The Potential dApps of Chain Abstraction w/ Sid from Electric Capital
In this episode of Chain Absatracted, Sid from Electric Capital discusses his background in crypto and role at Electric Capital. Together with Altan they explore the concept of chain abstraction and its impact on the crypto ecosystem. They discuss the proliferation of L1 and L2 chains, the challenges of fragmentation, and the importance of community and brand loyalty. They also touch on the value of restaking, the future of DeFi, and the potential for cross-margin trading. Sid emphasizes the need for open-mindedness and willingness to adapt in the rapidly changing crypto landscape. Takeaways • Chain abstraction allows for the use of any DApp on any chain from any wallet, enabling a more seamless user experience. • The proliferation of L1 and L2 chains and the fragmentation of communities present challenges and opportunities in the crypto space. • The value accrual in the crypto ecosystem can vary across different chains and protocols, with DeFi protocols capturing significant value. • Tokens play a crucial role in capturing and distributing value within the crypto ecosystem, and their incentives and governance models are important considerations. • The development of cross-margin capabilities, Bitcoin DeFi, and real-world asset integration are exciting areas to watch in the future. • Entrepreneurs should be willing to jump in, ask questions, and stay open-minded in order to navigate the rapidly evolving crypto landscape. Timestamps: 00:00 Introduction and Background 14:02 The Value of L1 and L2 Chains 20:33 Understanding Chain Abstraction 25:09 The Impact on Developers 31:02 The Future of DeFi 37:01 Advice for Entrepreneurs About Sid Venkateswaran Sid Venkateswaran is a Protocol Specialist at Electric Capital. Prior to joining the venture firm, Sid worked as a trader/APM at FalconX, a digital asset prime brokerage. He holds a degree in physics from the University of Illinois, where he also interned at IEX. About Electric Capital Electric Capital is a venture firm specializing in cryptocurrencies, blockchain, fintech, and marketplaces. Their unique investment approach emphasizes community building, hands-on protocol expertise, and strategic product guidance. Notable investments include Kraken, dYdX, NEAR, and Bitwise. Socials Twitter/X: @sidmvenkat LinkedIn: Sid Venkateswaran Website: Electric Capital Join NEAR's community: Website: https://near.org/ NEAR AI: https://near.ai/ Twitter: https://twitter.com/NEARProtocol Blog: https://near.org/blog/ DISCLAIMER The content herein is provided for educational, informational, and entertainment purposes only, and does not constitute an offer to sell or a solicitation of an offer to buy any securities, options, futures, or other derivatives related to securities in any jurisdiction, nor should not be relied upon as advice to buy, sell or hold any of the foregoing. This content is intended to be general in nature and is not specific to you, the user or anyone else. You should not make any decision, financial, investment, trading or otherwise, based on any of the information presented without undertaking independent due diligence and consultation with a professional advisor. NEAR Foundation and its agents, advisors, council members, officers and employees (the “Foundation Parties”) make no representation or warranties, expressed or implied, as to the accuracy of the information herein and expressly disclaims any and all liability that may be based on such information or any errors or omissions therein. The Foundation Parties shall have no liability whatsoever, under contract, tort, trust or otherwise, to any person arising from or related to the content or any use of the information contained herein by you or any of your representatives. All opinions expressed herein are the speakers’ own personal opinions and do not reflect the opinions of any entities.
