As blockchain technology sees increased adoption and applications across segments, the need for cross-blockchain bridging infrastructure has only accelerated. Web 3.0 developers in the space believe scalable blockchains as well as cross-chain infrastructure is critical to help data and liquidity move seamlessly on blockchain-based platforms.
At YourStory’s launch of The Metaverse Summit – India’s first Web 3.0 conference – Ramani Ramachandran, CEO of blockchain startup Router Protocol, highlighted the need for scalable infrastructure layers for the next wave of Web 3.0 innovations.
“In the traditional world, you have Visa and Mastercard doing thousands of transactions per second,” he said, explaining that in Web 3.0, speed and scalability of blockchains is not always high.
“So, Layer 2 protocols and rollups are adding a layer of scalability on underlying blockchains. What these try to do is minimise the amount of transactions performed on the core layer of one chain by taking a bunch of the transactions off it and performing them on a layer 2 chain,” he said.
In recent years, the rapid rise in Ethereum adoption has given birth to a range of L1 and L2 competitors and collaborators such as Avalanche, Polygon, BSC etc, as well as non-EVM (Ethereum Virtual Machine) chains such as Solana, Terra, Algorand, and Cosmos.
As multiple blockchain ecosystems develop, liquidity continues to be fragmented across them. Further, each chain has been building a community of Decentralised Apps (DApps) comprising platforms for trading, lending, NFTs, etc.
Ramani Ramachandran, CEO, Router Protocol, speaks on building infra layers for the next wave of Web 3.0 innovations
Building the metaverse
With the future of shared, online worlds, or metaverses, dependent on scalable blockchains, Ram explained:
“Interoperability between scalable blockchains is key in building the metaverse. For instance, on blockchain games on virtual platforms, there is cross-portability of assets across platforms. In addition, user information is not given to a centralised company.”
During the session, Ram also touched upon how “Web 3.0 is a great equaliser” for innovators and builders in the space.
“You don’t need any fancy degrees. You just need a GitHub account, solid code and some good ideas. The capital is going to find you. Nobody’s going to even care if you went to college or not,” he said.
Looking to boost innovation in Web 3.0 and making cross-chain communication possible, Ram has been building Router Protocol into a cross-chain infrastructure project that helps several Layer 1, Layer 2, roll-up based and non-rollup based blockchains to communicate with each other.
Recently, Router Protocol raised $4.1 million in token sales from Coinbase Ventures, Woodstock Fund, QCP Capital, Alameda Research, De-Fi Capital, Polygon, Wintermute, Shima Capital, TeraSurge Capital, Maple Block, Wami Capital and Bison Fund, and more.
Polygon’s Sandeep Nailwal, Doordash’s Gokul Rajaram, and Aave’s Ajit Tripathi participated as angel investors.
You can also watch this session here.