Ethereum Gas Remains High? Will Cancun Upgrade Improve User Experience Little?
Want to experience 0 Gas transactions? In cooperation with animocabrands, the Ethereum Layer2 project @LightLinkChain, which has just completed a total of 6.2 million financing, can achieve 5000 TPS and 0 Gas transactions!
What kind of technical design allows @LightLinkChain to have such high performance and low consumption?
Let's unveil it
In many Web3 scenarios, due to the pain point of Gas, it is troublesome for Web2 users to enter Web3. Whether it is #DEFI,#Gamefior #Socialfi, due to the large number of EVM compatible chains, users need to have ETH, BNB, Matic and other tokens in their wallets as pre-Gas conditions to experience the application, which has brought many troubles to the development of the ecosystem. And#LightLinkis becoming a killer in this field, bringing many conveniences to the development of Web3!
1/ Project Introduction
@LightLinkChain is an OP Rollup Layer2 project that aims to provide instant, gas-free transactions for Dapps and users on its chain.
LightLink innovatively proposes the "Enterprise Model", a predictable fixed-fee subscription model to manage gas fees, enabling users to experience free, instant, and fast transactions.
LightLink is also compatible with the Ethereum ecosystem to ensure future scalability.
2/ Important developments
• LightLink recently completed a total of $6.2 million in financing, and officially announced that all funds will be used for L2 development
• LightLink is conducting LBP on @FjordFoundry, 4 days left for $LL token launch
• LightLink will airdrop LL node NFTs to @CelestiaOrg $TIA and @PythNetwork $PTYH stakers, who will receive $LL tokens
3/ Project Mechanism
Currently, no L1 or L2 provides gas-free transactions for users, and L2 must charge fees to pay for verification services in L1.
And in LightLink:
• Enterprise: Predictable fixed-fee gas subsidy subscription
• Dapp: Access to a massive ecosystem
• User: 0gas transaction
Before explaining the enterprise model in detail, let’s take a look at the overall architecture of LightLink.
4/ Project Mechanism
LightLink, in partnership with @CelestiaOrg, aims to achieve cost-effective data availability to provide cheaper rates for users.
LightLink uses Celestia’s Blobstream data availability solution, and commitments to the Celestia data root are relayed to Ethereum’s on-chain light client so that developers can integrate it into L2 contracts, which greatly improves efficiency and saves costs.
5/ Project Mechanism
In addition, LightLink has developed a component client called Hummingbird, which can assume multiple role functions, such as Rollup publisher, challenger, and verifier.
Hummingbird consists of smart contracts on L1 and L2, responsible for communication between L1 and L2, data updates in L1, and verification of data integrity.
Advantages: In the event of a single point of failure or L2 offline, users can still withdraw funds from LightLink by submitting a request to L1
6/ Project Mechanism
LightLink calls this OP Rollup Hummingbird Rollup.
Specifically, the Hummingbird client downloads a bundle of L2 blocks from the LightLink sorter, and each rollup block is a bundle containing up to 5,000 LightLink blocks. Then upload it to Celesita (DA layer), and finally create a summary data stream including the data on Celestia and submit it to ETH, which brings extremely low GAS and 5,000+TPS.
7/ Enterprise Model
The basis of the entire protocol's 0 Gas consumption is based on an enterprise model.
For users, they don’t care about the gas fee mechanism or other complex technical principles. However, the high gas fee entry threshold is a major reason that prevents new users from entering the market.
Therefore, LightLink designed an enterprise model to help users avoid this problem.
8/ Enterprise Model
The enterprise model is that Dapp or enterprise (project party) pays a fixed price with stablecoins, purchases a certain number of gas quota units, and registers an account in the smart contract, leaving the name, main account address, monthly expenditure quota units, and the number of wei per quota unit.
When a user sends a transaction, the gasPrice parameter is set to 0, allowing on-chain operations without adding any tokens to the balance.
9/Vision
The inherent advantage of zero gas will shine in the#Gamefifield!
Currently, LightLink has reached a cooperation with the well-known Web3 game company and investment company @animocabrands in the industry, which has invested in more than 50 games including Sandbox. This cooperation aims to enhance the experience of blockchain games through gas-free on-chain transactions, thereby breaking the huge threshold for Web2 players to enter blockchain games!
On the other hand, the growth of the player base will also attract more blockchain games to join LightLink, increase protocol revenue, and thus form a positive flywheel. In the future, there will definitely be considerable growth in user volume and revenue, which is worth looking forward to.
10/ Team Background
• @royhui: Founder, over 20 years of entrepreneurial and computer experience, also founder of IT service company Pellar Technology
• @OliviaRome7021: Founder and COO, over 10 years of operational experience, also the founder of Pellar Technology
• @likhuta: Chief Growth Officer, 8 years of marketing experience, worked in marketing related positions at 6 companies
11/ Financing information
Two rounds of financing totaling US$6.2 million:
Seed round: US$4.5 million
Date: February 6, 2024
Investors: @b3v_io and others participated in the investment
Seed Round Plus: US$1.7 million
Date: April 3, 2024
Investors: @MH_Ventures, @nxgen_xyz, @EricCryptoman and others participated in the investment
13/ Token TGE
LightLinkChain is about to conduct LBP on FjordFoundry and launch the token $LL. There are about 4 days left in the countdown.
The current LBP price is $0.075, MC is $3.78 million, and FDV is $75.46 million.
The current valuation in ETH L2 is completely underestimated.
Summary: As ETH L2, LightLink took the lead in proposing a 0Gas fee solution, which has brought a lot of imagination to ecological applications and scenarios, especially in scenarios with strong traffic such as #Gamefi, DEFI, #Socialfi, etc. This is undoubtedly the best help for Web2 traffic to enter Web3. The project valuation is relatively low in the entire L2, but the ecological construction is a weak point of the project and needs more observation. The future growth space is worth looking forward to!
