Shared Security, Coordinating the Chaos I Misha Putiatin at Pragma Denver 2025

[Music] I'd like to bring on Misha to tell you about all the things that they're doing symbiotic so please give me a big round of applause yeah not sure about the symbiotic part uh like I wanted to talk in general uh about yeah uh about our industry and where we are right now uh yeah we like by the way my name is Misha I'm co-founder of symbiotic we do share security uh yeah and like what we currently see is uh crypto basically achieves uh is in the process of achieving its goal like just pure really F fast-paced Innovation new trends are coming like quickly uh we have meme coins get to a billion dollar valuation and then like being dumped to zero within one day uh we have like new networks launching the Barry chain example was mentioned before yeah uh even exchanges uh the notorious offchain guys are coming and creating their own networks uh which is really great uh and like it works uh within all of this uh Kos like we have an infrastructure that is really robust uh like if anyone remembers where like crypto kitties launched uh they almost brought down the the entirety of ethereum like and that's like a kitty portrait uh now we have like infinite amount of meme coins nfts and like you name it uh you have like one like more than 100 of rollups uh going and writing and using ethereum as a like a source of Truth and like uh and uh just like anchor into that uh and we only can have that because we built a really strong Foundation uh but like the the out the another outcome of this is that uh this Foundation becomes kind of stable because it's really hard for you to actually launch a new decentralized network like chain link was the only go-to Oracle for the entirety of the industry because it has had billions of dollars in terms of like stability and economic model uh and like you have like l1s that are currently like it's really hard to build a new one because the other ones are so secure and so like stable that it's really hard for new players to come in uh our take is like my take is that uh this is because like the the the only part of the industry that that is super lagging behind and it's not developing as fast is security because like hyper liquid launched this year they don't have enough like they they don't have a lot of operators but still like they had to go through the same uh like steps and like do the tedious journey of proof of stake systems that were launching like in 2019 uh nothing actually is optimized there like you still need to to like launch your own token you still need to create enough like hype and uh like list your token in exchanges to get to like a billion dollar valuation where you can actually like uh start coordinating operators go to each uh each validator company and like talk to them fill out the forms and try to like get them on board uh and this journey takes like a lot really long time and it's prohibitively expensive for most protocols uh so we only have like couple of those launching that are like that can even achieve that uh the other outcome of that is like yeah not because it's so hard and because it's so unoptimized people just launch centralized uh and uh like time and time again our industry teaches us a valuable lesson like white centralization Is Not Great byat was the last example like you don't want to have a single point of failure for anything that's how you get like billions of dollars destroyed immediately so yeah and like from what we like we had around 400 calls with different uh Builder teams and what we have identified is that like this is not because they're like lazy or they're they they they don't want to respect the values Upon A industry was built it's just really really hard uh and like you and uh if even if you're like launch decentralized uh it's not going to be like a lot of people are just say like framing it in a way that like you're going to get hacked or like your your validators are going to be corrupted somewhat but the actual effect of uh you launching decentralized but not having enough like Security in your economic model is that you just never on board funds nobody's going to like you in most cases nobody's going to like bribe your validators to attack you but like you the the cap the capital just won't come uh yeah that that's because the models don't scale you you need to like every every one of the like new systems that is launched is kind of siloed it's either centralized through multi or like proof of Authority or something like that or it's it's silot because like you create your own token you launch your own show token and like you go through all of the steps uh before you actually can like uh test your Traction in any meaningful way so yeah uh so the the way out of this is uh to create a system that uh like solves for both of those problems first like the problem of you actually like launching secure with ability to onboard billions of dollars immediately and test your traction and like for you to get uix from Pure developer uh perspective that is better than we had before because uh and like we we we think of doing that uh with uh like just destroying the silo part of it uh each Network that launches with shared security uh goes in in like an uh creates uh Primitives that can be reused by other networks each slashing mechanism created through like ethereum smart contracts each new primitive that launches so like each each new Oracle that represents some unique value one of like some of them are fast some of them do like derivatives some of them are like permissionless and you can do any price fit for that each one of those that launch launches uh creates AIX boost for everyone that comes in in their footsteps uh and yeah like what we see right now is that we have like around uh two at least two type of types of networks for every network network primitive so we have like multiple data availability layers multiple oracles like at least four oracles like five Bridges uh every like I don't know four ZK Co processors as far as I remember in each of those like we we only launched 14 but I already see how other companies are using some parts of it they don't have to develop it from scratch uh and like the optimization of it what that it actually brings like it brings like months of goto Market shaped from your the system that you actually developing so yeah that's sort of like how every decentralized Network looks so uh like in shed security at least uh you have rakers those those are the guys that actually do risk management and do like they they allocate funds they delegate it to networks uh you have operators obviously but the operators can be optimized as well like you can actually create a framework that can be shared between like 10 15 20 validator companies it doesn't make sense to to do that when you're siloed because like you're the unique protocol you come to Unique validators you do one-onone chats and it will take you like months uh uh but like with act with shared security because the volume of Protocols are like much higher and they're doing it on Under One Roof you can actually get like a really huge optimization for that and yeah the networks I uh I mentioned rewards and penalties for each type of network can be like streamlined as well yeah for users it just means that like you're you can be D you can be like really efficient in that and uh like use your own tokens push your own ecosystem and basically get into like uh into each new really serious primitive or like really silly one uh by not just clicking in your app or like doing some fake transactions but actually providing security for your network of choice yeah that's sort of like the same configuration as well but uh it can be like it can be driven by operators because operators are taking the really like Hands-On approach recently they're launching their own like allocating systems and delegation systems and uh they're quite successful in that especially the bigger ones so yeah uh yeah the the the things that needs to be done uh Capital efficiency is a nice way of like destroying the barrier for newcomers to come you don't have to like raise 100 million like 200 100 million to launch your L1 you just need a good idea and within like a few months if you're if you have like Builder muscles enough you can actually start start testing interactions with billions of security uh and yeah like uh the the scaling element of that is because you can reuse the same dollar multiple times or like the same ethereum multiple times you can actually uh on board a lot more networks as as long as you safe somewhat safe and have like a really robust scoring methodology uh and in terms of death yeah like this is like the the most important part about all of this uh SEC if we create a security that can actually be scaled uh the goal for us is to make it so like uix is undeniably good and because it's so good it's it should be like uh prohibitively expensive from the optic side for a protocol to ever launch centralized not we're not going to like the the the promises of like we are going to do it in a few years should not be available to Founders anymore and the only way to reach that is to create Like A system that uh is uix optimized by by that by so much that like you you don't have any excuses to ever be like multiseq based or like the proof of Authority or something like that yeah that's how we coordinate the chaos basically like that's why what we try to do uh to attack from like every angle and try to like figure out what are the improvements that can be done if you're like a rollup you the Improvement is obviously the supporting systems and like uh sequencers that can be permissionless uh if you're uh like Oracle the price fits should be permissionless as well like anyone should be able to stake that and like to operate uh if you're like AI agents that were like just before me on stage uh those guys like uh utilize te coordination levels or like some other gating that is done to verify the the compute so each part of like that this is and like that's why like we're I'm talking about coordinating chaos because like Security in my view should never be a trend or like a narrative ever it should be just Universal like you do AI agents you do trading Bots you do exchanges that are like coming on chain uh you don't have to like uh the security for for your needs should not be like the benefit that you advertise and marketing that you are using uh this should be something Universal and something you don't compete in uh at least like that that's that's the mission that we're trying to achieve yeah that's that like that that's it from my side uh we like we currently have around 14 networks that are already launched uh among them like couple of pre-confirmation fast finality gadgets and like oracles as well uh one L2 uh 1 L one I think uh and yeah like we have 50 more building so uh this this movement is is not going to be like immediate but the goal for us is to create a menu that can be reused like by protocol of any kind and within 2025 to try to like coordinate this Cas in a way that can be done indefinitely and can be like scaled with the scaling number of users and scaling numbers of Primitives that people use thank you [Music]