Focusing on financial applications to eradicate MEV, Ten Protocol built by R3 executives may become a Layer 2 dark horse

Author: Frank, PANews

Layer2 has become an increasingly rolling track. Especially Ethereum L2, from zkSync, Optimism, Arbitrum, to relatively new Layer 2 latecomers such as Scoll and Blast that have emerged in this bull market, there are too many star projects emerging on the Layer 2 track. According to l2beat data, there are currently 57 Layer 2 projects on Ethereum that have been launched, and 45 will be launched soon.

Each Layer 2 has different focuses. For example, some focus on speed, and some specialize in serving the game/NFT track, etc. Ten Protocol, founded by the traditional financial alliance R3 executive team, is a Layer 2 privacy solution on Ethereum. The plan strikes a balance between Optimistic and ZK-Rollups, providing speed, security, versatility and privacy that existing Layer 2 currently does not have. Its launch of Confidential Roll-ups and Secure Enclaves and other solutions aims to eliminate problems such as MEV from the root cause, and provides technical support for various application scenarios such as decentralized finance.

At present, Ten Protocol has attracted more than 120 partners such as CoinList and Supra, and has launched application scenarios such as RWA, AI, Gaming, sealed auctions, black pool transactions, and private Defi. According to Ten Protocol officials, the current number of daily interactions on the Ten Protocol test network has exceeded 3.4 million. Under the community's large-scale stress test, it has demonstrated mature stability and scalability, and the launch time of the main network and tokens is getting closer.

Technological innovation completely eradicates MEV

MEV (Maximum Extractable Value, maximum extractable value) is a key issue in the Ethereum network. MEV refers to the ability of miners or validators to obtain additional benefits by manipulating the order of transactions on the blockchain, inserting their own transactions, or delaying specific transactions. The well-known clip robot and sandwich attack refer to unfair competition in MEV transactions. This behavior is particularly prominent in blockchain transactions such as DeFi, and it also causes huge damage to the interests of ordinary users.

MEV has always been a gray area in the Ethereum ecosystem, and has recently attracted regulatory attention. On May 16, the U.S. Department of Justice (DOJ) unveiled an indictment charging two Boston brothers with stealing $25 million worth of cryptocurrency by exploiting a vulnerability in the Ethereum blockchain within 12 seconds. The two were charged with conspiracy to commit wire fraud, wire fraud and conspiracy to commit money laundering. This is the first time the U.S. government has brought criminal charges related to controversial conduct related to Maximum Extractable Value (MEV). In addition, EU regulatory agencies also stated that MEV is regarded as market abuse and plans to take strict enforcement actions.

A June 7 report from traditional financial institution VanEck shows that in the past year, MEV revenue on Ethereum accounted for approximately 19% of transaction fees. According to a report by The Block on June 6, from February 2023 to June 2024, MEV robots using the ENS domain name "jaredfromsubway.eth" spent a total of 76,916 ETH, which is approximately 175 million based on the value when these transactions were executed. Dollar.

Solving the MEV problem has become an important issue in Ethereum and the Layer2 ecosystem. As a Layer2 encryption solution, Ten Protocol provides access to transaction data by combining Confidential roll-ups and technology and secure execution environments (Secure Enclaves). With a high degree of confidentiality and security, it will be possible to completely eradicate MEV.

Specifically, Confidential roll-ups are an innovative Layer-2 solution. On the TEN platform, all transactions are encrypted on Layer 2 before being submitted to Ethereum Layer 1. This means that neither miners nor validators can see the unencrypted transaction content. This encryption process effectively conceals the details of the transaction, such as the transaction amount, the parties involved, and the specific instructions of the transaction.

Secure Enclaves provides Ten Protocol with a secure data and code execution environment, ensuring that the data and logic being processed are completely confidential and non-tamperable to the outside world. The application of this technology directly addresses some of the fundamental security challenges in blockchain technology, especially when it comes to handling sensitive data and keeping transactions private. Through Secure Enclaves, TEN can ensure that the execution of smart contracts will not be observed or interfered by outsiders, greatly enhancing the security and privacy of the contract.

In summary, by combining Confidential Roll-ups and Secure Enclaves, TEN can provide a high degree of transaction confidentiality and security without sacrificing transaction speed and cost efficiency. This is especially important for enterprise-level applications and financial transactions that require a high degree of privacy protection. In addition, the application of this technology also supports complex business logic and new application scenarios, such as encrypted games, privacy-protecting financial services, etc.

TGE will be held in the summer, and the ecological results will be significant

At present, Ten Protocol is in the early stage of launch, and the test network and ecological cooperation work are intensively carried out.

5月23日，Ten Protocol宣布其每日測試網互動超過340萬，展現了網路的速度和穩定性。目前，Ten Protocol上已開發RWA、AI、Gaming、密封拍賣、黑池交易、私人Defi等多種應用情境。擁有超過120個合作夥伴，生態內的計畫超過60個以上。近期Ten Protocol宣布與CoinList、Supra、Demos Network、0G Labs、JANCTION等多個業界知名專案達成合作關係。

值得一提的是，5月28日，Ten Protocol宣佈在Galxe上啟動測試網路的第四階段，用戶可透過完成Galxe上的任務賺取TEN積分。根據路線圖時間顯示，TEN的空投將於近期開放。

根據Ten Protocol介紹，將於這個暑期進行代幣$TEN 的TGE。初始代幣供應量為10億枚，TEN 的節點獎勵分為三種：

1、成為活躍節點並參與抽獎以選擇提交Rollup 的節點的獎勵；

2、向Layer 1 提交Rollup 的獎勵；

3、對不準確的總結提出成功挑戰的獎勵，例如交易遺失或順序錯誤。在引導階段，獎勵將以 ETH 形式進行，並且獎勵將僅限於驗證生成的交易哈希簽名列表準確性的節點。

在代幣分配方面，社區貢獻者2.25%，社區儲備40.95%，投資者39.62%，核心團隊15.2%，服務供應商為1.98%。

42家銀行聯盟R3高階主管團隊領導

TEN 是個R3「黑幫」創辦的專案。 R3 是由全球42 家最大銀行組成的聯盟，致力於探索基於區塊鏈的RWA 代幣化和CBDC，R3的投資者包括英特爾、淡馬錫、瑞穗、匯豐銀行等全球知名機構，R3創建的Corda平台已成為全球知名金融機構使用的DLT平台，發布Corda後R3也被認為大有替代Ripple的可能性。 2024年3月15日，TEN 宣布完成一輪 900 萬美元的融資，本輪融資由R3領投，Republic Crypto、KuCoin Labs、Big Brain Capital、DWF Labs 和 Magnus Capital 等業界知名機構參投。

除了融資之外，根據Ten Protocol介紹，目前團隊裡的超過一半的成員來自R3的高階主管團隊。 Ten Protocol的創始人及營運長Gavin Thomas建立了負責建構 Corda 的整個工程功能。另一位創辦人Tudor Malene先前曾為Corda 的首席工程師和解決方案架構師。領導為 R3 的一些最大客戶（包括納斯達克）開發解決方案。 Cais Manai是Corda 和 R3s CBDC、支付和數位資產項目的產品主管。 R3 CBDC 解決方案負責世界上大多數由中央銀行營運的 CBDC 專案。

銀行機構多年的打造經驗，為Ten Protocol團隊帶來深刻的加密和安全基因。這或許解釋了該團隊為何一直強調加密隱私性和可拓展效能。相對其他Layer2專案而言，Ten Protocol的團隊在安全和穩定的技術能力方面有顯著優勢。

整體而言，雖然Layer2賽道已經逐漸擁擠，但對Ten Protocol來說，Confidential roll-ups和安全執行環境結合創新技術如果能夠徹底根除MEV，再結合R3出身的優質團隊基因以及團隊成熟的加密業務開發經驗，或許能夠在Layer2賽道建構獨特的產品優勢。

 

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