Anyone else unironically worried about CCIP? It's like nobody realizes what a huge fucking deal this is.
Chris Blec, as much as I love making fun of him, isn't entirely in the wrong. He, without fully understanding it, pointed out one thing: Chainlink really underpins most of the defi economy. It is used on all the chains, by thousands of dapps at this point. How the market or the VCs haven't realized that this the biggest monopoly in all of crypto, man, I don't get it, it baffles me, but it's not important. We know CL Labs prefers the low-key and stealth approach, so they can capture as much customers and grow value secured as discreetly as possible; it's due to the lack of hype from VCs and retail, due to it being "boring" backend/infra that no viable competitors have spun up. I mean it's the textbook example of a sleeping giant.
Now so far, their track record has been nothing but stellar, with just a couple of tiny fuck-ups since mainnet. With all the exploits discovered left and right in defi, it's really mind blowing tbqh. But with cross-chain bridges and staking, the network will evolve in a completely new territory. There will be major attack attempts. There will be smearing campaigns. It will all escalate and accelerate. And because Chainlink is already so fucking big, a single successful hit, could result in absolutely disastrous consequences for both Chainlink itself and the entire sector. You've seen Wormhole. All the biggest exploits so far have been bridges-related, and before that they were oracles/flash loans-related. Chainlink successfully sidestepped the later but the former is orders of magnitude more dangerous and complex to get 100% right, which is why they've been delaying it forever. You've seen Luna. You've seen how a project successfully entrenching itself deep into other core projects could result in a major system risk.
I am 90% HIV positive Chris Blec was of the extras in the Hobbit movie
Carson Reyes
no way man which one was he?
Brayden Long
An ancap/libertarian who polices defi for Twitter fame.
Yeah I'm concerned too. How could ccip prevent the sol wormhole hack? They would have to discover and tell sol to patch their shit code before even allowing a bridge
Isaac Turner
The retarded bald one
Elijah Brown
oh no shit I remember the retarded bald hobbit from the hobbit movies... so how is he related to chainlinkgod?
I'm often contemplating how unfair it is that CL carries such an immense weight on its shoulders, without recognition. People see "Chainlink secures near 100 billions in crypto" and because it's not shilled by VC marketers, no one bats an eye. But if it ever comes to "billions lost due a Chainlink failure", the market will be absolutely vicious and unforgiving. Sergey isn't a Do Kwon figure promising bullshit to retards. He isn't backed by the corrupt VCs like Zhu or the evil hebrews like the Bankman who just seek to dump on, rug and liquidate all the plebs. Refusing to partake in the marketing and hype sham is his greatest strength but also his weakness. Only people who understand actual fundamentals, an incredibly tiny portion of the crypto community, the ones with the highest IQs and who conducted the deepest research, can subscribe to his vision. The curse of the autistic INTJs. Chainlink is the public good without which there would be no defi in its current state. They carry all of the risks on their shoulders. Yet it's an unspoken tale, understood only by the few og's. It's such a thankless duty when you think about it.
sucks his acting career didnt work out but at least he got to be the retarded bald hobbit in the hobbit movies bro dont lie on the internet like that
Julian Sullivan
Sorry. It won't happen again.
Leo Flores
give me the quick rundown why is Chainlink so important? How can it be like Atlas holding up the cryptosphere, while also constantly being memed as token not required?
Think of it like this: Blockchains are offline computers -- infrastructure on which you can build. But self-contained, disconnected from other chains and real world data. What you can build is limited. Databases without data. Oracles are the internet connection -- complimentary infrastructure, control the flow of data, allow devs to build actually useful things. Dapps/defi are websites/programs/applications -- built on top of both layers of infrastructure
There are dozens of chains, thousands of dapps, but only one oracle standard
>while also constantly being memed as token not required That's also a very interesting and unique phenomenon. Because there's such a fundamental difference between infrastructure layers and applications layers. Infrastructure layers like chains require tokens for on-chain operations, payments to reward miners/node validators, etc.
Besides L1s, you saw every other crypto projects spin up their own tokens. Applications spun up tokens. For what purposes? Their decentralization is already executed by the underlying chain layer. Just a cashgrab funding model, most only amounting to the DAOs/governance meme. Useless.
Very important to understand: Chainlink isn't an application nor a blockchain, but a secondary infrastructure layer, part of the same stack as the blockchain but different altogether. Oracles have different consensus/validation mechanisms and in Chainlink's case would require their own equivalent of a Proof of Stake mechanism.
What's very unique to Chainlink, is because generating adoption and growing the security model for oracles is such a complex problem (the infamous "Oracle problem"), since it's not closed-off and deterministic like blockchains but rooted in the real-world -- oracles cannot jump from 0. Centralized to 1. Decentralized instantly unlike blockchains, but have to slowly progress from Trust minimization to Trustlessness, it's very much a slow process, chicken and egg problem -- Chainlink as a protocol rolls out in different phases. The initial phase was released without staking and therefore very limited tokenomics. Now that they've sufficiently bootstrapped adoption in a centralized manner, they are ready to implement staking and allow the protocol to grow more and more decentralized, with actually useful tokenomics.
It's extremely unique to Chainlink, because once again, it's neither a blockchain nor a dapp, unlike 99% of projects out there. There are no other projects that release tokenomics 3 years after mainnet.
