Outlook 2022: The many faces of crypto scalability Op-ed by HaDuong_
Ha Duong is Principal at Ocean Investment and Director of Crypto Strategies at BIT Capital, based in Berlin.
I also expect the design space of dApps to drastically expand once we have moved past the current evolution stage of crypto.Since CryptoKitties first clogged the Ethereum network in 2017, many more situations have appeared that show how the current state of the main smart contract platform is not yet fit for mass adoption. The Scalability Trilemma shows how difficult it is to enhance scalability without compromising on other important dimensions such as decentralization & security.
With modular architectures maturing, I expect a decreasing demand for alternative monolithic layer 1 smart contract platforms in crypto in the future. For many existing or aspiring specialized smart contract platforms, the decision to bootstrap security from scratch and build a monolithic chain with known long-term scalability issues will be less attractive than running as a layer 2 on top of a secure data availability + settlement layer.
That may again have effects on true Defi yields. With limit order books and less dependence on AMMs, there may be less need for liquidity mining programs and less need for cash or stablecoins in DeFi due to increased capital efficiency. The current Curve wars may end and capital may find its way to more productive uses again.
Maybe, existing cloud storage protocols will expand their offering to evolve into a full data availability + consensus network. Potentially, other networks appear that focus on providing pure computation resources as a service focused on processing zero-knowledge proofs for zk-Rollups. Indexing protocols for querying network data out of different data layers and cross-chain & cross-layer oracles or composability & liquidity layers will continue evolving as well.
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