Eco Association Update: August 2024
Welcome to Eco Association’s monthly newsletter, where we cover Eco Protocol and community developments, updates and announcements.
Let’s get to it!
Accelerate how money moves with Eco Protocol
Despite enjoying a growing number of products, developers, and users, onchain native apps remain difficult to use—especially when factoring in complexities of managing multiple assets across different networks. The bar is still far too high for developers to build products that users actually want to use.
Since the beginning, Eco has been building toward a world where any onchain transaction amounts to a simple send. Community members built an early onchain checkout demo, governance system, and mainstream consumer app to make holding and using stablecoins as easy, intuitive and frictionless as possible. We’ve always believed that a person’s onchain journey should start with the currencies they already use.
That’s why we’re so excited to present the (new) Eco Protocol!
The Eco Protocol empowers developers to build the most intuitive onchain user experience by providing them with the tools necessary to offer frictionless stablecoin transfers that accelerate and streamline onboarding and money movement across Web3.
The Eco Protocol is infrastructure for stablecoins and the apps that use them. It’s an Ethereum-based rollup and permissionless liquidity network designed from the ground up to enable the most capital-efficient stablecoin transaction execution across any Ethereum L2 with the simplest possible user experience.
Liquidity fragmentation is a massive challenge to scaling Ethereum. The Eco Protocol solves that problem by unifying liquidity to scale Ethereum, and to boost audience size for developers by enabling anyone to interact with dApps across Ethereum from a singular protocol.
A full-stack upgrade for stablecoins.
Learn more about the Eco protocol over on our blog (plus a sneak peek at our brand refresh).
Eco Inc.’s CEO Ryne Saxe on Eco Protocol
Eco Inc. founder and CEO Ryne Saxe describes the Eco Protocol as the embodiment of Eco’s mission to maximize money’s value, starting with stablecoins. Our vision is to create an open financial system with better money.
Read more from Ryne here:
Our first steps towards Eco Protocol
At the end of August, Eco Inc. open-sourced Cross-L2 Actions, proposed by Wilson Cusack as RIP-7755 (a rollup improvement proposal).
Cross-L2 Actions is a proof of concept for using state proofs and L1 blockhashes to create, execute and verify cross-chain actions. Think of it like an open-sourced transaction layer for quickly moving assets from one L2 to another without any governance or forced middlemen.
What’s new with Bend?
Bend has been an early preview of the types of products and experiences enabled by the Eco Protocol and a way to showcase its underlying infrastructure. We’ll be incorporating Cross-L2 actions, and using it for transactions between Optimism and Base.
Building with Eco Protocol
Shortly, we’ll be opening up the Eco Protocol for all builders. So if you’re a developer, technical contributor, or otherwise are interested in building on Eco, let’s talk! You can learn more at eco.com, follow our progress on X, or join our Discord.
Protocol Governance ⚖️
Ryne Saxe recently shared an article on the Eco Governance Forum covering the work that’s been going into the upcoming protocol relaunch. You can read it here and join the discussion with your thoughts and feedback.
Here’s the TLDR:
Protocol Redesign: Eco as a cross-chain transaction system focused on payments. Our goal is to make sending and spending onchain as simple as possible, starting with stablecoins.
System Design: The new Eco Protocol will feature a dedicated rollup for ultra-fast, low-cost stablecoin transactions and a cross-chain transaction system integrated with the rollup for seamless stablesend pathways between rollups on Ethereum.
Next Steps: We’ll soon update eco.com with the full system design proposal and a brand refresh to mark this new chapter. Our goal is to finalize the design by September and launch a "betanet" version during Q4.
Community Events & Happenings
🎉Eco joins Metabased, a collective of 20+ organizations focused on building and decentralizing the next layer of Ethereum. Together, we’re committed to creating a truly community-owned internet. Metabased members will be sharing insights and developments on how decentralized rollups can scale Ethereum while keeping it in the hands of its users.
✨Eco Inc. has launched dedicated X (@eco_incorp) and GitHub accounts. The Eco Inc. team will use these accounts to share updates and developments as core contributors to the broader Eco Protocol. Be sure to check them out and give them a follow!
🎥 Catch our latest video from FWB Fest 2024, where Bend powered seamless onchain payments. Attendees earned 3% on purchases, and 15+ small businesses accepted USDC with ease.
This email is for informational purposes only and all token-related updates are compiled from publicly-available sources (as described below). It should not be construed or relied upon as financial advice and it is not an offer or recommendation to buy or sell any asset or enter into any transaction. The development and operation of the Eco network is decentralized, so any protocol upgrades discussed above that have not yet been implemented remain subject to community governance approval. Nothing in this email is confidential and all material information contained herein is publicly available to members of the Eco community through its Discord, community update calls, independent third party websites, on-chain transaction records, and other open channels.