happy to share more publicly what we've been building for the past year with @StatusL2
Status Network is designed as the first natively gasless Ethereum L2 with built-in public funding
read this fresh @DecryptMedia article for a high level intro:
1) another L2, seriously??
a few months back, building an L2 was seen as a joke because there were so many already, but now that Ethereum Is Winning™️ and every tradfi company is launching their own L2, the killer feature is emerging:
expressivity
👇
yes, general purpose L2s like Arbitrum or Base will probably be limited in numbers as it's true that we don't need that many. but L2s with a specific design or purpose will be hundreds if not thousands in the coming years. this is what is needed to execute at the global scale
2) What does natively gasless mean??
So far, gas has been used in blockchains for two purposes:
1- The most important historically and in practice: spam protection - forcing users to pay fees to transact is the best way to eliminate valueless transactions that may clog the network.
but as research has shown recently, most blocks on Base are filled with spam because those transaction fees are too low
2- generating revenues for the network, even if most chains still rely on token emissions to pay for their infra and validator set
so why eliminate gas?
because it's the single most annoying thing about blockchains, both for developers and users alike. even as crypto natives, needing to bridge some eth just to be able to collect an NFT, play a game or use an app has been an overall frustrating experience
and because gas didn't fix the spam problem on L2s: with gas fees trending to 0, this problem will just intensify. so we decided to rethink the entire design of an L2 on this premise:
> why not get rid of gas fees entirely and focus on a purpose-built spam protection system?
@Waku_org had been working on this problem for years along with the @vacp2p team: implementing Rate Limiting Nullifiers (RLN) seemed like the perfect solution for this. users need to zk prove they are not going over their quota of free messages/transactions to continue posting
we decided to launch on the @LineaBuild stack and integrate that spam protection directly at the sequencer level!
why Linea?
> in short: open source, no ecosystem tax. EVM equivalence. most performant and cost-efficient zkEVM. multi-client strategy (hello @ethnimbus).
this is a radically new way to think about blockchain architecture: now chains can be free-to-play!
anyone can try out any app on a free-to-play chain without worrying about bridging some gas token just to get started. you can try this out here now:
3) So how does the chain make money??
Through native yield (bridged yield-bearing assets that are rehypothecated at the L1 level) and native app fees commission. And the beautiful thing about this model is that it also enables the L2 to redistribute this revenue to its users.
Status Network will have a built-in public funding pool to fund projects straight from the global L2 yield, and part of that yield will be dedicated to liquidity providers
users are happy (no gas)
LPs are happy (real yield incentives)
builders are happy (get funding)
4) what's in it for SNT??
to power the spam protection, we need some economic security. this will be done by staking $SNT. SNT stakers will be rewarded for their service to the network with Karma, the non-transferable governance token of the L2.
a higher Karma balance will get you a higher gasless transactions throughput and more power over the redistribution of the L2 revenues
if you help the network, the network will reward you
that's Karma
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