[Music]
uh hi everyone um my name is danev
co-founder and CEO of rifi um and yeah
today I'm going to talk to you about
account abstraction and some of the
challenges and opportunities that brings
uh we only have five minutes so uh let's
get uh let's get right into it um we
would have uh heard a lot about account
abstraction at this conference
uh so I'm not going to repeat a lot of
that but just to recap kind of what
we're trying to achieve um as a basis
for this talk uh where we're aming to
get to with chain abstraction is that
users are oblivious to what chain
they're transacting on um that's
completely removed from the from the
from the ux they don't care is vitalic
called yes the the credit card
experience um and the second we're
making is that users get the best
execution of what they want to do if I
want to buy e with usdt I can assume
that I'm going to get uh the best the
best price for that but what do we have
today uh today we have daps which were
deployed on multiple chains often in a
messy way for example a is on 13
different blockchains that you need to
kind of choose from the UI connect
different wallets and so on um l2s and
chains have direct to consumer power so
there are these kind of strong Brands
like let's say bass scroll arbitrum and
they attract consumers directly in in
different ways um and the ecosystems can
be quite separate either ideologically
or in ux so for example a Solana user
might find using an ethereum L2 very
strange um and and vice
versa um but uh as we have heard a lot
about this week there are a lot of
Technologies coming which are which are
going to uh to change this and bring us
closer to that dream state now I think
that's going to have some some
consequences um and the way we can think
about it is uh pre kind of inter pre-
internet and pre Amazon uh you could
have had a like let's say an electronic
store in a town um and all the towns
would be would be separate and your
store has a captive audience the people
in this town right so you could afford
to run a crappy store like your store
could be a bit expensive it could not be
very good and people would still come to
it because they don't really have choice
now when Amazon comes along and people
now have access to the same amazing
Marketplace um running a crappy store
becomes quite difficult right like you
can't you can't attract um users anymore
you're competing with kind of the best
uh the best from all around not just in
your town and I think something similar
is going to happen uh with the different
L2 uh ecosystems um that once users have
access to the best uh protols and so on
on kind of equal footing the ones which
are not the best are are really going to
suffer uh that's going to cause a few
effects uh the first one is the kind of
winner take all liquidity what I mean by
that is that um we have a virtuous cycle
uh that reinforces and makes the best
products the best and the worst products
even worse uh let's say again in our
example we want to buy e with usdt our
order gets rooted to the most liquid
pool um and that happens with uh kind of
all the orders um now that generates
more fees for the LPS in that pool more
LPS go into that pool it becomes even
more liquid and so and so uh the wheel
goes and that
attracts um everything um and so you
know the the top like let's say a few
pools for this for this pair maybe get
used the bottom ones will get no uh will
get no uh flow whatsoever so that brings
to the next point that like duplication
is pointless having the same pool and
the same protocol or a fork of it
deployed on 20 chains um or multiple
times on the same chain uh makes no
sense and it will make even less sense
um in this um in this world now that
sounds a bit uh threatening a lot of a
lot of our ecosystems are duplications
in Forks uh right now um however there
is also an upside to that uh which is
the opposite this uniqueness is rewarded
uh if you build uh a Dap or uh a
protocol that adds value to the
ecosystem it will now be exposed to the
the whole ecosystem not just this chain
but all the ones which are which are
connected to it so if you bring if you
build something of value it will be uh
exposed to a much bigger audience uh
regardless of what else happens on this
particular chain you no longer need to
have kind of Primitives on each chain um
which brings to my next point that um up
in this in this situation if we think
about uh that a unique use case is what
brings value to the chain the kind of
value of this chain and the value of
this protocol converge so we could
see um the kind of app chain thesis um
coming back that you only need one good
use case on a chain to uh to make it
successful uh so we could see uh each
use case having um having its own chain
for example you know if we here created
a layer two and the only thing on it was
we integrated uh Tai bat payments um now
that could be into the rest of uh the
l2s and so they could access that and we
could have nothing else on this chain so
the the use case in the chain um
converge so uh we're just uh wrapping up
now so I guess the whole point uh of
what I'm trying to say is uh many of you
may be uh Founders Builders uh maybe
investors um Don't Waste Your Precious
time and energy building Forks of of
things
um if you have that voice going in your
head like oh let's do another Unis swap
fork with a token on this new chain and
we'll make loads of money shut that down
shut it down and do something that
matters because you'll be rewarded more
than ever because this uh this mechanic
makes sure that like unique things that
add value get exposed to the whole
ecosystem um immediately so you'll be
rewarded more than ever for it um yeah
thank you and I think now we're going to
take some uh questions
yes thanks a lot Danielle all right so
we're going to do the questions with the
catchbox if you're familiar with it I'm
just going to throw it to you you're
going to speak into the box and that's
how we're going to do it so raise your
hand if you have any questions and we'll
get the box to
you come on yes amazing so get ready and
catch okay um so you talk about unique
um daps on chains have you got any
examples where this is already kind of
bearing
fruit um yeah so I think we can see
examples of some chains that have
managed to like build a mo because of um
difficult to copy um Mechanics for
example Tron uh which you know you know
we're at Devcon uh it's not an evm chain
but Tron has a very big network of
payment service providers um which has
made it very useful in a lot of emerging
economies and now although Tron is
expensive and kind of out of fashion and
all is modern and like other chains are
poised to kind of steal their uses that
uh in that that network of PSPs is
difficult to replicate so they have a
mode and and that has use and I think
we're going to see something similar
happen with uh coinbase base and ink
from Kraken being very efficient on
ramping um rails because they have um
the kind of relationships with the with
the banks and payments providers that
other chains might not have and that's
something that will be difficult to to
replicate um and and compete
with all right I saw another question
over here can you get the the box to
this person
perfect uh yeah one my questions is that
I think liquidity definitely is the key
here what are some of the best practices
or strategies has worked uh to basically
tracking liquidity to the
CHF yeah so in terms of um yeah how do
we attract liquidity how do we fight
this this mechanic um so the first one
which you know doesn't sound serious but
it kind of is is like bribing the
solvers and the intent uh intent
networks um I think we will see chains
of protocols essentially sort of paying
for order flow which is something that
um exists in in in traditional markets
um and um I guess the the other the
other one which hopefully is more
positive is building kind of more and
more efficient uh protocols so that they
can have better outcome for users maybe
with um maybe with less liquidity or
generating more rewards for for the for
the
LPS perfect and that's all the time we
have for questions uh give it up again
for Daniel yanev thank you