I'll see you in the next video.
Hey everyone, thanks for joining. We're going to give it another minute or so, let people
keep trickling in. Austin, is that you on the Omni Network account?
Very cool. All right, then it looks like we've got all our speakers here. Cool, so my name
is Red. I am a research analyst over at Missouri. I cover bass players and some interoperability
stuff, but the exciting part of today is we're going to be talking about some new things going
on with Injective and Omni, and I've got on a speaker from EAT, so would you like to introduce
yourselves? Yeah, sure thing Mirza, you want to kick it off? Yeah, happy to. So hey everyone,
this is Mirza. I run the business team here at Injective. I've been here for four years
now. As a quick intro, Injective is a layer-run blockchain primarily focused on finance. A couple
things make this quite different. So one is the fact that we have a number of unique web3 modules
on top of Injective. You can sort of think of this as almost like a wordpress for crypto where
we provide new templates such as the world's first on-chain order book, options module,
and much more that you can sort of just plug and play to create your applications,
whether that be within DeFi or anything touching sort of broadly web3 finance categories.
It just like very much reduces time to launch for many DAP developers and also just ensures that
efficiency and testing can happen much quicker than on other protocols today. On top of that,
Injective right now is also one of the fastest growing blockchains in terms of user count
activity. And we also have made a number of different performance enhancements on the chain
level itself to reduce Gatsby's effectively down to zero and also to make block times one of the
fastest in the space. So yeah, I'd like to share more primarily about sort of like some of the
work we're doing with Omni and Interop in general. Cool, thanks Mirza. I'll follow that up. So hey
everybody, I'm Austin. I'm a co-founder of the Omni Network. And Omni really exists for a singular
purpose and that is to solve the existential threat facing Ethereum of fragmentation. So we started
working on Ethereum or on Omni about a year and a half ago. At this point, you know, rollups were
starting to get some attention and activity, but we saw really that what the logical conclusion of
a roll up centric roadmap would lead to. And there wasn't a solution that really would tie
all these different rollups together. So we're at a place today where we can see it out in the wild
where they've gotten a decent amount of traction, but they're creating siloed ecosystems. And this
is really degrading the really nice global network effects that Ethereum previously had. So what is
Omni? Omni, it's a distributed network and it acts as an extension to the core Ethereum network to
facilitate rapid and secure interoperability across all rollups. And so what do I mean when I say
it's an extension of the core Ethereum network? It's actually run by Ethereum validators themselves.
So Omni basically, the way that these validators join the network is they can opt into additional
responsibilities to attest to state updates from these different layer twos. And what this allows
us to do is drive cryptoeconomic security directly from the core Ethereum network itself
while kind of expanding the functionality of the core network so that we can have this
interoperability layer across all the different L2s here. Excited to be here today. And yeah,
looking forward to the conversation. Awesome. Thanks, Marzia. Thanks, Austin.
So with that in mind, what we're going to get into today is going to be some interoperability,
as both of our speakers just mentioned that. We're going to talk about things like real-world
assets and some use cases here, VM differences in a couple of different ways, and then
where the ecosystem has been, where it is now, where is it going? And if you have any questions
that come to mind while you're listening, just write them down because at the end of this,
we're going to give some time so you can hop up here as a speaker and ask your question
after we run through some of these topics. So yeah, write those down. Don't forget them.
We'll be talking for maybe a half hour or so. But what we're going to start with
is the Open Liquidity Network. So we got a word on that, but Austin,
maybe you want to give a little bit more of an overview on what that is and then
some of the EIPs that are involved with it. Yeah, 100%. So it's important to understand
what is Omni, what is the Open Liquidity Network. So Omni is a network purpose-built
to relay messages across different smart contract platforms. The Open Liquidity Network really is
this vision of where we want to take the Ethereum ecosystem. And this is establishing a neutral,
open framework that ties all these roll-ups together. So we are building a product that
is purpose-built to facilitate a lot of this. But fundamentally, it's our belief that
no singular solution is going to be able to create, is going to be the global solution
for Ethereum. That actually has to be neutral. It's the same way the internet evolved. We had
America Online and it was this proprietary network where people could link in.
That's the strategy that various interoperability networks have taken so far. What we need though
is an open suite of standards like TCP, IP, and HTTP for everybody to work and collaborate
together. And so that's really the concept of the Open Liquidity Network. It's a suite of
open standards that allow all these roll-ups to work together. And so, like I said, Omni is
something that relays messages across all these different domains using these EIPs. But at large,
this is really our main initiative right now. And we think it's the best way to solve this problem
that's facing the Ethereum ecosystem, both in the short term here, but also in the long term.
Because if you don't establish something that is open and neutral, then what you're going to run
into is you're effectively baking existential risk into the rest of the ecosystem based upon
an interoperability solution. And even though we've invaded on the security model for Omni,
securing interoperability networks is one of the hardest things to do in the space.
And so, it's simply like a poor abstraction design to bake any of that natively into these roll-ups.
So at large, that's kind of the main initiative that we're pushing right now. And one of these
EIPs is EIP 7281. Some of you in the audience might know it as XC or C20. And this is what we
announced recently with Injective. But basically, it's this concept of it kind of deprecates bridges
from a simple perspective. What this is, it's a way for asset issuers to make their token
natively available across different smart contract platforms without causing fragmentation.
And it also has this really nice property where you don't need to maintain liquidity pools in
these different smart contract platforms, either. It can just basically be natively
teleported across these different roll-ups. And so, this is one of the open standards
that we're promoting within the Open Liquidity Network. And yeah, happy to dig in a bit further
later in this conversation. But yeah, that's kind of an overview of the Open Liquidity Network
idea at large. Awesome. Thanks. And yeah, XC or C20 would be huge if you get everyone
adopting a standard like this. This is kind of in the direction of all these teams wanting
to build intent-centric DEXs and just other architectures and other frameworks where you
don't need to worry about all that fragmentation. So, Austin, I'm going to jump to you here and
ask, how would you say viewers should think about the Open Liquidity Network?
What are the roles this is really going to touch and change,
whether maybe it's best for developers or users really going to benefit from it?
Yeah, I mean, so this is going to benefit smart contract platforms themselves. Any of
these roll-ups is going to benefit developers because you can actually create substantially
better developer interfaces for it. And it has end-user-facing impacts as well,
so end-users will benefit from this. So, just kind of clicking into each of those here,
let's talk about the clear benefits with XC or C20. So, starting at the end there,
end-users, XC or C20, it's zero slippage. You just want to move a token, XC or C permits you
to do that with zero slippage. So, historically, we've had to set up these liquidity pools,
and it's not only been costly for token issuers to maintain these liquidity pools, they have to
emit constant incentives to maintain them, but it's also just not a great user experience
because sometimes people will transfer a token, and they're just going to lose some amount of
that token. XC or C20 is a way that allows people to migrate that token, and if they send 10 tokens,
they're going to get 10 tokens on the other side. They don't have to think about any of this
complexity. For developers, it's simply a much easier thing to program with. It effectively
just moves the developer interface to move token rather than, okay, talk to this one smart
contract, enact a swap over here, transfer that token over to another smart contract platform,
enact another swap over there, and then get the output token. We're talking about multiple steps
of logic there that a developer has to think about, which also introduces a surface area for
hacks. The simpler you can make it to actually build applications, the better at large,
but especially in crypto, where you're programming money. That's high level, the benefits here.
Some of the alternatives we've seen, I've touched on the economic-based solutions,
but one of the most fundamental things to communicate here about XC or C20 is that it
puts power where the power should be in the hands of asset issuers at large. Historically,
we've seen this weird paradigm where different smart contract platforms or asset issuers bend
the knee to interoperability solutions, and their tokens become derivatives of those
interoperability solutions. You've probably seen this out in the wild. They're often called
standards, but that's more marketing than anything because it's still a proprietary standard. This
has shown generally they have some prefix on the token. The risk there is that if that
interoperability solution is compromised, the token is screwed, because if that is compromised,
they can just effectively mint an infinite amount of tokens and dump that on an exchange. It brings
huge risk into the actual projects adopting that standard, and you can't really swap out of it
long-term. XC or C20 gives the asset issuers, in this example, the power to swap out bridges
or interoperability networks anytime they want in the future if one then gets compromised. It also
has really nice Web2-like functionality, like rate limiting. I could go on this for a while,
but that's like XC or C20 is the first one that we're really driving here. It's just
a substantially better product experience, both for end users, developers, and for the actual
asset issuers themselves. Yeah, that's great. Making it easy for the asset issuers is
really important to actually get them on board and want to switch over and use this standard.
I'm going to pivot a little bit here to interoperability, which we've been talking
about a lot, but I want to talk about specifically some of the choices behind it.
Injective is built with some Cosmos technologies. That's built with Cosmos SDK and some other
tools in that absolute thesis, but Injective is interoperable with Ethereum, which is where
really all of the liquidity is. Can we jump into a little bit of the decision-making on
why Interop was Ethereum? How Interop was Ethereum?
Yeah, for sure. Effectively, many people don't know this, but historically, Injective actually
started as an Ethereum project. This is back in 2018 and 19. We ran into some scalability bottlenecks
and had to switch over to the Cosmos SDK just because we required a very bespoke solution just
to achieve certain benchmarks for aspects that are trading, et cetera, that required way better
scalability, way lower fees. Ultimately, I agree with you. I think most liquidity, even to this
day, and most developer-minded share requests on Ethereum, so we wanted to make sure that Ethereum
compatibility was achieved day one. Even though we built within Cosmos, we were always extremely
Ethereum-centric. There are a couple of ways to achieve Interop with Ethereum. The most basic
way is when you come onto Injective, you can actually use any of the applications using
Metamask because we invented a very unique signing scheme where you don't even have to
swap out the network on Metamask to be able to sort of use. This goes for more than just Metamask.
It could be any Ethereum wallet. Effectively, the users coming on from Ethereum to Injective
don't really know that they even have to switch networks. They just see that they're paying way
lower fees. Transactions are going through much faster, but yeah, this is something even L2s
can't really do today where you do, obviously, if you use an L2 network, you have to swap out
the network on your Metamask, but with Injective, you can just stay on Ethereum network. I know
that's not directly Interop, but it adds to it because the real Interop we built is we built the
first real bridge from the Cosmos ecosystem to Ethereum. This was an extension of what's known
as the Gravity Bridge. That bridge has to date facilitated billions of dollars in flows
between the Cosmos ecosystem and Ethereum via Injective, of course. The reason it was very
important is a lot of the native assets, such as, let's say, Stables, et cetera, none of the bridges
existed when Injective came out. Today, of course, you have very cool solutions like Wormhole and
Axlar, but none of these solutions even existed, so we were really the only conduit to come into
the Cosmos community from Ethereum. That's on a high level how Interop was achieved,
both from an usability perspective and from a pitch perspective. It was really cool because
after we started building this, we inspired a lot of the other ecosystem to adopt this type, so
a lot of other EVM-compatible chains today, like, let's say, Barochain at most, they all actually
utilized our metamask work and the work we did with EIP, sort of signing schemes,
and also the bridge solutions that we did. Yeah, really cool to see that Cosmos and Ethereum are
coming together more and more. Yeah, awesome. It's great to hear, too, how a lot of these
ideas were kind of plans from the start. I mean, the future is definitely multi-chain. We can't
really just live in one ecosystem, so awesome to hear that. Austin, from the Omni side, I mean,
interoperability is kind of the name of the game for y'all at Omni, so maybe a little bit of a
deeper look at it. One thing that I think helps with understanding a very technical process like
this is maybe anchor it to some existing knowledge, so maybe where Omni would fit in between a bridge
and an overlay network, like an XLR layer zero type of thing, or where it fits in in the suite
of diverse interoperability and bridging tools that we have today. Sure thing. So, yeah,
really, I got into crypto in 2017, and one of the fundamental beliefs I've had since the beginning
is that there are going to be a diverse array of platforms out there, and so I actually started
building my first company in 2018 that I ran for a couple years, and I was also building an interop
network at that time. Actually, specifically, an interop network that was connecting different
L2 platforms. The difference is, at that time, L2 meant things like lightning network. It was
actually state channel based solution, so this was actually like the company or the network that
I built at that time was called Interledger, and it was extremely performant and connected
disparate blockchain solutions, so we could process payments from Ethereum to Bitcoin and
extremely efficient, like we processed 10 billion payments before I sold this company, so the main
constraint there with those solutions, though, was these were payments. These were not Turing
complete function calls, which is really kind of where roll ups come into the scene. We've realized
that the really exciting part about these crypto systems is not only the ability to move money
around, but it's to move money around in a programmatic fashion, so we can create more
complex applications like DeFi. To get into the Omni architecture at large, really the key
innovation that you need to understand here is we innovate it on security. There's really like
three variables that you care about with an interoperability network. There's security,
there's speed, and there's price. At the end of the day, those are the things that
every interoperability network is trying to innovate or provide the best experience on,
and so Omni does a fantastic job on all these, with the huge differentiator being that we
innovated on the security model in the sense that we are able to drive cryptoeconomic security
directly from Ethereum itself. Without getting too technical, I'm going to walk through
what that actually looks like. We have this giant pool of security today that is securing
the Ethereum network. Effectively, what Omni does is that it incentivizes existing Ethereum
validators to opt into additional responsibilities, and those additional responsibilities are
monitoring state updates from rollups. Basically, we get a subset of the Ethereum network and the
capital securing the Ethereum network to opt into this additional job of looking at these L2s and
seeing what's going on with them and monitoring those state updates. What this allows us to do
is create this auxiliary network to the core Ethereum network that has a pool of cryptoeconomic
security so we can have high confidence in all these state updates that are happening,
but have this meta layer around the entire Ethereum ecosystem where we can see the state
updates that are happening across all these different L2s. What this allows us to do is
relay messages across rollups very quickly and in a very secure way. That really is one of the
key innovations here. I don't know if people in the audience are deeper into the restaking
narrative, but yeah, that's the mechanism through which we drive security for this network. This
gives us scalability far beyond anything that we've been able to see before because you asked
about AxlR, so I'll just directly compare it to AxlR. AxlR, for example, is secured with the
Axl token. Necessarily, the amount of security that that network can provide is capped by the Axl
token. Omni, actually, and I think that's about a billion fully diluted valuation today,
because Omni is actually directly leveraging the security of Ethereum itself, we get scalability.
I don't know what the market cap of Ethereum is today, but I think it's like 200 billion.
Literally, it's like multiple orders of magnitude greater than other solutions that we've been
able to see built before. This really comes from just leveraging what is working. We have this
existing massive pool of security, and so we can leverage that to actually solve one of the key
problems that exist within that ecosystem itself, which is the fragmentation caused by rollups.
You also asked about compared it to a bridge. In my opinion, a bridge is just a go-to-market
strategy for an interop network. At the end of the day, an interop network is something that
monitors state updates from one smart contract platform and relays them elsewhere.
I think we saw a DeFi frenzy a few years ago, and a number of these interop networks
identified that they wanted to go to market as a bridge. Omni is not a bridge. We're building
things and promoting standards like XCRC20, which from our perspective, just deprecate bridges
entirely. Omni is an interop network, and it's really focused on just providing
the best performance properties as we step into this more open liquidity network era.
Awesome. Yeah, it's much more ambitious than making a bridge to create something that
is listening to both networks and sitting underneath. I do find there is a network
called Layer Zero, but the concept of a Layer Zero to be helpful in wrapping your head around
what some of these interop networks really do, because that is the goal to be almost sitting
underneath. We're going to jump back to Injective here, and we're going to talk about Volan a bit.
Merza, I want to ask you about RWAs, which if you're not familiar with listeners, it's
Real World Assets. That's a topic that has been getting a bit of buzz just because TradFi is
getting involved in some crypto stuff, and Real World Assets is kind of TradFi's game.
That's something like a treasury or a traditional financial asset, or even actually physical,
tangible assets in the real world. I want to ask a bit about Volan and that RWA module
that was introduced. Maybe a quick overview on it. How does it work there?
Yeah, no, for sure. About a week and a half ago now, we went live with what, in my opinion,
is the biggest Injective mainnet upgrade to date called the Volan upgrade. Effectively,
what we wanted to introduce is an RWA module on change. At the beginning of this conversation,
I was sort of chatting about how Injective has all these really nifty modules that you can plug
and play together to build different sort of applications of your choice, different V5 apps of
your choice. The reason we built this RWA module, and I'll explain how it works in practice,
is Injective has actually been in this space for a long, long time. Even before the word RWA
sort of became a buzzword back in 2020, early 2021, we were launching even on our
custom back in the day, things like tokenized GameStop stock or tokenized FX. We saw immense
traction for those asset classes. One thing that has now entered the market that wasn't
there before, and you're correct on this, are institutions. Institutions you'll quickly find
don't actually care much about the tokenization of the asset itself. What they actually care about
is accessing tokenized assets in a compliant manner. That's what was missing before, right?
Basically, yes, tokenization of assets itself from a technological perspective is actually quite
easy. There are many ways to do it. Either you can work with a custodian, you can get a price
fee from popular oracles on Injective today like Pit, launch a market for that asset, and boom,
you have like FX on chain, you have commodities on chain. Synthetically, if you're using a
custodian, technically, that's a tokenized version of the real world asset. That part is
actually simpler than it seems. What's hard is to get these sort of traffic players or these
larger, even what three institutions, like the jumps of the world or the galaxies of the world,
to come on chain and trade these assets because they're highly regulated assets. When you trade
crypto assets, yes, many of them are utility tokens, et cetera, but obviously, if you're
touching things like FX or anything else, they're very much securities, regardless of what you
might say. Effectively, how this works is Injective worked with a lot of these major
players that are integrated with us. People like Galaxy and Jump were integrated with
our chain and trade on their daily the crypto assets on the chain, but they wanted to be able
to have a compliant way to access tokenized real world assets. What the RWE module does
in a very, very simple sense, is it allows anyone to come in and issue tokens that are
compliant. Effectively, what you do is you can go through, you can add in QIC providers of
your choice and set the scope parameters on it. Let's say it's like, okay, I am Jump, I'm issuing
a tokenized euro on Injective, and I only want people who have passed XYZ, QIC thresholds,
they're not a citizen of the US, and they have an AUM of over $50 million. You can set
parameters like that using the permissions module very quickly. You don't have to
even do anything quite technical to just set up these parameters. You go in and then
you as Jump can now issue that asset. Yes, you might not know who your counterparty is,
but you can rest assured that your counterparty is not from, let's say, an OFAC sanction nation
such as North Korea. You can know that, okay, this other counterparty has the parameters I set
such as having $50 million in any one. This ensures that the asset is not only
listed in a way where institutions can access it, but institutions now can actually trade in size
because there's no regulatory overhang on top of them because they've been able to go through
the correct procedure or process. The beauty of this is you are able to do this on the
injective chain without having some sort of sub-chain or any other format of permission.
Effectively, what this does is you issue an asset. Let's say you issued that tokenized zero,
and now only people who have a whitelisted address are able to access that asset. Even though
injective is a typical L1 blockchain where anyone can, of course, freely enter, but let's
say I myself have not gone through that QIC process and I don't match those parameters,
that jump set, I will not be able to access that asset. I can do other things on injective
or access other dApps, but that asset itself, I can't access. The cool part about this is
the institutions now have a higher degree of capital efficiency because now they can go in
and out. Guys like Jump or guys like Galaxy can access the compliant assets and the free
assets that's available for the public. Let's say Ethereum or Bitcoin professionals,
and they can create very sophisticated trading strategies and just have much more capital
efficiency rather than have to go to a different sub-chain or something else, which is what
most major blockchains are doing today where they create a sub-network that's permission
rather than having permissioning on the native chain itself. I hope that encapsulates the main
view, but that's why we're very excited about Roland in general and what we believe will be
a very, very good product for the RWA market moving forward.
Yeah, Roland is huge. Meeting issuers and institutions halfway and taking away the
uncertain part for them, which is compliance, is massive because we have a lot of these
institutions that I'm sure would be involved if there was more clarity, if they didn't risk
being in an SEC courtroom. If you do some of the hard work for them and say, hey, here are some
training wheels and you can get on and you can make this as restrictive as you want to start,
which isn't really that unusual in the crypto world. Even USDC and a lot of stablecoins
circle can blacklist people if they want. This isn't some crazy revolutionary thing in terms
of adding some of these restrictions or at least making it a little more flexible in terms of how
you want to position your assets that you are issuing and creating, but it really does take
away a lot of the hard work for people that want to come in and build these things. Very cool,
excited to see what gets built with that. Austin, you and Omni, you guys were talking
about this last week as well, right? Yeah, 100%. We hosted an AMA last week.
Yeah, with some teams, the Injective team was there. We also had VanEck, Polygon, Arvitron.
Yeah, a number of teams are because this has become a huge trend in the industry.
Awesome. Can you give us the latest on what the open standards are?
Yeah, and as Mirza was talking, it's actually quite interesting thinking about
specifically how the modules on Injective improve the developer experience, how you get
these things out of the box, because really, that's what the whole concept is with this open
liquidity network. It's not only establishing this in an open and neutral way, but really,
it's improving the developer experience here. Mirza touched on facilitating it so that we can
get assets issued onto these crypto networks easier. I want to talk about one thing that
is like, okay, once we have that, what is further progress we can make? Specifically, this is a new
EIP that expands the standard yield-bearing vault interface. This is called ERC-4626. It's been
around for quite some time now. Really, what has happened in the DeFi industry is we started
to compound things. People talk about these as money Legos. One thing that has become very
important as we're stacking these money Legos on top of one another is creating a standard interface
for claiming yield on these different positions. This was brought up, I think, about two years ago
now. It was originally built by the FEI team, but it's become a standard across the industry for
just the standard way that developers can claim yield as they are interacting with
these different DeFi protocols. More recently, there has been a new EIP to extend this
interface. Specifically, this EIP focuses on expanding the functionality here in two different
domains. One is RWAs, and two is accepting the more modular era we're in now. Specifically,
it makes the yield claims and yield deposits asynchronous, which you just need any time you're
communicating outside of a specific smart contract platform. The super cool thing here is that
we're clearly moving into a modular world where there's just a bunch of different things going
on across different smart contract platforms, so we need to evolve this standard to embrace
that. Introducing a synchrony here is the key way that we're going to achieve that.
Double-clicking into the RWA dimension though, the really exciting thing here is that we can
just natively use this as a shoe-in to put yield-bearing RWA assets into the existing DeFi
ecosystem. We don't need to rewrite some of these contracts. Many of them are not even
upgradable, so if we didn't adopt standards like this, we would not even be able to
fit RWAs into it in a backwards compatible manner. Now, because we have adopted these standards,
what we can do is as we are issuing these assets into the ecosystem at large,
it opens the door for us to introduce RWA assets into the existing DeFi protocols that everybody
uses and knows. You could see a future where I've seen talk about yield-bearing
stablecoins, for example. This is the idea of like, all right, Circle is sitting on a bunch
of US Treasury bills to collateralize your USDC. That corporation is making all the yield on those
Treasury bills. Can we introduce stablecoins that are just natively yield-bearing? You can imagine
us doing that and fitting that into existing protocols like Curve. Just out of the box,
it gives us the opportunity to almost upgrade the entire DeFi ecosystem that is out there today
with the yield that we are seeing from these RWA products. This is one specifically we're very
excited about right now. We covered a lot over our AMA with the other teams the other week.
Awesome. Maybe we'll have to reply to this tweet with the spaces and link into that if
anyone wants to go learn a little bit more. If you're interested in RWAs, keep an eye out
because we'll just link to that talk there and you can listen in. One more thing to get into
would be VMs. When we're talking earlier about, oh, interop with Ethereum, it really means
interop with EVM, which that's other networks as well, but not all of these rollups and layer
twos we're seeing are using the EVM now. We're seeing a lot more diversity in that and people
are kind of building the environment that's more suited to a specific application. This is kind of
that Cosmos app chain thesis as well, but Injective also has different VMs. So, Mirza,
you want to give us like a high level overview of kind of what that means in the Injective
ecosystem? Yeah, no, for sure. And a lot of this goes back to an earlier question we were
chatting about when we talked about the history of Injective and how we actually began on Ethereum.
So, what we realized is perhaps this is a biased viewpoint to an extent,
but Wasm is a much more performant sort of VMware in general, right? So, we decided to adopt
the cause and Wasm stack for the smart contract environment just because a lot of function calls,
etc., are possible on the Wasm layer. Execution tends to be a bit better on the Wasm layer than
on the EVM. However, and it is a huge asterisk, in my opinion, 90% plus of developer mindshare
is still on the EVM, right? And recently, other VM layers have gotten a lot of prominence, in my
opinion, particularly Solana's SVM. Like, I think they still have about 5% to 6% of developer
mindshare today, which is still not insignificant, right? That's still significant. And what Injective
really wanted to do is, okay, a huge portion of our efforts was on how do we make it so that
when an application developer or any project or user comes onto Injective, they don't have to be
restricted by the tooling available. That's why we worked on things like the meta-mass compatibility
or the Ethereum bridging, so that we can entertain users from all places, whether they be more
interested in Ethereum or Solana, etc. And we succeeded very well with our cause and Wasm layers.
Today, on Injective, you have the most vibrant Cosmos ecosystem, arguably,
all the major dApps and Cosmos are almost all of them, rest on Injective in some way, shape,
or form or interact with Injective in some way, shape, or form. But that's only like 35, 40 dApps
in total, even that alone is not enough to really bring in all the developers. So what we realized
towards the beginning of last year is we need to work on new VM layers. So we introduced this concept
of electrochains. So effectively, what this is, is you can now have roll ups on Injective that
don't really go into scalability solutions because Injective as a chain itself is quite scalable,
but we wanted to make sort of a roll up or L2 solution that's bespoke for different VM
environments. So today, we've already introduced two on testnet, and they're about to go on
mainnet very shortly. So one is the EVM itself, which we call an EVM or Injective EVM, and one is
the Injective SVM. So by having these three, we now can encompass both Wasm developers, EVM developers,
and as we end developers in one sort of unified network, which I think will be quite valuable
in the long run, right? So the hope is that developers come in, they can easily deploy
smart contracts on our EVM layer, because they're already familiar with EVM from other ecosystems,
they can use it almost as a sandbox environment. And then they can also find new ways to compose
with Injective's native core modules, such as our on-chain order book or our shared liquidity
layer, because that's a huge benefit of what Injective is able to offer. So yeah, we will be
rolling out both EVM and SVM on mainnet shortly, in the upcoming months. And you'll sort of be able
to see a lot of this in fruition, sort of how these applications can all interact under one roof. So
they're not restricted right now, or have these PvP wars right now, which I think a lot of layer
one protocols go through, it's like, no Wasm is better, or EVM is better, or move is better.
In our opinion, like it doesn't matter. It's what more so can the developer actually build
something that they want, and they can the users use something that they want. And I think all the
VMs have different sets of unique properties and promise and value. So restricting users based on
EVM, or sorry, VM in general, or what VM they choose doesn't seem conducive to growth in
general. So that's the route we've chosen. And it's panning out quite well, in terms of just
before it was all about just being multi chain. And when people say multi chain,
they usually mean having different bridging solutions. But in my opinion, to have true
multi chain sort of composability, you also need composability between different VM layers,
to not only introduce new users, but also to introduce new developers to your ecosystem. So
yeah, that's injective sort of VM playbook on a high level.
That's great. I really agree with that. I really agree with that point of view,
that you shouldn't be worrying about, you know, from a user perspective, what VM is this app
that I'm using? What's it built on? Talking UX, if the user ever has to think about the
infrastructure underneath, something probably went wrong, you know, they should never have
to think about that stuff. And it's very exciting that the SVM and the Solana Mindshare has grown
to a point where it kind of demands a seat at the table, in terms of development and
composability, when looking at interoperability solutions. So very exciting for Solana world there.
And from the Omni network point of view, I mean, how does this kind of change the playbook when
you have to connect to all these different VMs? I mean, just in the ETL2 world, we don't even
have the same accounting model, like some of these are using UTXOs, and things are very
different. So with all these heterogeneous architectures, how does that affect, you know,
the path that Omni network is taking to be composable and to interop with all these different ecosystems
and VMs? Yeah, 100%. So I think the perspective that we maintain is actually quite, it's very
pragmatic, in the sense that we're not thinking about end users here, we're really thinking about
expanding the developer audience when we think about different VMs. No end user is going to care
what virtual machine is running under the hood. Do you think about whether a website that you access
is, you know, using Windows or Linux? No, you don't, like I'm an engineer and I don't even do
that. So like, nobody is going to be thinking about these things. So really, when you think
about it, it's a go to market for expanding to the developer audience. And so like I said,
we started working on Omni about a year and a half ago. And we went just pretty deep on the
kind of like what the future of the role of infrastructure was going to look like. One key
insight from that is just like you are decoupling the computation from this kind of shared
settlement layer here. And so that opens up the opportunity for new VM layers. So even though
back then, I think fuel was probably the only one that had any mind share about like, being
a roll up that did not run the EVM. We knew this was going to proliferate because it's simply like
you look at the market incentives, there's a huge opportunity to expand the developer market by
introducing a roll up with a new VM, you know, people are trying to attract developers from
the suite or Aptos ecosystem, you can launch a move VM. And so that's just like if you think
about it in a go to market sense, and we thought about that, like very deeply as we were
designing this product, there is a clear incentive there for people to introduce new VMs to the
Ethereum ecosystem. So we very intentionally designed Omni in a way that it doesn't care
what VM is running on these different roll ups. It's entirely agnostic, it can work with any of
these roll ups independent of what virtual machine is going because at the end of the day, we're
just looking at state updates, it has nothing to do with the computation, it's just the resulting
state updates. And so I think this is personally a huge growth opportunity for crypto at large,
but also within the Ethereum ecosystem where we can build new roll up platforms that sure, the EVM
has a ton of mindshare right now within crypto world, but like they're the majority of developers
in the world have no idea what it is like to program in solidity. So there are even some
roll ups that are doing things like building a Linux VM. And I think this is necessary to
really expand the addressable developer market that is out there. And so, yeah, we very intentionally
built on in a way where, you know, not only can this work with all these different platforms,
but it also has a permissionless interoperability angle to it. So validators can opt into
testing the state updates for these new roll ups. And really, you just need to create like a simple
interface on each of these roll ups that says like, okay, shoot this message out to the rest
of the network. And that like, is not many lines of code at all. So it's extremely agile. And like,
again, this came back to like, trying to understand the future of the infrastructure space,
like at a very deep, like technical level, and then baking go to market strategies,
natively into the actual architecture of the network itself. So it's actually purpose built
for like a multi VM future, which really today, again, like, this was a year and a half ago,
but we're seeing this play out today. And I think it's only going to accelerate.
Yeah, man, awesome point of view. This is a growth opportunity, not a complexity issue to
worry about. I love that stance on it. So now's the time if you're in the audience,
if you got a question, raise your hand, I'll give you all a minute to do that. While I ask
Austin and Mirza our speakers, you know, if you just want the listeners to remember one thing,
or just, you know, keep one thing in mind of what is being built on your networks, what's coming,
what just came out, what's the most exciting thing to you? Just, just a quick word on that
before we go to questions. Yeah, I can go first. And I'll let Austin chime into on our end. Yes,
some of the stuff we talked touched on during this conversation, I think last year was a lot of
building for Injective. I think this year will be the year of launches on Injective. So you've already
seen a lot of dApps launching, I see some of them on this call too, like Neptune,
while after the first lending market on Injective yesterday, you're going to see a lot more D5
primitives being built on Injective, whether that be in the options realm, in the prediction
markets realm, just general LSD, infra. So very excited to see some of that in the upcoming
months. Obviously, very, very excited to see also the different VMs go live on Mina,
because effectively that will allow a legion of new applications to come on board onto Injective,
the broader cosmic ecosystem that weren't available before. And then finally, keep an eye out on
sort of Injective and its work with RWA. There's a lot of cool things that are happening behind the
scenes. Just, just know that these things take time, especially when working with institutions
or by organizations. But yeah, I think this can be a cool year where you see a lot of actual
real adoption, not just within Injective, but in Web3 as a whole. So I'm very excited about
that in general. Awesome. Austin, you share and then we'll have Mr. Basham here to ask a question.
Cool. Yeah, so last year we ran two test nets. This year, we're going to release our third test
net and mainnet. But the most important thing that I think people should take away from this
is really we're introducing a new paradigm for the future of the role of ecosystem as a whole.
We're going to tie all these together in a neutral way. Previously, interop companies
and like networks have shoot or like attempted to become TCP IP. And fundamentally, that is a
flawed strategy. Our strategy here is to be the star link. We are aiming to be the infrastructure
as actually facilitating the passing of all these messages around. And that's just going to
create a better foundation for the entire ecosystem to flourish because there's no
proprietary lock in there at the end of the day. We're going to establish the TCP IP equivalent
in crypto as an open standard. Nobody is going to own it. And what we're doing behind the scenes
is creating the most performant product to actually facilitate those messages getting
passed around the Ethereum ecosystem at large. So we have an upcoming test net. Everybody stay
tuned for that. But really, that's the main thing that I want to introduce like
people to take away from this is we've been thinking about this wrong. Historically, interop
has screwed over the space. In many ways, we have literally lost over a billion dollars,
I think directly to North Korea because of these design decisions. And we're changing that this
year. Awesome. Love the spirit with the open standards that you guys hold so closely. So
Mr. Bash, thanks for listening. You want to ask your question, whoever it's for?
Oh, Jim, Jim, Jim, everyone. Yeah. Actually, I have a little contribution.
A question was thrown to Mr. Mr. Thank you for everything I've been doing
as the head of business development for Injective. So I just want to add a little bit on Injective
full-on upgrade. Actually, what Injective full-on upgrade comprises, it comprises of a lot of
innovation and technology. So I wrote a trend for the 15 feature of Injective full-on upgrade.
So after the Injective full-on upgrade was passed, now Injective is now a deflationary token.
It makes Injective to become a deflationary token. Injective will never reach its
maximum supply. And apart from that, the gas charges on Injective before is usually
at 0.002 INJ. So it is now reduced to like three cents now, like about 0.0001 INJ. And the speed
of Injective blockchain before it actually take 0.8 seconds to make a block. But now that has been
reduced, like it is now like five times faster. And currently Injective supporting
in EVM, in SVM. And before the full-on upgrade, Injective is interoperable with about 15
chains. But now it is now interoperable with the total 50 plus chain on Cosmos IBC.
We have seen interoperable with Ethereum, interoperable with BNB, interoperable with
Solana. When pits or popularly called pipes came, Injective integrated with pits to actually make
pits available on Injective, from Solana to Injective. So a lot of like full-on upgrade,
if we should talk about full-on upgrade, we will talk from full-on upgrade alone
for more than five hours. Yeah, you have a very big chance to the Injective team and everyone.
So I just have to add that people to know about what full-on upgrade actually bring to
Injective. Thank you for giving me the mic.
Yeah, thank you. So, I mean, maybe a question, Mirza, would be, you know, of all those features
Mr. Bass just mentioned, of all those changes, what's the part, the one that excites you most
about Volon, is it, you know, supply pressures, VMs, like, you know, what's the most exciting to you?
For me, it's the RWA module, I have to say. I think that just, if you really look under the hood,
it took the longest to build out internally. So I have to put that one up top just because it
just not only opens up Injective to a lot more institutional use cases, but actual sort of adoption
of RWA. So yeah, I'll take that one. But I appreciate the summary. I think Mr. Bass gave
a better summary than I did. So I appreciate you doing that. Yeah, a lot of cool stuff there.
All right, Ace, I just pulled you up. Thanks for listening. Thanks for asking your question. What
do you got? Yo, it's been an amazing space. I mean, I've been waiting for this for the longest,
right? So I'm the kind of person that likes to, you know, do my own research and learn
a little bit about integrations happening on Injective because I mean, we've had like the
greatest, like the best partnerships and the best integrations in the last one year or so. And I
mean, with everything we're doing here, I mean, it's only a matter of time before we take over
the blockchain space, right? So I think I do understand what Omni Network is trying to do,
especially integrating Injective, right? But I wouldn't say I have like a proper understanding.
Now that we have a, should I say someone who has like a better understanding of it,
and maybe an engineer here, I would like to know like, how does this, you know, serve Injective
liquidity wise and all? Because I know Omni Network is basically a restricted blockchain,
right? That is actually going to be, you know, unifying fragmented liquidity, and of course,
unifying a lot of roll ups, roll ups, right? So how does this have Injective liquidity rise?
And of course, like, what opportunities will Injective likely appropriate from these partnerships?
I'll just get like the best explanation ever. Thank you.
Yeah, I appreciate you coming up and asking the question. So just to reiterate, I'm pretty sure
what we're looking for here is like, how does Omni relate to restaking? How does this factor into
the architecture? And with that architecture in mind, how does that relate to the Injective
ecosystem? So to address the first point, the restaking architecture comes from the fact that
we are able to derive crypto economic security from the Ethereum network itself. This is a
this is how we are able to achieve security properties far beyond what the space has been
able to achieve properly, or previously. And that's because before people were trying to just
spin up their own networks that were secured by their own token. And so this not only leads to
lower amounts of security, it leads to more volatile amounts of security. And again, like,
I think maybe this has come through in my responses, but like, I'm like a very product
oriented co founder of this network. We really think about that in terms of scalability of the
network, like we are trying to build the solution that solves this for Ethereum. And if you are
trying to solve something for a network at the scale of Ethereum, you need to have an extreme
kind of like upper cap here. And if you are just securing an interop solution with a new token
that you create, it's not going to be able to keep up with the scale of the Ethereum ecosystem.
So we actually drive that security directly from Ethereum itself. So that's the answer to your
first question, in regards to the injective ecosystem. Really, this is, you know, diving
into similar to what Mirza has been saying about the modules in the injective ecosystem,
I feel like you can almost think about those as similar to the EIPs that we're pushing throughout
the kind of like modular Ethereum ecosystem here. So XCRC20, the specific one that allows liquidity
for assets to be flowed seamlessly across different rollups. And so by adopting the XCRC20
standard, this allows just given the scale of injective that they've achieved so far,
this not only is very like performant blockchain itself, but the asset itself has hit a scale
where, you know, it can be used in other DeFi protocols, it can be used as collateral,
you know, you can think about it as like using it as collateral to borrow against if you want
to borrow other crypto assets, maybe, maybe, you know, open a leverage position, or you can
do something like collateralize a stablecoin with INJ. And so the whole initiative here
really is about expanding accessibility to that liquidity in a way that is fast performant
on provides for the best user experience by providing a zero slippage experience when
whenever you're moving that asset around. Awesome, great questions. We've got time for
one more. Ventarius, you know, get up here, let us know what you got. And thank you for asking a
question. Let's hear. Awesome. Yeah, thank you. Well, I really don't have anything huge as far
as questions pertaining to the on the or the injective ecosystems. It was an awesome panel.
And I thank you guys for dropping gyms. So my question is actually for Omni. And it's actually
regarding to awesome, I would love to be able to share some insights and things like regarding
marketing, but actually, I'm a popular position, but I would love to just regardless, I would love
to share some stuff with marketing. I think what you guys are doing is awesome. And I'm a big fan
of the project that you guys are working on and the way you're working to develop the ecosystem.
And I want to be able to support in some manner.
Yeah, yeah, man, I've seen you reply to a number of my tweets, and I appreciate you making the space
today. So what are the best ways to get involved to get that test net coming up, right? People
can use that will be open or is this like closed beta test net? No, I mean, from our perspective,
the whole point of a test net is to try and break the network, try to get as close as possible
to mainnet, as you can in a test net, you know, so previously, we had over 400,000 users, we
processed over seven and a half million transactions, the whole goal of why we're running these test
nets is to just get organic stress testing of the network before it hits prod. And so we will have
a third one here. And you know, von von Terry is like shout out to anybody else in the audience
as well, we're hiring for really across product, engineering, marketing, BD, like we are really
scaling up our team, we double the size of our team in q4. And we're planning to do it again in
q1 here. And so yeah, you know, if you're interested in what we're building, you can just
search omni network careers, and our page will come up. We're trying to grow aggressively here,
not only from a product traction perspective, but increasing our internal firepower to achieve
these goals. So I would love to have anybody who's interested in joining us. Shoot over an
application. Cool. Yeah, definitely go check out those roles. And you heard it here. Let's
try to break the test net next chaos. Yeah. All right. Well, thank you, Austin. Thank you,
Merza. Thank you to everyone who's listening and those who asked questions. Keep your eyes out.
We got some big things coming. And that's all we've got for today. Thank you, everybody,
for joining. Yeah, thank you for being great. Yeah, thank you, read.
Oh, you're welcome. All right. Catch you all around.
All right. Everybody have a good one here. Thank you for joining. Bye.