Olivia
Online
GTE Intern ⚡️
@GTE_Intern
Shameless @gte_xyz shill. May or may not be paid off by @megaeth_labs.
Fudding Alt-L1s
Joined July 2024
44 Following
542 Followers
38 Posts
eth bull case is easy:
- most decentralized l1 by far
- adoption by large tradfi institutions like blackrock
- network extensions focused on execution like mega coming online asap
- Vitalik is still around, blog posts at an ATH (bull posts too)
the ticker is eth.
https://t.co/0v3kW0MNHr
So, uh, @megaeth finally put some of their performance numbers on their website.
Check this out.😅
Here is the current landscape of live L2s according to @growthepie_eth:
Base the clear leader at 14MGas/s and committed to increasing their throughput at least ~1 MGas/wk. That means 80 MGas/s by EOY '25 (hopefully sooner).
...and here is the MegaETH site:
Just to put this in to perspective, here is what would happen if we added it to the chart from above:
This is obviously an absurd number relative to what have within the Ethereum landscape, and only possible because they're an L2.
That's the part that has me excited.
There are only 2 blockchain constructions with uniquely enabled properties due to being an L2:
🔹Based (gets L1 composability)
🔹Thicc Sequencer (Ultra-high performance)
I'm watching both of these areas closely.
on days like this it’s important to remember:
we choose to bull post eth.
we choose to bull post eth...
we choose to bull post eth in this decade and do the other things, not because they are easy, but because they are hard; because that goal will serve to organize and measure the best of our energies and skills, because that challenge is one that we are willing to accept, one we are unwilling to postpone, and one we intend to win, and the others, too.
GTE is the most egalitarian thing I've ever seen. It's insanely ambitious, and if it works, it can reshape the fabric of society
GTE is the most egalitarian thing I've ever seen. It's insanely ambitious, and if it works, it can reshape the fabric of society
Listen to the full audio here:
https://t.co/DtSFvi8EHE
geeter here.
we did an ama with @namikmudurogulu last friday, and it went so well that we have to share the recording with you. (linked in replies)
geeter wrote some intern notes.
enjoy.
who is Namik, what is his role at mega, and what is his background?
namik is a founding member and head of growth over at @megaeth.
as the head of growth, he’s in charge of leading 0 → 1 initiatives for mega, such as creating the @megamafia, and working closely with the initial cohort of teams building on mega.
his experience growing up in emerging markets (that didn’t have access to robust financial infrastructure) led to him discovering and understanding the power of crypto in 2019 (for example, Turkey, where he is partly from, has experienced significant inflation of their currency, leading to widespread crypto adoption).
he worked on a variety of projects before helping start mega, including an identity project, working at a prop-trading firm, investing at hypersphere, and working on projects like metamask and linea at consensys.
what were the key strategies and challenges that Namik implemented when building the mega ecosystem, and how did he prioritize attracting developers when the chain isn’t out yet?
megaEth is unique because its main value proposition is a fundamental technology unlock.
> op stack forks are limited in additional developer functionality (most recent breakthrough has been adding additional native yield on eth + usdc, not enough to compete with alt l1s)
> zk-rollups have tried to focus on scalability but haven’t achieved meaningful breakthroughs
by focusing on maximizing the performance at the tradeoff of mega only being possible as an eth l2, they’ve been able to create a paradigm-shifting chain that will enable a new class of apps.
this unlock is what has been driving the initial developers to come to mega with no grants needed.
the initial cohort of developers has formed into the @megamafia, which has teams building exchanges like us, to real-time prediction markets, to depin applications, all working composably with each other.
what sort of applications can be expected on megaETH, and what does real-time functionality mean for users?
> mega has:
• 100k tps
• 1-10ms block times
for context, solana has:
• 450ms blocktimes
this means mega is 400x faster.
this real-time capability enables a new class of applications to be formed: real-time dapps.
for example, gte is building an exchange that would be impossible on other execution environments. Other teams are building lending markets that can perform real-time micro-liquidations to help borrowers avoid getting liquidated in one swoop. other teams are building fully on-chain autonomous worlds. some teams are building fully decentralized vpns.
there are more than 10 teams on mega who have raised from top-tier vcs to build applications on mega already.
how is mega’s ecosystem growth structured, and what are the future plans for scaling?
> namik’s focus was on making the mega mafia, which is now completed. he just brought on a close mentor and friend of his as the new head of ecosystem (will be announced soon), who will focus on scaling the mafia from 1 to 100.
> namik will now focus on initiatives like bringing liquidity to the chain and incubating new applications such as fully onchain venmo.
what does namik think about the rollup landscape and mega’s position within it?
> mega will make ethereum great again (mega).
> eth and its l2s have traditionally opted for decentralization — no one has tried to push the limits on performance. eth has become too fragmented, both in liquidity and in mindshare.
> mega hopes to consolidate that activity into one chain that can handle all the user demand while not fragmenting composability.
why did mega choose to stick with the EVM instead of adopting alternative virtual machines like the SVM or MoveVM?
why build with the svm, when evm has network effects + years of public goods built ontop (anvil, foundry, hardhat, etc)
> building an SVM on an Ethereum Layer 2 would be unnecessary—those who want to use it can build directly on Solana.
> same logic applies to moveVM, why not build on sui or aptos
how does mega allow apps like GTE to thrive?
> namik believes that mega’s technical advantages will disrupt the dominance of centralized exchanges (you can finally have price discovery on-chain).
> centralized exchanges often gatekeep projects, force unsustainable farming activities, and demand large portions of token supplies.
with mega + gte, namik envisions a decentralized trading environment that is as powerful as binance, bybit, and other major platforms but without the pitfalls of centralization.
> i.e. prevent abuses like those seen in the FTX collapse.
how is mega preparing for the future and bringing tokenization to real-world assets (RWAs)?
namik discusses an example of someone from Azerbaijan who might want to invest in a company like Heinz but cannot due to market restrictions, explaining the necessity of tokenizing RWAs.
> tokenization allows for such opportunities for anyone, anywhere.
> while not on the immediate roadmap, he is excited about the potential for tokenizing real-world assets.
> he envisions a future where megaEth will allow people worldwide to access previously unattainable opportunities and expand access to wealth creation for everyone.
RT @enzocog: I'll put this simply:
• AMA with @megaeth Head of Growth @NamikMuduroglu
• He'll be talking about MegaETH ecosystem, re…
@enzocog @JasonYanowitz @NamikMuduroglu @hotpot_dao @santiagoroel Good job getting these notes out before intern again boss…
Intern notes on the conversation between @JasonYanowitz, @namikmuduroglu, @hotpot_dao (da-bing), and @santiagoroel 📝
What is The Backstory on MegaETH?:
Da-bing is a global citizen, has lived in multiple different continents, Asia, Africa, Middle East, etc. Became a huge ETH bull, Joined Consensys in 2017. Lead BD for some of the most adopted products (MetaMask as an example).
Realized that while the infrastructure on top have gotten better (there are a ton of quality wallets), but there needed to be a 100x improvement in the fundamental layer (block space) for applications that are better than web2 applications to exist.
Other co-founders @yangl1996 and @yilong_megaETH studied scaling high-throughput decentralized systems at Stanford and MIT (both phDs). Da-bing was reading the MegaETH white paper with @vitalikbuterin and realized that MegaETH was the same solution laid out in Vitalik’s endgame solution (centralized block production, decentralized block validation).
Why Does Performance Matter?:
There is a clear market demand for other performant, scalable blockchains (such as the chain who shall not be named). Da-bing and Namik believe that even the most performant alt-l1s aren’t close to web2 levels of scalability, which is why we haven’t seen a crypto application go mainstream.
L2s are able to make scalability tradeoffs that other L1s cannot make because the funds on the L2 can always be restored back to the Ethereum L1.
Therefore, they’re able to make the MOST performant blockchain, because they are an ETH layer 2, and couldn’t do so otherwise.
Take an extremely powerful centralized sequencer, store state in memory, parallelize transaction compilation, and upgrade the MPT data structure and what do you get?
100k TPS. 10ms blocktimes. Gas fees near zero.
Is MegaETH an abandonment of ETH Values?:
MegaETH is actual ETH alignment. How do we scale the underlying principles of a decentralized, global blockchain to the rest of the world (because current L1s and L2s are clearly not working).
In terms of personal experience, Namik grew up in a country where the currency lost 80% of its value in 3 months. Ethereum allows people like himself at that time to have a highly secure, decentralized store of value.
Furthermore, Ethereum and Ethereum Foundation alignment are not the same thing. MegaETH is aligned with Ethereum AND also participates in alignment with the social layer of Ethereum.
Why Can MegaETH do this and why hasn’t anyone done this before?:
A lot of time was spent on fraud proofs, consensus, etc, but not around performance optimizations.
Combination of right place, right time, and right team.
MegaETH co-founders Yilong studied CS at Stanford and UIUC and spent years researching an upgrade to the data structures that power blockchains. Lei got his PHD from MIT and graduated from Peking University (>1% acceptance rate in China) and spent his education years studying blockchain consensus with professors like @dntse and @sreeramkannan.
MegaETH isn’t just Reth on a bigger box. It’s the combination of years of technical innovation alongside all pieces of the modular blockchain stack.
What Are The Hardware Specs and Costs?:
MegaETH has live hardware specs on their website:
https://t.co/hUXhuleMps
MegaETH Sequencer will cost around $10/hr. Prover nodes will cost $0.004/hr.
In the future, MegaETH will rotate the sequencer globally (when Asia is awake, run it in Asia, when America is awake, run it in America).
What is sequencing and why is MegaETH sequencing so much better?:
Other L2s haven’t optimized their sequencer:
May want to decentralize their sequencer in the future.
Prover architecture must match the sequencer
MegaETH created an extremely performant sequencer and then worked backwards, which lead them to solutions like EigenDA (the only performant DA layer that can handle MegaETH’s speed).
How long did MegaETH take to come together?:
Brainchild of Stanford, MIT, and Harvard (co-founders went to all 3).
Started around 1.5 year ago based upon Yilong and Lei’s research at Stanford and MIT.
Bing joined when she realized that MegaETH was the endgame.
What are the tradeoffs?:
They are going to the extremes of the architecture (in terms of centralization of their sequencer). The main downside is that the performance will be much worse if they try to bring consensus back into the critical path (so it will be virtually impossible to run a consensus network globally at the MegaETH sequencer level).
What about infrastructure?:
MegaETH needs to find, build, and work with teams to rebuild their infrastructure from the ground up. Team’s like us over at @gte_xyz have had to rearchitect their entire tech stack such as the nodes + indexer to actually support MegaETH’s level of performance.
Blockspace is relatively cheap, right? Why does MegaETH need to exist?:
It all comes down to latency. If the UI/UX feels bad for end-users, they won’t come, and they definitely won’t stay. MegaETH is bringing the same latency as web2 apps with the benefits of decentralization added on top.
Couldn’t you make a better DeFi ecosystem like a CLOB?
Yes. This materializes in applications like @GTE_XYZ (on-chain CLOB + AMM on MegaETH), in which we have the same performance levels as CEX (same latency, same throughput) while also maintaining decentralization benefits (composable, non-custodial, and permission less). This means for the first time ever, we can actually have price discovery happen natively on-chain.
Why should builders come to MegaETH from other chains? How do you reduce the noise of being a builder?:
There is a lot of stuff that is ‘not possible on Solana’ (NPOS). An example of this would be a decentralized VPN. There would be too much latency between users hopping between nodes in which the DePIN network would not work.
Another example of this would be a global, live, gameshow. No chain, not Solana, Monad, or any other chain would be able to handle this level of throughput, only MegaETH (OMEGA).
Furthermore, MegaETH doesn’t even pitch the performance to builders. They pitch a dream / vision. What can you build here that can change the world? That’s what they want to say to builders that are building on MegaETH.
Does MegaETH solve fragmentation? If it does this, will it launch its own L1?:
MegaETH’s performance optimizations make it possible to have multiple, concurrent, high throughput applications running on the base chain. This means they are able to provide an execution environment that is performant enough to handle things like GTE, on-chain Minecraft, and more all on the base chain (meaning there will be no more liquidity and mindshare fragmentation)
MegaETH cannot abandon Ethereum. They are fundamentally leveraging Ethereum to achieve this level of performance. If they built this on an L1, it would just be a web2 server. By building it on top of L1, they are able to leverage all of the features of Ethereum ($300b economic security, most battle tested virtual machine) and all the performance unlocks of web2 advancements.
What does the next 12-18 months look for MegaETH?:
Testnet will come within the next month (early October).
Hosting MegaZu in Thailand alongside Eigenlayer specifically focused on building real-time applications.
Making sure infrastructure will work for the chain (RPCs, Indexers, etc).
Working closely with cracked builders that are building on MegaETH. Bring domain expertise such as web2 excellence, crypto-nativeness, and work closely with the MegaETH team to build their dream applications.
How do you think about kingmaking dApps?:
They work closely with founders when they believe they are:
1. Uniquely suited to build the application.
2. Committed to the ethos of building on MegaETH.
An example of this is the CLOB on MegaETH (GTE).
Where did brother bing come from and hotpot DAO?:
Da bing noticed a bunch of DeFi founders larping as a woman on Twitter so she thought, why can I not do the inverse? (Yes brother bing is a woman).
Hotpot DAO started when at a conference, Da Bing got sick of eating the conference food and took a group of developers to get Hot Pot — this became the first IRL DAO.
What conferences will you be at?
Korea Blockchain Week, Token2049, Solana Breakpoint
Parting thoughts?
Crypto has been here for many years. There is still an adoption issue. Now, there is no excuse for performance. It’s time for the world to see what crypto can do, but we do not have a lot of time to solve it. Every year there is more and more brain drain. Memecoin prevalence is not good for the adoption of crypto. They want to see real, useful applications like p2p decentralized networks.
End
Huge shoutout to hosts @santiagoroel & @jasonyanowitz for asking hard questions throughout the podcast. Learned a lot and hope the notes are helpful.
@NamikMuduroglu @megamafia @GTE_XYZ is OMEGA.
No other chain can give us:
1. 10ms Latency
2. CEX-level Throughput
3. Near Zero Gas Fees
Which makes our on-chain CLOB competitive with Binance or Coinbase.
Only Mega.
@NamikMuduroglu @megaeth Quite literally @GTE_XYZ could not exist without @megaeth (and therefore Ethereum).
Ethereum now, Ethereum forever.
What you guys don’t know is that first thing every morning, @NamikMuduroglu and I Signal video call each other (Telegram isn’t secure enough for the contents of our conversation) while in a freezing ice-bath and strategize on how we can Make Ethereum Great Again (MEGA).
Other chains barely acknowledge their builders, while @megaeth actively pushes us mentally and physically.
And you’re still not bullish?
@enzocog @LoganJastremski @yangl1996 shit the founder just front-ran my intern notes
chat am i out of a job?
Most Popular Users
Elon Musk
@elonmusk
240.6M followers
Barack Obama
@barackobama
119.2M followers
Donald J. Trump
@realdonaldtrump
111.7M followers
Cristiano Ronaldo
@cristiano
110.6M followers
Narendra Modi
@narendramodi
107M followers
Rihanna
@rihanna
97.7M followers
NASA
@nasa
92.2M followers
Justin Bieber
@justinbieber
90.9M followers
KATY PERRY
@katyperry
87.7M followers
Taylor Swift
@taylorswift13
81.5M followers
Lady Gaga
@ladygaga
73.1M followers
Virat Kohli
@imvkohli
69.9M followers
Kim Kardashian
@kimkardashian
69.8M followers
YouTube
@youtube
68.7M followers
Bill Gates
@billgates
63.9M followers
Neymar Jr
@neymarjr
62.7M followers
The Ellen Show
@theellenshow
62.4M followers
CNN
@cnn
61.9M followers
X
@x
60.8M followers
Selena Gomez
@selenagomez
60.8M followers