As of last year, we've been heads down building the SOCKET chain abstraction protocol. Time to provide an update on where we stand and why we're building a chain abstraction protocol👇
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The core realization underpinning this new protocol is this: Most successful apps in crypto today do something unique by blending on and offchain elements. Apps that live onchain are constrained. To enable new things, they need to integrate with the rest of the world.
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If you think about it, most successful applications in crypto today blend on and offchain elements.
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There's many things smart contracts can't do. They can't: - Access offchain data (KYC, orderbooks, brokerage accounts, fiat payment networks etc). - Access data from other blockchains. - Control the order of incoming txs to maximize revenue/user surplus.
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With the amount of fintechs and institutions coming into crypto, the need for greater control, composability and flexibility will only increase. Already, Robinhood has announced that only KYC'd users will be able to obtain their tokenized stocks. Coinbase has launched "verified
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Angstrom is running offchain auctions on Uniswap orderflow to protect liquidity providers from toxic arbitrage flow. It's clear that developers want more flexibility.
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But today to enable offchain<>onchain coordination developers need to write, maintain and secure custom/centralized scripts that put the application and its users at risk. Crypto apps need to be verifiable. Even the parts that run offchain.
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So how are we enabling this future? By creating an abstraction layer that allows devs to integrate and compose services, both on and offchain. With SOCKET, devs can write offchain (called "Gateway") and onchain programs ("Plugs") that work together as a unified application.
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The Gateway sits between users and onchain smart contracts. It's like the superbrain of an application. It has access to the state of all offchain modules and chains you want, intercepts user transactions, executes logic and based on it, orchestrates a stream of transactions.
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Hybrid verifiable apps. Here's how projects use SOCKET today: Next-gen prediction market @fireplacegg uses resource locks and offchain auctions to offer a completely chain-abstracted 1-tap pay experience for people to bet on news. https://t.co/92QW3B83vD
🚨BREAKING🚨 the first ever fireplace UX sneak peek is out now waitlist in the comments
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Our own @bungeeexchange marketplace runs an offchain auction on SOCKET to route to the most efficient onchain execution route which may be a DEX, a bridge, a market maker etc. The offchain auction program is able to compose with the onchain execution contracts.
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We're working with teams to turn their ERC-20 into a chain-abstracted token by deploying their gateway programs on SOCKET similar to Circle's USDC Gateway. https://t.co/Hoj0W9vk83
Circle Gateway: a new primitive enabling a unified @USDC balance instantly accessible crosschain. Now available on testnet for @avax, @base, and @ethereum. Mainnet launch coming soon on additional chains with a robust chain expansion roadmap. ✅ Instant Access: Tap into your
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These are just a few examples. We're entering the app era and SOCKET is here to accelerate it. By building on SOCKET, apps tap into the largest distribution surface including solvers, proof systems and plug-and-play contracts to build your hybrid app.
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Applications building on SOCKET won't be starting from ground 0 as they enjoy the large distribution we've built so far: All popular wallets: Coinbase, Rabby, Rainbow, MetaMask. All of your favorite DEXs: Matcha, CoW Swap, KyberSwap. All of your consumer apps: Polymarket,
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@SOCKETProtocol Chain abstraction, brings traction, sparks action, removes friction, increases retention, boosts connection, grows adoption.
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@SOCKETProtocol great breakdown, thanks Socket. Socket Ecosystem is really big. Happy to be PowerPuff.
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@SOCKETProtocol The amount of information that I didn’t knew… just wow Its way bigger than i thought it is Now i clearly understand how smart contacts are limited and why do we need offchain data
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@SOCKETProtocol Looking forward to hearing the latest updates on the SOCKET chain abstraction protocol! It's always valuable to understand the "why" behind the building process.
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@SOCKETProtocol Building the AppLayer so users can engage with their dApps while @SOCKETProtocol deals with the ExecutionLayer No thrills, no frills, just pure chain abstraction making our lives easier
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@SOCKETProtocol Here’s a summary of the reply: You’ve been focused on building the SOCKET chain abstraction protocol since last year and now it’s time to share your progress and explain why this protocol is important for blockchain interoperability.
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@SOCKETProtocol Socket could become one of the most bullish things for interop. With bungee at the forefront you guys are a winner!
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@SOCKETProtocol Thank you for sharing this update Been active for a while and I’m still not on the leaderboard .
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