Siddharth Lalwani - Data Availability Layer

data availability layer and we welcome on stage again sedani so first of all like what we are building we're calling it liquidity availability layer now you can see why we choose this name because data availability is sexy right now even like there was a typo that put it as like data availability layer but uh yeah so just like starting off with our journey uh why we started range protocol so like a brief background on my side uh prior to starting this I was working with the OTC trading desk where we used to do a lot of sophisticated D strategies for a lot of institutional players going forward we were building uh lot of Legos to sort of make D5 more and more efficient in terms of like RFQ trading solvers Etc so uh at that point what we felt is that like as these different D5 protocols get more and more uh efficient a trade-off of that would be that uh they will get a little bit more complicated for a normal user to interact with so for a normal user you will need some level of abstraction in terms of the complexity of that so that's how the journey started uh we wanted to build these like uh infrastructure across different asset segments for sort of making it a bit more efficient having uh non-custodial vaults where the sophisticated trading partners market makers trading desk Etc could sort of do some sophisticated interactions but all that in a completely non-custodial and trustless manner so that's how we got started uh uh a little bit on the stats on our journey so we launched uh in June last year it's been like around 6 to 8 months since we have been live in that period uh now we have sort of launch our strategies across different asset segments we have vaults on spot concentrated liquidity amm like Unis swap V3 pancake swap Etc uh we have a lot of sophisticated strategies across different Le liquid staking platforms where uh aside from managing the secondary Market we interact with like directly reaking like staking and unstaking on these different platforms like Lidos stader Etc then aside from that we were doing a lot of sophisticated interactions for a lot of these real world assets uh namely Ono where we had like sophisticated vaults which interact both on the primary Market side and on the secondary Market side uh and then yeah aside from that then we are expanded our strategy set to be live we have a like a vault on top of blend we have uh like a derivative like Perpetual Market making Vault that we just launched today on top of vertex and which has also settled another 100 million volume within the last one week uh aside from that currently we have around 30 million in tvl we are live across I think the number has increased now we live across 12 blockchain ecosystems and we have settled more than 2.6 billion in trading volume So Far So yeah so so far what we have have been building uh we sort of see it as basically like the chapter one of our journey where uh we buil this different Legos that sort of make these things efficient and sort of provide a way for a lot of these like retail users to sort of earn yield and do a lot more active stuff like how I see this is that uh in the previous uh defi summer if you remember a lot of like these yield optimizations that used to happen were a lot of like naive stuff like basically leverage looping or autoc compounding yield and all that from our perspective I think going forward the alpha will be that if you can do a lot of sophisticated stuff for which you would need some kind of sophisticate infra like for aggregating liquidity you need all these private market makers and Etc so that was our key focus when we started this but uh on our team side uh we are super bullish on the whole modular thesis so the next part of our journey is sort of like how can we improve our offerings even further for like a whole modular blockchain world so from that perspective uh I'll just say something synonymous on how I see uh things right now like uh if you look uh compare like say Android smartphones with apple smartphones most of the users would say like apple smartphones a lot more efficient and uh one of the reasons how how uh I see it like from my side I used to prior to this work at Samsung so I really love Samsung but in general like how I see is like on Apple side they sort of build both the hardware and software so B basically they can get a lot more efficient on the Android side of things they try to sort of have different vendors for Hardware side and they try to build software so a lot of in just interacting between these two things there are a lot of things uh which where you lose on the efficiency side of things so uh from our perspective that's the same way we think about like interoperability and the blockchain apps so if you have a completely different interoperability app and then app like different applications on these different modular ecosystems if both are completely independent then we will have a lot of limitations and all so if like the modular thesis has to work this interoperability and apps have to be connected together so that's how we sort of see this like uh this is basically all of this is basically like the next version of a chapter so how we see this is like current defi applications are sort of built uh for monolithic chains where like your app logic is connected to the assets like if I mention Unis swap V3 for example in the case of Unis swap V3 uh your app logic is basically this XY equal to K constant product curve and then your assets are the pool Reserve so it's the X and Y sort of represents the pool reserves and so pricing is connected to your uh assets but uh a big Pro a big problem of that is that uh now if you're going to have tons of different blockchain ecosystems if you're going to have thousands of chain so what it leads to is like uh a lot of fragmentation like if I say eth usdc pairer that would be trading on like all of these chains that's that would be the most traded pairer on most of the chains but for that uh you have uh Unis swap on ethereum which has main liquidity you have ug Finance on mantle uh pancak swap on BSC Camelot on arbitrum and so on so this leads to a lot of fragmentation because all of these are not connected together so yeah the the key problems we see with this whole fragmented folk everywhere model is that first of all there would be independent application states of all these pools then if uh if I have my own token and then I have to say make it exist on like 10 blockchain ecosystems then I have to keep giving liquidity mining incentives on each of these chains this sort of leads to uh a lot of cost with each integration like I have to bootstrap 2 million pool on each of the chains so I have to give a lot of incentives on each of these chains then the third thing is that like every new modular blockchains ecosystem has to start from zero so um consider like the big ecosystems that have worked right now like say mantel Manta uh bar chain for example that these are pretty well capitalized teams but uh like the whole pitch of interoperability and like like modular world is that you can deploy a rollup in 5 minutes specific to you like all layer and a lot of roller service Protocols are trying to do that but not every team would have as much Capital to sort of bootstrap like a like a 50 million def5 ecosystem for all the other things to work so that's why like this whole model where uh you need to bootstrap the whole D system right from the start won't work for a lot of the chains so yeah uh that's what we have been working on for a while uh we trying to build uh this new uh Narrative of liquidity availability layer and we're going to call this fiber and uh like what it basically does is like we just trying to separate out uh the logic part of the things from the assets so the idea is that for themes that have to exist on each chains like this basic Legos of defi they have to exist on each of these different chains so for that you need to uh make both of them independent like assets have to be independent from the uh logic so how we sort of approach this is that we will have our own uh State chain which will be the fiber chain uh which will hold all the logic and that would control a single turn asset pool across all these chains so what that would enable us is that uh I will just give an example in the context of an amm so consider like any particular trading pairer for example like eth usdc for that say you have some liquidity on ethereum you have some liquidity on BNB chain and you have some liquidity on polygon but if all of these were independent then if I try to trade a big size on say polygon liquidity then I will have have a significant slippage but consider the case like all of these liquidities were aggregated and there were a single state that was represented across all these three chains that would be super efficient so that's what we have been working on that's where a lot of like a lot of integrities of that we will really later like it's still in the works we plan to do a lot of announcements around mid-march but uh that's what we have been working on so how it would sort of help new ecosystems is that say if you're trying to launch your own new chain in that scenario uh if you are not connected to fiber so you would have very limited liquidity for these paays but consider that for E usdc pair itself if there's a 10 million pool on ethereum Main net for that pair now if you launch your chain even with 100K liquidity if it's connected to this you would basically have the pricing power of a 10 million pool so you wouldn't have slipage for small swaps that would be a significant ux Improvement that would be there so yeah uh lot of this is still not in the public domain uh we are sort of have a lot of these things cooking on our side uh that we are trying to uh work on uh but yeah from from our perspective uh we're just trying to be this Lego uh of liquidity so basically like right now how say if a new chain has to have a massive lending Market on them they need chain link so chain link basically has to deploy their resources and then only people consider it industrial grade in terms of deploying a lot of capital on that Lending market so similarly we just want to be the Lego for defi in general where if you are going creating a new chain if you just connected to us basically you get access to like uh millions of dollar of liquidity on all the other chains and sort of all that we have been done so far you don't have to start from zero so yeah uh that's on our eye level uh what we have been working for please keep uh an eye on our announcements there are a lot of things that we want to push out uh in the near term and yeah that's all [Applause]