Mic in Flames Educational Series - Season 2 Ep. 1 is set for tomorrow!
As always, every episode of Mic in Flames is stored as @itheum's DATA NFTs, available on @MultiversX and @Solana.
Who’s joining and when? It’s all in the banner ⤵️
[Set Reminder]
https://t.co/r4KF2RMD8A
Mic in Flames Educational Series - Season 2 Ep. 1 is set for tomorrow!
As always, every episode of Mic in Flames is stored as @itheum's DATA NFTs, available on @MultiversX and @Solana.
Who’s joining and when? It’s all in the banner ⤵️
[Set Reminder]
https://t.co/r4KF2RMD8A
MultiversX is arguably one of the most advanced chains in all of Web3
But just like any chain, protocol, or team, it is not perfect and has its flaws
Let’s go over some of them while also highlighting the chains strengths:
🔹 Comparitively slow transaction speeds
Currently cross-shard txs require additional blocks to confirm a tx and block time is 6 seconds
This can lead to cross-shard txs taking upwards of ~45 seconds
Far from ideal and what many expect in Web3 now
Thankfully a solution is coming soon that puts Tx time on par with many of the fastest
Sadly most of the information regarding this as well as timelines come from random tweets or comments and not official announcements or documentation
See part about transparency below ⬇️
🔹 Lack of community driven governance
Yes, MultiversX has on-chain governance but it is not easily possible for anyone to submit a proposal
There is no clear documentation or method for doing so which can be argued that it’s not actually live
It is also said that the website won’t support or show community created proposals
🔹 Nakamoto Coefficient of 9
This is very nuanced since MultiversX is arguably one of the more transparent chains in this regard
The team still has 430 nodes which is slowly decreasing and is still far better than many chains considering total node count is currently 3216
NC is also an imperfect metric but it needed to be mentioned either way
🔹 The team/protocol controls the primary tools
The primary/only wallet is @xPortalApp which is arguably the best wallet in Web3
But it is created/owned by MvX
Same for @xExchangeApp and the Explorer
Both amazing tools with some of the best UI/UX in Web3
But still ‘controlled’ by the team
🔹 Lack of solid APIs
The majority of the ecosystem uses a free and public API provided by the team or foundation
This has led to issues with throughput during certain events
Info in how this will be alleviated is lacking
🔹 Very little or limited funding?
This has a question mark again due to lack of transparency mentioned below
It is no surprise to most that despite being a tech marvel the chain is still relatively unknown
Whether that is because of the rebrand from Elrond, the apparent lack of marketing in the past, or not being a VC chain is anyone’s guess
Probably all of the above to an extent
Even without clarity though it can be seen that the team doesn’t throw around millions on hackathons, grants, ambassador programs, etc. that you see from many of the heavily VC controlled chains
So funding does seem to be an issue possibly
🔹 Poor communication
The community is constantly asking for more transparent communication
We have seen nice strides in this over the past year with @fullshardpod and more townhalls/events
The community still craves much more and we have been told it is coming so we will see
🔹 Lack of transparency
This goes hand in hand with the last one
Unclear or inconsistent communication can lead to a lack of transparency
But this also goes for the state of MultiversX, the foundation(other than in name I didn’t even know we had one and still know nothing about who runs it or how it is run🤷♂️), and the team size or composition
It has been mentioned the team is over 200 people but knowing the names, functions, departments, etc. of these individuals would be great
This also pertains to capital and funding
Foundation funds or Treasury funds, if there are any, are very unclear and this has been brought up recently so hopefully we will have more clarity soon
Having quarterly financial reports would be amazing and it was mentioned it is coming
Hold them to this
🔹 Incomplete Documentation
When it comes to things such as MEV avoidance we have been hearing about for years but have no written info regarding it
Or transaction selection for leaders, priority fees, governance, and more
Various info can be pieced together from Agora and Twitter posts but solid documentation is lacking for many features and implementations
Documentation is also lacking regarding legacy staking but that’s for another day
Much of this comes down to lack of transparency though and is hopefully a priority since it has many in the community on edge and understandably so
But as mentioned earlier in this post, no chain is perfect
Far from it in fact and the tech foundation that the team has put in place is in a league of its own
Taking everything above into account, I can make a strong case for MultiversX being one of the best L1’s in Web3 if not the best
I will do that in a followup post but for now it is good to know and understand the weaknesses as well
I hope this was helpful
✚✚ Alpha Mint Ends Dec 31 ✚✚
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We have a lot planned for 2025 👀
We’re excited to announce the creation of the following $VICTOR liquidity pools:
🔹 @JEXchangeDefi :
$VICTOR - $swTAO
$VICTOR - $JEX
$VICTOR - $sEGLD
🔹 @xExchangeApp :
$VICTOR - $USDC
$VICTOR - $wBTC
$VICTOR - $wETH
+ farm pools 👀
Enable Swap Coming Soon!
Stay tuned, swaps will be enabled shortly.
Don’t miss out on what’s next!
📖 Detailed Article Coming:
We’ll soon release a Medium article explaining the reasoning behind these pools and how they align with our vision for SuperVictor Universe.