Merging Web2 and Web3 Development | Fig - Squid

[Music] hey guys my name is fig I'm one of the co-founders of squid and Squid is a cross chain Swap and programmable money uh SDK API and sort of front-end developer tools and I'm going to be talking about uh merging web 2 and web 3 development and how we can build apps as easily as possible so the first question is why develop in web 3 at all I think everyone in crypto thinks about this a lot web 2 is very easy it's extremely scalable super cheap it's mature we've got tens of millions of developers making modules all the time that make it really easy to make an application and get straight to the the logic that you want to build in your application and not worry about any of the infrastructure any of the payments all these small details so what does web 3 add web 3 adds own ership ownership we think it's squared as a basic human right and I put human in Brackets there because really ownership is something that an agent has it's it could be a human an individual with a private key it could be an entity which a called companies in the old system uh Dows now um could be an AI that purely lives in the digital realm but has ownership um through blockchain technology and ownership's important because it allows us to transact with each other if you're um if you have X and you want to trade that for why then someone else needs to prove that they have why and with blockchains we've started with Bitcoin just with one chain super simple you can check on on the chain with through this distributed open source technology that someone else owns what they say they have and then ethereum came in we have programmable money you can uh have a smart contract that owns things maybe you own uh a certain share of something in a protocol and you can still prove that through this open permissionless infrastructure and that's what we're adding on top of web to in my opinion we in web 2 we have this experience of ownership like we have money in a bank but at the end of the day the bank is the one that really ears the money um and we see this in these big risk events like black black swans market crash and we think this is really important because transacting with people is what makes the world go around and making that as risk-free and simple as possible is is really important so um also web 3 allows you to inovate the protocol layer in web 2 we given to us web 2 is quite mature so the protocols have have um you know developed to just be uh worldwide we have um SMTP for email for example or https um but with web 3 you might develop an application on top of a protocol but then experience this huge Innovation uh in this protocol layer that might make it more cheap more scalable um and you have to adapt your application to this change you have to have some strategy of maintaining your code so that you don't have to spend all of your time just up keeping up to date with all the protocol changes and you can keep focused on your logic um and this is a feature not a bug the innovating on a protocol this is why web 3 is so powerful um but web 3 Dev is really hard because of this constant change uh we need a way of minimizing the way we effort uh minimizing the effort to maintain code we need to choose between the best tech and the best users and this is obvious when you think about the DG chasing yield around the ecosystem chasing airdrops um you might build your application on one sh chain but all the users are in arbitrum chasing an airdrop on one particular application and then they move over to this new chain that just launched how do you build your app in this web2 fashion so that anyone can come and log in just super easily and not have to think about the underlying chain infrastructure um and then there's the complexity of dealing with the the the core technology on the protocol that you're developed on so the G how Gas Works how you index data how you get um information from block explorers and uh for example if you want to get a user to access your app in the cosmos but you're built on arbit uh sorry your app in the cosmos but the user is on arbitrum how do you encode the data for the transaction on Cosmos in the context of a solidity contract on arbitrum there's so much complexity there and that's what squid is trying to trying to solve so um yeah squid is like stripe but for crypto we allow you to anyone say you're a us the example in stripe is you're a US citizen or you're an Australian citizen EU citizen you can come with your bank account and pay with whatever money you have in your account and we do that with crypto so whatever tokens you have in your account you can go to an application and be guaranteed that you can pay for the product on board into it we're like Google Maps because as all these chains and rollups start appearing um and the pathways between them get more and more complex you really need a a separate service to find your way find the best path um and we do Dex aggregation as well so if you're swapping tokens you uh you might need to find the right decks uh uni swap or curve or whatever to to get the right trade and Squid is programmable money forever forever meaning as the protocols change you you still have your one application interface that you've you've developed with and that's not going to break it's actually just going to keep expanding as more chains are are brought into existance and maybe new wallet infrastructure comes in this interface is still going to work and you uh your total adressable Market of users is only going to grow so squid um is take security as our first uh first Focus because cross chain can be really scary um we're powered and secured by axela which is um an amazing technology they've they've had 60 or 70 Audits and have a whole blockchain just dedicated to verifying messages everything is in a single click if we are going to compete with web 2 or build these web2 like experiences we need to have single click flows um don't want the user waiting 20 seconds or waiting 15 minutes for uh for an interaction the contract calls across change means is um that programmability of money that I talked about U needs to be able to charge a fee instant execution is needed and dealing with gas is another issue in web 3 that we abstract for for our devs what this looks like is a suite of developer tools we have frontend widgets um an API and an SDK that uh developers can use to integrate their applications and we've deployed smart contracts on most chains that went integrated with um this is what the API interface looks like super simple you can just see I have tokens over here and I get want to get tokens over there from chain to two chain and then at the end you see pre hook and post hook and that's the programmability of money where the preh hook allows you to put any application logic you want before the payment or before the transfer of value and and the post talk is any uh logic afterwards and we really we could have just built a cross chain swap app with Squid we could have just sat with get tokens from A to B but really the mission here is to connect all users and all smart contracts all agents no matter where they are and keep this sort of really efficient fast Market of anyone being able to interact with anyone on the globe so that's why we've got them there and I'll show some nice examples of them later um one of the developer tools that we have is wallet abstraction because when you have multiple chains there isn't there only a couple of wallets which support a lot of chains and and not everyone has them so you can see here there's 65 chains I'm not sure how many yeah 65 and we support 22 wallets already so um you can you can serve users who have their money in any of these wallets um we have a swap WID that you swap from to from any chain and in under 20 seconds and one click all these nice things and this is where we get into the programmability so this is DX's interface and dydx recently launched a whole new chain just for their application it's called an app chain and in order to get users out to that new chain it was actually really complicated uh there's a complex um combination of different Bridges different swaps and sorry that's that's my that's to protect my eyes every 20 minutes a look away from my screen um so to get to dydx say you're an arbitrum you have to first bridge to ethereum then bridge to the cosmos then swap then bridge to dydx and you know just saying that sounds confusing trying to get someone to do all those steps one after the other and each one takes potentially 15 minutes was just not acceptable for for dydx so they integrated the squid API and it's now just one click and in a lot of cases it's quite fast it's less than minute um and you can deposit from any token on any chain now so um I think we've onboarded hundreds of millions of dollars on dyo um by now they launched recently this is an nft use case for squid where think of it like Shopify like you go to Shopify and you list a product and you then go to the checkout page this is where you'd see stripe usually and anyone with their payment of choice can can buy the product with what we've done that button where it says eth you can click that and select any token on any chain log in with any of the 22 wallets select a token that you own and and then just click buy um yeah and for stargaze this was also um it used to be a meme there were medium articles I think it was actually 30 steps that user had to go through to get stars on stargaze which is a cosmos chain and buy the nft and now it's just a single click um this is what's happening some swaps on a DEX uh Bridge Axel swap on another Dex Bridge V ABC Once it arrives on stargaze it buys the nft it all just happens magically under the hood this is our feature called boost where you can it's an intent like in uh intent like design which let you get any of these flows to happen in less than 20 seconds um really proud of this feature and it is just necessary I think for any widespread adoption of crypto um you can see the architecture of it here so the the way it works is uh the user essentially describes their intent on the source chain they say I want to bridge to optimism and then uh swap swap these tokens do whatever um and usually that bridge step would take 20 minutes this is where users don't know if they've got their money until the money really lands in their account 20 minutes later um really scary experience um waiting for your money to arrive so instead we have a boost provider who can be anyone and they provide say it's 100 usdc that's going across the bridge they provide 100 usdc instantly and give it to the user through this they maybe they swap an a de buy an nft do whatever and the user receives their what they want instantly and 20 minutes later the money pops out of the bridge and instead of going to the user a second time it repays the Boost provider um it's a nice little feature we added for the user [Music] experience and yeah we handle all these things the payload generation the execution and um I think indexing and tracking is actually a big thing because how to communicate with each blockchain and and check whether something's worked or not is is also really complex um and we have one API interface it's called our status API which lets you just hand hand off all of that work to us the use cases have gone through nfts already staking into LPS doing def works really easily uh we're working with some game uh blockchain games and you can create these wallets where you just hold assets you don't need to care what chain they're on um and you can pay you can pay on any chain that you want to look at we've been these are some of the real projects that have integrated us I think we're up to between 3 and 400 at the moment some really great names in there um yeah any questions no looks good thanks so much uh follow us on Twitter look at our docs happy to [Applause] chop