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Defi Interoperability on Sui
Recorded: Dec. 19, 2024 Duration: 0:17:57Space Recording
Short Summary
The transcript discusses the importance of cross-chain liquidity and user-friendly solutions in the crypto space, particularly focusing on the Sway ecosystem and its impact on exchanges like Bluefin. It highlights the role of Wormhole and Swaybridge in improving liquidity efficiency and reducing friction for users. The conversation also touches on the need for seamless onboarding and user experience to drive DeFi adoption, emphasizing chain abstraction and real-world utility apps. The launch of Sway is seen as a significant step towards chain abstraction, and the potential for innovations like faster-than-finality transactions is discussed. The transcript concludes with excitement about the future of Sway and CCTP, with a focus on liquidity and cross-chain messaging protocols.
Full Transcription
Sincere apologies for the technical issues.
It looks like we are good to pick up where we left off.
Can you hear me?
Yes.
Okay, perfect.
Okay, just to recap.
So we got set, so we talked to, to Ian over at Circle, Isaac at Wormhole.
Bridger was giving us an overview of the challenges that Sweet Bridgett,
bridge addresses and what it means for Sway builders.
Now I'd love to chat with Reveal over at Bluefin and hear his perspective from a protocol on the
importance of liquidity efficiency and user-friendly cross-chain solutions.
So Reveal, how does improved cross-chain liquidity through CCTV and Swaybridge impact
Bluefin's users?
Yeah, for sure. So we're in exchange. And tactically speaking, this means, one, you know, there's less fragmented liquidity and better security. I think as Ian and Isaac both mentioned. There's quick transfers across chains. So you can kind of move assets back and forth from Salana our base in less than a minute.
I think more than that, there's easy transfers from sexes.
A lot of people still hold their assets on centralized venues and now, you know, just being able to go back and forth with USC makes it easier with a bridge version. This wasn't possible.
You know, in previous, I think people would just send Sui from Binance onto the chain.
And now, because you can send USDC from these centralized venues, there's going to be a lot less slippage when you convert to stables.
I think it should unlock a lot more fiat on-ramp options.
I think ultimately what we want to be able to do is just have something like Apple Pay or, you know, Venmo be able to.
enable you to on-ramp, and I think this is an important step towards that direction.
And I think finally, there's easier rebalancing, especially for, you know, liquidity providers
who are running, you know, sex to dex or cross-ecisystem DFI strategies.
And this is particularly important for institutional LPs who are running, you know,
mid- or high-frequency strats, and it makes it a lot simpler and cleaner for them.
Very interesting. Thank you. So you touched on a few things there about the importance of liquidity efficiency, cross-chain solutions.
Are there any other pain points that CCTV and Swaybridge solve?
Like I think, you know, we're in exchange, so it's all about liquidity.
And the easier it is for liquidity to come on and the more capital-efficient it is,
the better the U.S. on the platform.
And ultimately, you know, the most liquid on-chain venues will capture retail flow,
which is our goal. And this is a very important step towards that.
Great. And so what is this, what do you think this unlocks for traders and
D5 protocols in the broader suite ecosystem?
Yeah, I think it's going to reduce the friction of onboarding onto the sweet ecosystem significantly.
I think, you know, up until now with ZK login, it was very easy to create wallets, you know, get set up with the wallet infrastructure.
But moving assets over was not as easy and as simple.
So this is going to make that process a lot easier.
I think it's also as a result of that going to unlock a lot more liquidity in the ecosystem,
which is also very interoperable within and cross ecosystems.
So this should enable new strategies, you know, whether that's leverage yield forming or arbitrage,
should have way more competitive pricing overall through the Sway ecosystem.
Thank you.
Great. And then so for me as a user, if I want to, if I want to leverage CCTV, it sounds like there's a few ways I could do that. I could utilize the Sway Bridge, which is powered by Whirlhole. I could use Wormhole's portal bridge. And I could also just go directly to Blupin and utilize it there. Is that?
Is that correct?
Yeah, I think as Isaac was mentioning at the start,
wormhole makes it super easy to enable this.
So we were able to just integrate wormhole onto our front end.
And so behind the scenes, it's CCTV and warmhole.
But it was, you know, through the help of the wormhole team just became a lot simpler.
Okay.
Awesome.
All right, anything, any other, before we move into just an open discussion on the importance for
DEPI users and builders, just wanted to ask Bridger Ian, Isaac,
would be all like anything that else that you think we should raise or that you guys want to ask one another?
If not, I have a few questions I could ask you guys and whoever would like to answer, just please jump in.
So why is seamless onboarding and you act so important to drive the next wave of defy adoption?
I'm happy to jump in. This is Ian.
I think the problem in, you know, current defy and particularly in the past as well is
Protocols demand users to manage multiple wallets.
I know we have account abstraction, trying to extract that away.
They inquire the, you know, paying the gas fees and the native token on chain or really interacting directly with smart contracts.
And I like to compare this to...
Think of this as like navigating traditional finance with dev tools instead of the utility,
you know, mainstream apps that we use today in Tradify. And I think the industry needs to evolve
from this primary focus on infrastructure. There's obviously a flywheel effect and it's needed,
but we need to start thinking more and more about real world utility apps on top of Defi.
And I think of AI-driven interfaces,
voice-assisted navigation, gamifying defy.
And ultimately, the goal should be to kind of make
defy as intuitive as mobile banking for mainstream onboarding.
And really, we need to kind of push the tech complexity to the background and think about chain abstraction.
CCDP kind of I see is a big leader in that world where we're connecting, you know, different virtual machines and ecosystems.
You have Move VM. We have Ethereum virtual machine, SVM for Solana, Cosmos SDK, kind of bringing that
all together and pushing it to the background for users.
And I think all of that will kind of help the next wave of defy
to bring on more non-native crypto folks.
Yeah, I totally agree.
What about is there anything else apart from chain abstraction
and creating an easier onboarding experience,
better U.S.
That really needs to happen for mass adoption.
I have a question. So, you know, with CCTV, you know, wormhole, Swee Bridge, we're making it a lot easier to onboard onto SWE. But how do we think around onboarding onto crypto in general? Because CFI is still the gateway to do that. And you guys have thoughts around, you know, with TCTP or wormhole, how we're thinking around just Fiat onramps in general?
At least from the Wormel side, I think, you know, less focused on like the FIA on and off ramps, but just going back to like the chain abstraction piece. I think that crypto
crypto natives understand the fundamental merits of, you know, what defy and what stable coins can enable,
whether it's, you know, let's say banking the unbanked or like an inflation hedge or just access to lending markets.
And well, I do think defy as an ecosystem has made a lot of progress with improving the U.S.
There's still so much work to be done, especially in the multi-chain space. And I do think that a
a lot of the key constituents are sort of starting to like coalesce around that idea of chain abstraction,
where underneath the hood, you know, protocols like Wormhole can do the heavy lifting
and manage that stack across multiple chains.
But to the user, it should just look and feel like they're on one chain,
or maybe even the notion of one chain is fully abstracted away.
And I do think that this launch on Suite is a big step in that direction.
But when I think of what's going to bring the next wave of BFI users,
I think this notion of chain abstraction needs to be in virtually every part of the stack.
So like wallets and apps and assets and every touch point in between.
Yeah, that's what I think is really going to open up the floodgates for a bunch of these super apps and mass adoption more broadly.
Yeah, just to jump in real quick, I think it's a hard problem, right, to like try and address the like non-crypto-native users.
And because ultimately they are going to be the next wave of users for the industry.
But they need to be addressed while still giving those super users, those crypto-native users, the like optionality to still have like fine-grained control over their on-chain activity.
So it's like...
I see it as like we need like solving for both is a hard problem and like there's still a lot of work to do to go on the ladder obviously like we only have the like right now that like the main focus is on crypto native users.
But yeah, really really I agree targeting the targeting the non crypto native users is going to be the next wave and I think that's like ultimately the hardest problem.
All right. Any other comments from our speakers or questions?
Okay, I have one.
So for our builders tuning in, what are, what do you guys think from your perspective are the biggest opportunities unlocked by CCTV and Sweet Bridge for creating better DFI products?
Reveal any insights or?
I think.
Yeah.
Pretty much a lot of the points previously mentioned, it's really the ease of transferring assets, you know, from, let's say, Salana or base back and forth or centralized venues that is really going to unlock the opportunities.
I'm going to go a little step higher than just CCTP and Sweet Bridge here.
Just shout out again to Sween.
Electric Capital just recently put out their developer report and Svee is the top 10 chain for new devs in 2024.
So I think.
Things that unlock in terms of the technological innovations when you have programmable transaction blocks, where you can execute a little over a thousand transactions or like to say unique operations in a single execution rather than separate executions.
If you think about native USC routing behind the scenes via CCTV,
to me, that's endless opportunities to compose transactions together and unlock maybe,
you know, additional advanced on-chain automations with that execution model.
And for the devs tuning in, I would just say study successful, you know, sweet protocols,
you have Deep Book, you have CIS, you have aftermath,
Sweden, obviously, and I think looking at the code and understanding the model and operations,
I think will be great for ideation for you all.
Yeah, totally agree. Thank you.
All right, so last question for all of our speakers.
Just in one or two sentences, what excites you most about your respective projects?
Or just in general, what do you think our listeners here today should be studying or exploring?
Isaac, we could start with you.
Yeah, for Wormhole, fitting with the theme of today's space, I am definitely most excited about our work with stable coins and enabling them to move frictionlessly across chains, which is something that we think will be a huge unlock for so many reasons.
So we definitely recommend listeners pay close attention to that, and we have a lot more coming there.
Richard, what about you?
Yeah.
Yeah, I'm most excited about adding more for Native Bridge,
more excited for adding more chains, more assets.
And for Sui, I'm excited mostly to see what comes from this low finality time
and like how that will empower new on chain interactions
because I don't think we've ever seen
quite a performance like this from any other chain.
So I really do think something interesting is going to come out,
especially the next year.
That's going to be like the thing everyone points to say,
I see why this is innovative.
And Rubio, how about you?
I think we want to become the most liquid on-chain venue, and I think it's all about liquidity.
And so if, you know, Swee's advantages and kind of the unlock for liquidity here makes that happen,
that's pretty much what we're most excited about.
And I think with, you know, all of these cross-chain messaging protocols as well,
if we are the most liquid venue, then I think all of these other chains also start tapping into sweep for liquidity,
which I think can be pretty exciting.
And last but not least, Ian, how about you?
Yeah, just building off what others said, specifically Bridger here.
I think a big innovation, shameless plug is CCTV V2, and we're bringing V2 contracts to SWI
and all the other supportive blockchains on the current version of CCTV. We're dubbing that V1.
Really, the innovation unlock, or use that word again, is, uh,
faster than finality transactions.
So currently in EVM chains in particular,
we're constrained by block finality times on the source chain,
but we've enabled a way to enable transfers of USDC
and faster than finality transfer times,
along with greater composability of the protocol.
So you'll see more of that messaging on the ecosystem shortly.
And if you want to learn more, feel free to go to console.
circle.com slash CCTV, where you'll see a little bit more details about the different versions.
And I'm excited about the future for SWI and CCTP.
So thank you all.
This has been great.
All right.
Thank you, everyone. Special thanks to all of our speakers.
This has been super informative.
Really appreciate the discussion.
We could go ahead and wrap up.
I wish all of you guys, happy holidays and a good start to 2025.
Thanks, everyone.
Thanks.
Thank you.
