The lesser-known alternative ecological projects of Ethereum do not belong to traditional tracks such as transactions, lending, games, NFTs, and expansion, and are even difficult to classify according to traditional classification methods, but many of them have the potential to become an important part of the Ethereum ecosystem. Infrastructure becomes a middleware-like existence and meets the segmented needs of different user groups.
At the same time, these projects also reflect the creativity of the Ethereum ecosystem and continue to promote the growth and prosperity of the Ethereum ecosystem. Below, Chain Catcher will introduce some distinctive Ethereum alternative projects in detail.
Swarm is a storage and communication system officially launched by Ethereum, which aims to provide decentralized and redundant storage for DApp code, user data, blockchain and state data, as well as provide an underlying structure for untraceable communication and built-in incentives The system is implemented through smart contracts on the Ethereum blockchain.
Ethereum developers can complete the task of decentralized data storage through Swarm, instead of directly relying on external ecosystems such as IPFS and Filecoin. Compared with Filecoin, the biggest difference between the two is the technical details and incentive mechanism. Filecoin does not punish storage, while Swarm punishes storage. The former leads to the flood of garbage content because there is no storage penalty mechanism, while the latter improves file availability and security through storage penalties.
Currently, Swarm is in the testnet stage, and the mainnet will be launched soon.
Gelato Network is an Ethereum smart contract auto-execution tool that allows developers/bots to automatically execute transactions based on user-preset conditions without running any underlying server infrastructure.
For example, the project can help users implement transactions at a specific price, transfer tokens at a specific time, etc., and automatically transfer funds when MakerDAO positions are about to be liquidated, and automatically stop losses when the impermanent loss of Uniswap LP exceeds a certain range.
It is understood that a product launched by Gelato Network is Sorbet Finance, which is an order-thin DEX based on Uniswap. It supports users to set target prices and execute buy/sell orders when the Uniswap market price reaches the target price. The transaction requires an additional fee of nearly 100 U.
At the end of last year, the project received US$1.2 million in financing led by IOSG Ventures and Galaxy Digital. Recently, Gelato Network announced that it will issue GEL tokens and support the operation on the Polygon network.
EPNS is an Ethereum information push service project that enables user wallets to receive DApp notifications, with the goal of becoming a communication layer middleware in the blockchain network. At present, the project has received millions of dollars in financing from Binance Labs, IOSG, former Coinbase CTO Balaji Srinivasan, and Gitcoin co-founder Scott Moore.
At present, Ethereum users can only get asset transfer-out/transfer-in notifications through the wallet APP, but not more complex types of DApp information notifications, such as notifications of a sharp drop in Gas fees, important on-chain governance voting notifications, and lottery DApp winning notifications , Liquidation warnings of lending DApps, etc., many of which are time-sensitive, but users can only obtain such information through active inquiries or news reports, which will undoubtedly have a bad impact on user experience.
EPNS aims to solve this problem. By cooperating with DeFi protocols and building necessary communication middleware APIs and SDKs, protocol developers can send messages to service subscribers according to their wallet addresses, so that these users can obtain them at the fastest speed. Important on-chain notifications to maximize self-interest.
Currently, EPNS is still in the testnet stage, and has reached cooperation with Gitcoin, PoolTogether, Ceramic, bZx, Frontier and other projects. The mainnet is expected to be launched in the third or fourth quarter of this year.
Tornado.cash is an Ethereum privacy trading tool that can improve the privacy of user addresses and assets, making up for the shortcomings of Ethereum’s lack of privacy functions. Since all transaction records and address balances of Ethereum are public, it is easy for the outside world to obtain private information such as asset balances and transfer records of a specific individual through the associated transaction transfer records.
Through Tornado.cash, users can use their own addresses to transfer assets to the product’s smart contract address, mix them with other users’ assets, and then another address can withdraw the money, based on zero-knowledge proof, other One cannot judge who the parties to the transaction are. Moreover, there is no custody in this process, and users can always control their assets.
To avoid being exploited by money laundering, Tornado Cash has also added compliance tools that allow users to prove the legitimacy of their source of funds.
ENS is an Ethereum domain name service project that aims to provide users with short and easy-to-read domain names. ENS can assign a human-readable domain name ending in “. Address resources make it easier for users to remember and use.
For example, V God can register through ENS and associate “vitalik.eth” with his Ethereum address, so that his friends can use vitalik.eth as the target address to send him Ethereum assets, reducing the possibility of entering the wrong address.
At present, most mainstream wallet applications already support the service, and many well-known people in the encryption industry are also using the service. In a recent interview, V God publicly stated that ENS is the most successful non-financial application in the Ethereum ecosystem.
InstaDApp is a DeFi aggregation protocol. Its main feature is to use smart wallets and bridging protocols to integrate major DeFi protocols. Users need to mobilize MateMask on the website to register smart wallets and transfer funds to use them. All user wallets are controlled by Instadapp. The contract is under unified control, and users do not own private keys and mnemonic words.
Currently, the DeFi protocols integrated by InstaDApp include Maker, Aave, Compound, and Uniswap. Users can trade their encrypted assets on this platform and manage their trading pairs on Uniswap. At the same time, they can mortgage LPs in the lending agreements supported by the platform for leveraged financing.
Due to the use of smart wallets, InstaDApp also provides users with one-click withdrawal of all collateral, collateral swap, debt swap, automatic debt refinancing and other functions, and also supports users to migrate collateral between protocols.
In December 2019, the project received US$2.4 million in financing from Coinbase Ventures, Pantera Capital and other institutions. At present, the website has about 20,000 smart wallet users.
Kleros is an Ethereum-based decentralized arbitration protocol that provides arbitration for subjective conflicts that cannot be resolved by smart contracts. After the DApp that follows the project’s smart contract standard initiates the arbitration, the protocol randomly selects a group of jurors for each dispute and asks them to vote based on the evidential materials submitted by the parties to ensure the correct ruling.
Any user can become a Kleros juror by staking tokens and earn token rewards through arbitration. Currently, Kleros’ representative arbitration cases include the arbitration of the prediction market Omen against the results of the 2020 US presidential election, and the arbitration of the decentralized exchange Ethfinex against Baer token, etc., with a total of nearly 700 arbitration cases.
Mask Network is a Web3 privacy tool built on the Ethereum ecosystem. Its goal is to become a portal to help users transition from Web2.0 to Web3.0. The project tries to develop tools on the platforms of traditional social giants such as Twitter and Facebook, and supports Users seamlessly send encrypted messages, cryptocurrencies and even build decentralized applications.
At present, Mask Network has developed a series of tools on the Twitter platform, so that Twitter users who install its plug-ins can directly purchase cryptocurrencies on DEX, donate to Gitcoin, etc. without jumping to the page, reducing the traditional social platform’s entry into the encrypted world. threshold.
The above are just some of the alternative projects in the Ethereum ecosystem. They help Ethereum greatly optimize user experience, reduce usage costs and thresholds, and at the same time improve the privacy, fairness, and timeliness of behavior on the chain, and accelerate the arrival of the Web 3.0 era.