Growth in Review and a Glance at the Future of Syscoin
Syscoin has accomplished a lot since the mainnet deployment of NEVM! It’s a great time to review the growth of our ecosystem and get a tease of where we are heading in the near future!
Growth in Review
Syscoin introduced its groundbreaking NEVM on December 6th 2021, combining the security of Bitcoin's miners and Nakamoto consensus with Ethereum’s smart contract flexibility. Leading up to the release and since that time, we have been continually onboarding projects, catapulting Syscoin’s ecosystem forward. Let's go over some highlights. There’s plenty to cover!
To begin the month, we revealed the addition of a new Syscoin Foundation advisor, Frankie Pangilinian. Frankie is a former MetaMask and ConsenSys Engineer. Her expertise helps ensure that our official Syscoin Web 3.0 wallet, Pali Wallet, is up to the highest standards, evolves optimally, and is a great way to transact on the Syscoin Network.
The Syscoin Foundation participated in an excellent Reddit AMA at r/CryptoCurrency on Nov 16th.
This past December was momentous for the Syscoin project with the launch of NEVM, but that was just the beginning. There were a lot of other positive developments that month.
Phase One of the NEVM launch was completed! Our Bitcoin-secured Layer 1 for EVM smart contracts reached mainnet on block 1,317,500. Now you can leverage the benefits of Bitcoin's POW security and the flexibility of Ethereum on a modular chain built to remain indefinitely decentralized, scalable, and affordable.
ViaWallet added support for SYS! ViaWallet is a multi-chain non-custodial mobile wallet with 100k+ users.
Syscoin was listed on Vauld exchange. Trading began on January 20th with SYS/INR and SYS/USDT pairs.
The Syscoin team made numerous appearances on podcasts, AMAs, and other speaking opportunities, like DeFi Slate, Crypto Talkz, The Crypto Blade, Coffee Monster, and Synopsis.
We revealed a new team member and advisor, Charlie Hu, former head of Polygon China. His input and connections have proven greatly beneficial for establishing major connections behind the scenes, especially as we increase awareness across Asia.
Pegasys DEX went live! Pegasys is the first DEX and automated market maker (AMM) to run natively and completely on Syscoin NEVM. Their team plans to provide Liquidity Farming and Staking opportunities along with their soon-coming PSYS token, all expected for release April 27, 2022. Pegasys will reach even greater heights as NEVM enters Phase 2 with ZK-Rollups.
Wrapping-up February, we revealed a new partner TribeOne, who announced plans to deploy their DeFi protocol for NFT-backed loans on Syscoin NEVM. Their services will be useful across the NFT marketplaces launching on NEVM, like LastKnown and Luxy.
There were many featured articles, AMAs and appearances this month, including StealthEx, StakeCube’s Twitter Space, Crypto Current, Cointelegraph, Hackernoon, and four separate AMAs with the Vietnam Blockchain Community including Bigcoin Vietnam.
March was no exception to our growth continuing to ramp-up! We announced an official education partner, NewsCrypto. They will host an official Syscoin section in their Academy to help us fulfill something very important - making educational tools available to those who wish to contribute to the emergence of blockchain-based economies.
Bounce Finance joined our ecosystem! Syscoin has already been fully implemented within their Auction and OTC protocols, granting projects that are intrigued by Syscoin a new launchpad to begin their journey. We are continuing our work together to onboard their NFT and DAO ecosystem-building tools into our NEVM as we transition it to ZK-Rollups, and eventually, Validium.
Flux Protocol, our first oracle provider went live on the Syscoin Platform. They have already integrated price feeds with our NEVM, a crucial element for the various DeFi protocols using Syscoin. This also opens the door to more services by Flux Protocol in the future.
Revest Finance announced a partnership with our native Pegasys DEX, and that they will launch on Syscoin! Revest will deliver their new cutting-edge tech, Financial NFTs, through Pegasys DEX.
Ankr and Syscoin announced an extensive partnership during the Blockchain World Summit in Dubai! This multi-faceted collaboration involves enterprise RPC service for the Syscoin network, integration with AnkrScan (Ankr's new multi-chain explorer currenty in Beta), and a new way for nodes to serve the Syscoin network and receive ANKR Token.
March was full of Syscoin appearances, AMAs and interviews with Crypto Family Trading, Infinity Capital, ApeSwap’s Twitter Space, LBank, and Gokhshtein Media's Twitter Space.
April 2022 (to current date)
A Glance at the Future
While speaking to the Blockchain World Summit in Dubai, Jag Sidhu, Syscoin’s lead core developer made an important announcement. The Syscoin Foundation has embarked on a project representing the next step of evolution for Treasury Management, Decentralized Autonomous Organizations (DAO), and for Syscoin and our ecosystem.
DAOSYS will be the first DAO implementation of a revolutionary new technology for treasury management we call Autonomous Service Engine. DAOSYS is focused on making Syscoin a hotbed of innovation through a unique risk-mitigated funding mechanism useful for bringing new projects, initiatives, and more, into reality within the Syscoin ecosystem. This can serve as a perpetual driver of growth and advancement. Further, DAOSYS solves root problems that have affected DAOs up to now. For one, it eliminates the need for human governance. DAOSYS is part of a larger goal of Syscoin Foundation to provide the advancements necessary for DAO technology to disrupt corporate finance as a driver of innovation. It will also be advantageously positioned as a DAO at the root of digital value, as it will be oriented to serve Syscoin, a Layer 1 blockchain with a full-stack ecosystem.
NEVM Layer 2 draws near!
ZK-Rollups: Matter Labs deployed zkSync 2.0 (zkEVM) to public testnet on February 22nd. Each day brings us closer to its mainnet release, which is anticipated by both the Syscoin and Ethereum communities. Syscoin is uniquely designed as the ideal secure settlement layer for ZK-Rollups, and is the way forward for projects looking to achieve the trifecta of speed, scalability and proven decentralized security. We will make sure the Syscoin community is kept up-to-speed as we become aware of new progress towards a zkSync 2.0 mainnet.
Optimistic Rollups: Syscoin is an ideal Layer 1 for Rollups of the Optimistic variety as well as Zero-Knowledge. Both types of solutions will exist into the future and each has certain advantages. For example, Optimistic Rollups are an established technology, plus they involve less computational overhead than ZK-Rollups. Our Business Development team has held some promising discussions with multiple innovators. In the near future you can expect to see Optimistic Rollups working on top of Syscoin, perhaps very shortly, even before ZK-Rollups!
Validium & Proof of Data Availability
Supporting ZK-Rollups in the best way possible involves more than just providing secure Proof of Work settlement on Layer 1 along with Finality. Proof of Data Availability is another very important element. This is a new concept for a more scalable approach to Data Availability that involves a fast and efficient way of anchoring offchain storage to Layer 1 security while also eliminating the need for blockchain pruning. The solution is multi-faceted, and is an opportunity to create some new collaborative partnerships.