Securing and Enabling the Multi-Chain World

Hey everyone,

In this first episode of Web3Magic (which is the evolution of my Daily NFTs Minute) I dive into one of the OG backend projects (Connext.Network) that have the potential to make our lives with blockchain easier. I spoke with Max during ETHMilan 2023.

Get ready to unravel the complexities of a multi-chain blockchain world with Max, the growth leader at Connext. Connext is an interoperability protocol that is bridging the gap between different blockchain networks. 

Max is here to guide us through the vision and plans of Connext, its innovative approach to simplifying user experiences, and how it's allowing any smart contract to interact with any chain. And we all know the challenges and practical problems posed by a multi-chain world.

In the second half, we'll delve into the role of Decentralized Autonomous Organizations (DAOs) in the multi-chain world and how Connex is enabling these DAOs to interact with various blockchain networks. 

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BFG: 1:10

Good. So, hi, max, I'm still at ETH Milan, as you guys can see. Awesome courtyard. I'm here is Max from the project which I keep messing up the name, but it's Connext, not the context. All right, max, can you tell us a little bit about yourself, like background, how do you go up to crypto and you know how the project actually started?

Maxlomu: 1:34

So my name is Max. I am the growth leader at Connext. Oh, sorry, okay, that's the basics. Yeah, so I got into crypto a few years ago. I was fascinated by the idea of composable money and composable programable money, so I started to gravitate around the ecosystems and gradually got more involved into different startups until I found out about Connext. Connext is an interoperability protocol, so a bridge that allows you to move tokens and data across the different chains in a very, very secure way. Connext was born actually in 2016, so it's one of the OG projects in the space. We were the first one. We actually built the first layer two in the space, together with Pang Chain. We were the first trustless bridge between Optimism and Ethereum, and we since evolved our architecture and our vision, but the core idea is that Connext wants to enable builders, rather than users, to really create applications that can interact with any smart contract on any chain and be accessible from any chain. So the next objective is really to abstract the idea, that abstract the experience for users, so they don't have to think about the chains that they're using. We are really headed towards a world with 1000 roll-ups, 1000 layer twos, 1000 chains, and so it will be important for applications to be able to create an experience where users do not have to think about which chains they're using, to think about bridging, to think about gas tokens, and all these aspects can can be abstracted thanks to Connext and its protocol.

BFG: 3:27

You see, handing over the mic has one advantage I can't jump into you speaking, so it kind of naturally leaves the discussion. I love the idea because I always believe that the future is kind of multi-chain, but it brings all sorts of practical problems for ordinary users and I think even for OGs, like people who are here for a long time. Just to manage all the wallets and chains and know what's sitting there is just really annoying, if not impossible in many times. So I love what Connext is doing. So does it mean that normal, let's say, typical MetaMask user or rainbow user wouldn't really know that the tag behind whatever they are using is run by you guys?

Maxlomu: 4:18

That's the ultimate objective. Let's say, if you think about the current experience when you're using an application let's say that you hold funds on Polygon, for example, and then you want to use an application that is on Optimism what you have to do right now is to actually leave the application go to a bridge, bridge your funds from Polygon to Optimism. Then you have to buy ETH on the well. First you have to switch your RPC on the wallets which is already a big challenge and then you have to find a way to buy ETH on the native token on that roll up on the destination chain, and then you're able to interact with the app. So all these types of steps and increased frictions are just going to increase as more roll ups come out, as more not only L2s but L3s come up. So we are creating a very like. We are actually worsening the experience for the users. So, buy-in integration with Connext, the same applications are able to create this chain abstracted experience where they basically say hey, you user want to deposit funds into my vault. It doesn't matter where you have the funds, it doesn't matter where I am deployed, you can basically just click a bottom and all these steps that we mentioned before are executed for you underneath without you having to know. And this is the experience that we want to know. We want to build right. It's similar to the chain abstraction experience. We don't want people to think about approving transactions, buying gas and all these kind of things. This is more related to the multi-chain world. So we are trying to abstract the ideas of chains, ultimately, okay that sounds really interesting on a future-looking side.

BFG: 5:56

So are there any dApps which are currently using Connext which we might know of and they are not deeply degen focused?

Maxlomu: 6:09

Yes, of course. So this is a very nascent industry, nascent trend, nascent industry, of course, but then also nascent trend and technology. So the basic applications that you can create with this is a bridge right on top of Konex. So they added the ability to move tokens in a simplified way, and so we've been integrated by the biggest tabs, including Metamask, for example, if you heard about it, when you actually want to move the tokens from one chain to another one, you might be using Konex underneath, but then this type of new experiences that we are enabling are nascent, and then we are seeing new applications coming out that are building these kind of things, and so some of the interesting apps that are part of the ecosystems are Alchemics, for example, superfluid with streaming tokens, gelato, dodo, and then we're getting more and more integrated into the safe ecosystem, for example, with the idea that you can actually create cross-chain DAOs, for example, so DAOs that are able to interact with multiple chains. We're getting integrated with UMA, so there are a lot of protocols that are creating composable blocks, together with Konex, to extend the possibilities not only on one specific chain, but on all the chains that are coming out.

BFG: 7:30

Okay, now you actually made it real, even for me. It's like all of the names you mentioned. I know we will have some of them on the podcast, like Friend from Superfluid, hopefully very soon. So now that makes a lot of sense. So it kind of begs the question I think everybody building any sort of an app which works with tokens should use Konex, because that will make it easier for everybody else. Is that true?

Maxlomu: 8:03

Yeah, that's a very wishful thinking. I love it. Yes, I mean. We are definitely eager to support all the builders in creating these better experiences for users, and our core focus is also around security. Cross-chain has historically been one of the weakest parts for the different applications the biggest hacks that happened around bridges. So we need some work around educating people on how to build better experiences and also how to build secure cross-chain experiences, and this is something that Konex has been obsessed about and I think will be our key better proposition forever.

BFG: 8:42

Okay, so maybe can you share some numbers and then maybe a future plan, because it seems that we all know it's new but it's growing fast, especially a number of chains. So what's the I don't know? Do you guys count it in users or money transferred, or what are the metrics you are going after?

Maxlomu: 9:10

So one of our key metrics is volume right now. So we have facilitated more than 2 billion in cross-chain volumes and then, of course, the number of chains and tokens that we are supporting. So this is our current focus in terms of expansion, right now we are on six chains of our current expanding and we plan to be on roughly 20 chains by the end of Q1 next year. And then, ultimately, the objective is to really make the ability to add a new chain permissionless. So, as we partnered recently with the alt layer, which is a roll-up as a service tool that allows you to spin up a new roll-up with a click and now it will come out with the connects being integrated. So you click a lot and then you get a new roll-up as a corporation, for example, and then you have a bridge that connects you to all the other roll-ups immediately. So this is some of the things that we haven't planned. Just to give you another cool update, we recently launched our token in our DAO. This is the first full cross-chain DAO that exists. Because we launched our token, we did an airdrop, so I invite you to check out the website and check if you are eligible as a cross-chain airdrop. So the idea is that users can claim their next on the chains that they prefer and all the bridging and stuff is all abstracted for them and the DAO becomes cross-chain, because then people can vote on governance things from any chain and the proposals can be executed towards any chain. So it's really the idea of enabling these DAOs to now interact with the different chains so whenever they have to move the treasury, change, a parameter in the smart contract somewhere else, they can all do it with these tools that extend the potential markets and enrich Now this is very cool, okay, so basically, daos are going to be probably one of your biggest customers, I would say, or users which would benefit from this, because, yeah, that's sometimes painful to do the DAO voting and fix all the things.

BFG: 11:12

And of course, you guys heard it right alpha, airdrop. These are just words. Some people I know are very curious about Any last words, Max?

Maxlomu: 11:26

No, I mean. It's a very exciting period, I think, for interoperability and for new applications that are coming out, and I think the state of the market right now allows us to really focus on building something that won us value, right, with applications that have real utility, that solve real problems, but at the same time that they have an experience that can become mainstream. Right, we can. You know where the bull market is for rushing and screaming everywhere, and instead these phases are more like okay, think about it. What is the best way to really onboard the next one billion users with new applications, new utility and a user experience that makes sense, that it's for humans?

BFG: 12:06

Thank you very much, Max. That was Max from Connext and you know you guys will find all the links to Max online and to Connext in the show notes, so don't worry.

Connext Network: https://www.connext.network/

Max Lomu on Twitter (X): https://twitter.com/maxlomu

ETHMilan: https://www.ethmilan.xyz/

Don't Miss the Next One

That's it, friends. I hope you enjoyed the episode, and let me know what you think on Twitter (X) or Farcaster. Till next time … keep it colorful!