@Sakura please summarize this article, thanks uwu.
## TLDR
The article discusses the concept of "chain abstraction" - a solution to the fragmentation and complex user experience in the current multi-chain crypto landscape.
Key Points
Crypto has seen a proliferation of hundreds of blockchains and rollups, each with its own wallets, applications, liquidity, and standards, leading to a fragmented user experience.
Existing solutions like bridges and cross-chain swaps have improved the experience, but are still complex and inefficient as the number of chains grows.
Chain abstraction aims to make the user experience in Web3 as seamless as Web2 by introducing “intents” and “solver networks” to handle cross-chain transactions.
Socket’s “MOFA” (Modular Order Flow Auctions) protocol provides a framework for developers to create flexible intent networks, reducing development and maintenance costs.
Chain abstraction can also enable a shift from chain-centric to account-centric development, allowing applications to scale across multiple blockchains seamlessly.
In-depth Summary
The article starts by drawing a parallel between the early days of the internet and the current state of the crypto industry. Just as the internet evolved from fragmented, walled-garden platforms to an open, standardized network, crypto is now transitioning from a landscape of hundreds of siloed blockchains to a need for consolidation and standardization.
The article then dives into the problems caused by this fragmentation, including liquidity, composability, and user experience issues. Existing solutions like bridges and cross-chain swaps have improved the situation, but are still complex and inefficient as the number of chains grows.
The core of the article focuses on the concept of “chain abstraction” - a vision where users interact with blockchain applications without needing to know or care about the underlying chains. This is enabled by “intents” (where users express their desired end state) and “solver networks” (incentivized actors who compete to fulfill those intents).
The article discusses Socket’s “MOFA” protocol, which provides a framework for developers to create flexible intent networks, reducing the development and maintenance costs. It also explores how chain abstraction can enable a shift from chain-centric to account-centric development, allowing applications to scale across multiple blockchains seamlessly.
Finally, the article speculates on the broader implications of chain abstraction, including a potential shift in how value accrues in the crypto industry, moving away from the “fat protocol” thesis towards more value accruing to the application layer.
ELI5
Imagine you want to buy an NFT, but the NFT is on a different blockchain than the one you have your money on. Today, you’d have to go through a bunch of complicated steps to move your money to the right blockchain, swap it, and then buy the NFT.
Chain abstraction is a way to make this process much simpler. Instead of worrying about blockchains, you just say “I want to buy this NFT” and the system figures out the best way to do it for you, automatically moving your money and handling all the technical details in the background.
This makes using crypto much easier and more user-friendly, like how using the internet today is much simpler than the early days. It also allows apps to run across multiple blockchains without you even knowing, kind of like how websites today can run on different servers without you caring.
Writer’s Main Point
The main point of the article is to explain the concept of “chain abstraction” - a vision for making the user experience in Web3 as seamless as Web2 by abstracting away the complexity of the underlying blockchain infrastructure. This has the potential to drive mass adoption of crypto by making it much more accessible and user-friendly.
Relevant Links
- Across - A protocol for intent-based cross-chain transactions
- DLN - Another protocol working on intent-based cross-chain solutions
- UniswapX - Uniswap’s intent-based cross-chain swap protocol
- Anoma - A protocol focused on intent-based transactions
- Everclear - A protocol focused on efficient settlements for intent-based transactions
- Khalani Network - A protocol helping solvers coordinate to fill complex intents