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Optimistic Oracles & Intent-Based Bridges for Unifying Ethereum
@tw_tter chats with @hal2001, co-founder of @UMAprotocol & @AcrossProtocol, about his journey from UMA's synthetic assets & next-gen optimistic oracle, to attempting to unify Ethereumâs ecosystem through Acrossâ intent-based bridge.
Universal Market Access (@UMAprotocol) envisioned a world in which global markets were universally accessible through financial smart contracts that used synthetic assets on Ethereum. However, this was taking place long before the massive boom of DeFi summer of 2020.
As a result, @UMAprotocol shifted to building an optimistic oracle to power prediction markets as a decentralised âtruth machineâ, thus expanding oracle use cases. Through game theoretic models, UMA managed to properly incentivise its token holders to act as voters, rewarding them for good predictions & disputes, and vice versa.
Later on, @hal2001 also co-founded @AcrossProtocol, an intent-based optimistic bridge that set out to create a seamless UX for unifying EVM chains. Through their solver network, Across managed to achieve fast (as low as 2 seconds) and cheap bridging, abstracting away crosschain complexities, without any security tradeoffs.
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Topics discussed in this episode:
0:00 - Introduction
3:41 - Hartâs background
5:24 - Universal Market Access, from synthetic assets to oracles
7:53 - Building Across
10:01 - UMAâs optimistic oracle
14:42 - Incentivizing voters & resolving disputes
25:56 - Dealing with invalid outcomes
32:47 - Optimistic security assumptions
34:56 - UMA x Across dual token interactions
37:37 - Acrossâ intent-based bridge
43:53 - Pricing mechanism & solver competition
48:07 - ZK settlement
54:54 - Bridging fragmentation
58:23 - Abstracting & unifying cross-chain bridging
1:04:46 - Bridging between rollups
1:06:55 - UMA & Across governance systems
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Thanks to our sponsors this week:
1ïžâŁ @GnosisDAO: builds decentralized infrastructure for Ethereum ecosystem, since 2015 (e.g. @safe, @gnosischain, etc.). This year marks the launch of @gnosispay, the world's first Decentralized Payment Network.
2ïžâŁ @ChorusOne: one of the largest node operators worldwide, trusted by 175,000+ accounts across more than 60 networks, Chorus One combines institutional-grade security with the highest yields.
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