rollup and MagicBlock does not require users to switch the network. That is, you stay in ETH/Solana L1 on MetaMask/Phantom, and your assets have not entered and exited L2 through the bridge. Native/Ephemeral Rollup just completes the calculation as an external execution layer, and then automatically settles in L1, so that there will be no island problems in liquidity

However, you always feel that the ideal is full and the reality is skinny. Not to mention the technical difficulty and time of implementation, it is difficult for people to become optimistic about the existing L2 interest division.币圈发展到现在，早已不是加密朋克精神与技术至上了，而是江湖。

As for the Prague upgrade next month, there are already many articles interpreted online, so I won't go into details here. I hope that after this upgrade, 7702 can end the previous account abstraction of various EIPs and come up with a final solution at the chain level. Of course, whether the end users and developers buy or not is another Story

然后再来说说Solana

Solana最近值得一说的同样是两件事，一个是前段时间非常火的SIMD-0228提案。

The content of the proposal is to change the current inflation of Sol, from the current fixed annual reduction of 15% to an inflation rate that is dynamically adjusted according to the pledge rate

Overall, there are several characteristics

1. The MEV income status has improved (Solana's MEV income in Q4 2024 was 10 times that of Q1, but with the shutdown of http://Pump.fun, I am quite curious about what level of MEV income will be in 2025)

2. The additional issuance dynamic adjustment is set to three balance points based on the pledge rate: 65%, 50%, and 33%. 3. The new proposal is not very unfavorable to small and medium-sized validators

4. It can be seen that Solana is also shifting from "overpayment to ensure safety" to "find the minimum necessary payment"

This proposal ultimately failed because it did not get 66.7% of votes in favor, but it was not far from the same. Getting 61% seems to be the case. Although the proposal has not passed, there are two interesting things worth mentioning

left;">1. Antatoly was not too frustrated. He believed that "Solana's governance needs to be fast and decisive, and rapid governance actions will be the key to finding better solutions." In other words, the failure of SIMD-0228 is also a reflection of the autonomy and efficiency of the Solana network. This proposal took about one month from the launch of Multicoin to the community discussion to the end of the voting. It was "quickly passed/failed", and then the next one, which is very important for the rapid evolution of Solana. 2. It is the Chinese media's interpretation of the inflation rate of this proposal is almost all wrong. Most Chinese media, including Chinese Twitter, interpret the inflation part of this proposal as "reducing inflation by 80%"”, that is, the inflation rate of 4.8% has dropped from 0.8% to about 0.8% under the current pledge rate of around 65%. I was shocked when I first saw it. After changing to several Souces, the same interpretation was also true! How is this possible? This verifier is not furious yet! Even if Mev income increases, the additional issuance income instantly decreases by 80%, and Validator will strike... Then I looked at the original proposal and the interpretation of KOL in the English area. Under the current pledge rate, it should be reduced from 0.8% to about 4%, rather than directly to 0.8%. It is estimated that the earliest author of the interpretation article in the Chinese area misread the formula and directly understood it as reducing it to 0.8%. All media + KOLs later copied the homework and then copied the wrong collectively.

The second thing I want to say is actually not news. There will be something in 2024, but the first time I know it was when I was chatting with a RWA project on Solana, Founder told me that it was Solana Token Extension. I guess many friends don’t know it, so I’ll share it.

Solana Token Extension - a new generation of SPL token standard, that is, Solana chain-level token solutions, including privacy transactions (only amount of privacy, both parties cannot hide it), transfer Hooks (such as requiring KYC, mandatory royalties), non-transferable tokens (similar to SBT), interest-generating assets, metadata, etc., there are 19 total, and you can use it at will at will

This is also the main reason why that RWA project adopts Solana. In addition to TPS, Solana has chain-level native privacy, KYC and other token standard solutions, and can be combined, which is much more flexible than the various ERC separate token standards on ETH. For example, the new generation of Move tethers cannot have such rich native-level availability for the time being, and Solana has become their only choice. This also makes me much more confident in Solana. Solana can do more than Pumpfun and Meme. Using these Token Extensions flexibly, I believe that I can make many meaningful projects.

I finally finished talking about ETH and Solana. I will write the last article of this series this weekend, Crypto X in 2025 Observation and thinking of AI.