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Web3, the idea of a decentralized internet on blockchain, expanded and strengthened with the launch of a specialized Layer 2 Solution (L2S) by CyberConnect.
CyberConnect, Web3’s first and largest decentralized social network protocol, is all set to launch its first restacked modular Ethereum (ETH) Layer 2 Solution. The motive is to revolutionize decentralized social networking by addressing key issues like high gas fees, poor user experiences, and low transaction throughput.
CyberConnect addressing Web3 challenges
On March 8, 2024, CyberConnect took the X platform to make a big announcement on Cyber introduction, a social layer 2 with staking.
Powered by EigenLayer and Optimism and constructed in partnership with AltLayer, the innovative platform aims to address the critical issues hindering the progress of blockchain-based social networks.
The existing blockchain-based social platform faces issues of fostering genuine adoption because of Subpar user experience, insufficient transaction throughput, and high gas fees. Such challenges make it challenging for developers to align with social functionalities.
Projects like Link3.cyber and Mocaverse highlight the unsustainable nature of existing Web3 social models. Both the projects hold around 2 Million users and offer around 20 Million transactions.
To remain a strong player in the tech world, Cyber focuses on maintaining scalability along with sustaining its alignment with ETH via EigenLayer. It can exceed 10K transactions per second at negligible gas costs.
In addition to this, its dual staking mechanism, including ETH and native token CYBER, enhances network security and improves user engagement with the respective platform.
Furthermore, in alignment with Optimism Superchain, it delivers a comprehensive social infrastructure that mitigates the limitations of isolated platforms to an extent. All these functionalities and facilities make Cyber a more inclusive and interconnected digital platform.
User accessibility is another major factor prioritized by the Cyber platform by blending the account abstraction under EIP-7560. The integration simplified the evolution from Web2 and Web3 experiences.
Native support for EIP-7212 enhanced the security level and convenience by permitting account management through FaceID or passkeys.
Likewise, CyberConnect also took part in launching a new economic model that is beneficial for developers as well as users. Bridged assets like ETH, LST, and LRT help individuals generate passive income through yielding. Shared protocol fees and ecosystem rewards are other ways of earning at CyberConnect.
In short, CyberConnect’s introduction to Cyber showcases an evolution of Web3 social platforms. Most blockchain-based challenges are mitigated in the launch by introducing innovative solutions for economic incentives and scalability.
Web3 Popularity
The term was introduced to the world in 2014 but gained popularity in 2021 from large technology firms, crypto enthusiasts, and venture capital firms. It is the next iteration of the internet that operates on the concept of decentralization.
It is a technology protocol introduced to facilitate direct and secure interaction between individuals, data, and applications.
It holds a market value of $2.86 Billion in 2023 with a growth outlook of 44.5%. Also, the global market is supposed to hit nearly $49.1 Billion by the end of 2030.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
