SYS Labs, the team behind Ethereum layer-2 Rollux, has introduced a suite of new products to improve interoperability and general DeFi activity in its hybrid Bitcoin and Ethereum consensus ecosystem.
Rollux currently has a total value locked (TVL) of $560,381, with almost all of that volume coming from decentralized exchange PegaSys v3, according to data from DeFiLlama.
This next phase of Rollux will ideally bring more DeFi activity to the network. The team will welcome new DeFi applications including Chainge, a new cross-chain DEX; Agave, a DeFi lending protocol; and the Gamma Liquidity Protocol, to name a few. SYS Labs will also integrate with LayerSwap, a cross-chain solution bridgewhich will enable transfers between centralized exchanges and DeFi protocols.
An October 18 press release outlined the new protocols, but according to DeFiLlama, only Gamma went live on Friday.
Bradley Stephenson of the Syscoin Foundation told Blockworks that by leveraging Syscoin, Rollux is able to inherit PoW derived from Bitcoin miners while still having proof of stake (Point of sale) purpose.
“There are a large number of blockchain users who prefer PoW-based systems over PoS systems for a variety of reasons, such as resilience to black swan events,” Stephenson said.
Stephenson added that the PoW and PoS debate is as much a philosophical debate as it is a technical one.
“Simply put, we don’t think it was necessary for Ethereum to pursue PoS, when they could have simply shared Bitcoin’s PoW via merged mining without taxing additional resources for mining,” did he declare.
Syscoin itself also introduces a protocol called Proof of Data Availability (PoDA), designed to provide Layer 1 security to the network.
The PoDA protocol resides on Syscoin’s merge-mined system layer-1 chain, Stephenson explained. Despite the similarities between PoDA and Ethereum’s approach to proto-danksharding, there are major differences.
“With PoDA, the succinct proof of the raw data is stored on-chain, while the raw data in its entirety is archived off-chain by all nodes that choose to perform this service,” Stephenson said. “This means that Syscoin can remove raw data from the memory pool relatively frequently, and succinct proof means that nodes can remain lightweight, which promotes decentralization.”
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