ON–238: Modular Networks 🧩

Coverage on Omni Network, NEAR DA, Conduit, Celestia, Hyperlane and Dymension.

May 31, 2024

ON–238: Modular Networks 🧩

Distributed research for distributed networks – OurNetwork is crypto's go-to platform for onchain analytics.


Modular Networks 🧩

Sector Overview, Omni Network, NEAR DA, Conduit, Celestia, Hyperlane and Dymension.

πŸ‘₯ Andy | Dashboard

πŸ“ˆ The modular ecosystem has exploded to encompass well over 100 projects as of March 2024.

Source: Twitter - @therollupco
  • The daily data being posted to Celestia's blobspace has steadily increased since inception and is now consistently hitting 200 MB/day consistently. Celestia is a data availability network β€” more users posting data to Celestia's blobspace indicates that modular designs are gaining traction in the blockchain space.
Source: Blockworks Research
  • Cumulative transaction count on Hyperlane, an interoperability layer for the modular stack which allows messages to pass across blockchains, has surpassed 2M.
Source: Dune Analytics - @realalpha
  • The Dymension Hub, the core settlement layer of Dymension blockchain, is averaging over 6.5k IBC transfers per day within their ecosystem. These transfers are happening across rollapps, appchains enabled by Dymension, indicating the high degree of integration between these solutions.

β‘  Omni Network πŸŒ€

πŸ“ˆ Omni creates an integrated network for Ethereum's $46B rollup ecosystem

  • Ethereum rollups are now handling over 11 times more transactions than Ethereum's Layer 1. This rollup dominance has been growing exponentially over the past two years. With the ongoing migration to Layer 2s, it is becoming crucial for rollups to communicate with one another. The Omni Network stands out as the first integrated blockchain designed to simplify the cross-rollup development process, allowing applications to tap into the liquidity and user base of all connected rollups.
Source: L2BEAT
  • Omni's second testnet experienced an activity increase of over 2.5x across all key categories. This prompted Omni to develop Octane, a highly scalable standard for combining the EVM with CometBFT consensus. Octane is open-source and enables decentralized sequencers and performant Cosmos chains.
Source: Omni Network
  • Following the $OMNI airdrop in April, nearly 10% of the circulating supply has been staked to bootstrap network security. Early stakers are eligible for $OMNI rewards and future airdrops given to the Omni Foundation. The Foundation will soon distribute its $ETHFI and $ALT airdrops to early stakers.
Source: Dune Analytics - @karl0x

β‘‘ Conduit ⚑

πŸ“ˆ Conduit chains cross $1B+ in TVL

  • Conduit is a rollup-as-a-service (RaaS) platform that you can use to deploy an L2 or L3 in a few clicks. Build your rollup with leading tech stacks like Arbitrum Orbit or the OP Stack and utilize modular data availability solutions like Ethereum blobs, Celestia, EigenDA, and more. Chains deployed on Conduit recently crossed $1 billion in total value locked (TVL), led by the growth of Mode, BOB, Aevo, Zora, and Lyra. Let's look at Mode's explosive growth since its launch just a few months ago.
Source: L2BEAT
  • Transactions per second (TPS) (or even better, gas per second) is a better metric than TVL to measure a chain's activity. Let's look at Arbitrum Orbit chains, where two of the top four (Degen and Apex) were deployed on Conduit. The other two are run by Offchain Labs, the core developers of Arbitrum.
Source: L2BEAT
  • Some chains choose to use modular DA layers like Celestia to save on costs. Nine of the 15 rollups that use Celestia DA were deployed on Conduit. This includes Orderly, the largest Celestia user, and others like Aevo and Lyra. Conduit rollups are also the most efficient Celestia users, with the lowest cost per MB (0.02 TIA).
Source: celenium.io
  • πŸ’¦πŸ”¬ Tx-Level Alpha: These were the first blob transactions for Mode and Zora Network. The switch from calldata to blobs brought gas fees down over 15x on both chains! Notice the timestamp. Mode and Zora started posting blobs on the same day as the EIP-4844 upgrade, just minutes after OP Mainnet and Base also started posting. Keeping up with the underlying rollup stack is an underrated challenge for chain operators; Conduit invests a lot of time and energy to make sure our chains are always on the latest versions.

β‘’ NEAR DA πŸ§ͺ

πŸ‘₯ Nuffle Labs | Website

πŸ“ˆ RSS3 launches their rollup on NEAR DA mainnet, bringing their costs 95%+

  • NEAR DA is the most cost-efficient and high-performing data availability solution in the market today. With a cost per block of $0.0016, it is significantly cheaper than Celestia at $0.046, Ethereum (Proto-Danksharding) at $7.73, and Ethereum at $140.53. NEAR also offers the highest gas efficiency (~2.8B gas/s) and data throughput (16 mb/s), outperforming Celestia, Ethereum (Proto-Danksharding), and Ethereum in all metrics. This makes NEAR the best choice for data availability.
Source: nearmodular.com
  • Two weeks after integrating NEAR DA, RSS3 VSL has seen a 95% cost reduction. This significant improvement allows RSS3 to be super cheap , allowing information and AI apps to be possible on RSS3 rollup.
Source: L2BEAT
  • Following the mainnet launch with NEAR DA, RSS3 consistently ranks in the top 20 for TVL, ranging between $150MM and $200MM. This achievement positions RSS3 as the second chain after Manta Pacific, which uses Celestia's altDA.
Source: L2BEAT

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