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Interoperability & Dotsama
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Interoperability & Dotsama

Chief Growth Officer for Ferrum Network on Interoperability & Dotsama

Illuminati Round Table Call Notes:

Introducing Nick Odio - Chief Growth Officer for Ferrum Network 

  • Twitter: @crypt_odio

  • Been at $FRM for 2 years and in WEB3 since 2017 

  • $FRM started in 2018 and raised $1.2M at the peak of the bull run and launched during crypto winter 2019

  • They had to be creative with how to survive the bear market, especially with their small funding 

  • They deployed a smart contract-based staking program (back when it was novel) for users to lock up their tokens for yield 

  • This allowed them to build an ecosystem of partners - “The Iron Alliance”

  • Ferrum is the Latin word for Iron 

  • This led them to build Ferrum advisory services - an incubator for new projects, and they've done roughly 3 dozen projects so far

  • Introduce them to VCs and the Iron alliance to help them launch 

  • This innovative period allowed them to survive 2 bear markets and thrive 

  • Currently building a multichain DEX aggregator that allows you to swap anything for anything anywhere and easily 

  • Interoperability is more profound than just bridges - Interoperability 2.0 = the ability to move arbitrary data across networks

  • Allows projects to draw on the different skills of all the networks at once 

What is Interoperability 2.0?

  • The lack of knowledge on this comes from a lack of understanding and the focus initially on just bridging and figuring out DeFi platforms 

  • Bridges are very popular for exploits, and then bridging contract is prioritized because it takes in tokens and then pushes out a new-minted wrapped version that inflates the supply 

  • The bridge minting tokens is bad, and then honey traps can occur, as we’ve seen - $2.5B has been lost this way in the last 18 months 

  • People are bridging so they can participate in a different ecosystem 

  • So why not just remove the bridge and make it all one process as opposed to the current 7-8 step process

  • Multi-swap - multichain DEX aggregator that allows you to swap any token on any network for any token on another network as long as the liquidity exists

  • This eliminates the need for wrapped tokens, and the transactions are routed through USDC 

  • Interoperability 2.0 is a necessary change to improve how you move assets from chain to chain - they're figuring out how to get the different programming languages to ‘speak’ to each other

  • Code it in one language, and you can deploy the app on a different network 

  • True interoperability is multichain everything - DEXs, dApps, etc.  

  • This makes the crypto space more capital efficient 

Cross-chain VS Multichain 

  • Cross-chain could be more present as you move from 1 chain to another using a mint-and-burn mechanism and wrapping tokens 

  • Whereas, Multichain is omnipresent - the tokens existing on all chains at once and easily movable

  • Polkadot is leaning more into multichain by allowing projects on their Dotsama ecosystem to exist on different networks 

  • The limiting factor of such a network is the difficulty of breaking out of the box they’re kept in 

Dotsama

  • Polkadot does very well at building a developer-centric environment 

  • Looking at developer activity DOT is the highest of all chains, but on user activity, it is one of the lowest 

  • Dots ecosystem is full of developers, valuable products and builders, but no one is talking about it - they need to improve marketing to make it more known 

  • Polkadot provides a network for people to build networks on but getting people to adopt a new ecosystem is a complex task, especially with EVM reigning supreme 

  • DOT has 3 layers - the internet of networks, the L1s and then the apps, so it's a bit more complex, especially in terms of revenue 

  • A user-friendly multichain wallet is needed to complete the puzzle 

  • The ordinary person in crypto using platforms like Coinbase would struggle to use Metamask, so even the best need to improve

Market prediction 

  • The market will continue to move sideways for most of 2023, and no ATHs until late 2023

  • In six weeks, BTC will be $18K

  • In six months, BTC will be $24k

  • But all are highly dependent on the macro view 

  • Fundamentally, the market is much stronger than it was in the bull market

  • Any heavy downward movement would have to be driven by heavy-handed regulators or anything massive outside web3

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