Summary
Today’s social networks belong to the most significant online platforms; the five biggest produce over $150 billion a year. Strong network effects, on the other hand, have kept consumers inside Big Tech’s walled gardens and kept take rates as high as 99%.
On the other hand, decentralized social networks could drastically lower this take rate. It is possible to redistribute hundreds of billions of dollars to developers, users, and producers, so fostering an innovative and creative feedback loop. Millions of people might be able to support themselves through content creation as a result, which would encourage deep innovation.
Additionally, a decentralized social network removes the platform risks associated with centralized Big Tech, encouraging developers to make more investments and constructions. Everyone can benefit from improved tools that are produced and user-owned data that is free from lock-in.
Users can explore the broader decentralized on-chain economy with the help of decentralized social networks. It has seen that a sizable portion of customers use CyberConnect for their first transaction before engaging in DeFi, NFT, and gambling. The on-chain economy can only attract a certain amount of users by means of financial transactions. Because their pals are here, the rest of the world needs to embrace web3.
Cyber is the first restaked Ethereum Layer 2 that is optimized for widespread adoption and social media. It acts as the doorway for the upcoming user wave to access web3 experiences, tools, and financial liquidity across all Layer 2 ecosystems. It also functions as the social layer for web3 applications. Here are a few characteristics of Cyber:
EIP-7560 native smart account (EOA = AA). They integrate account abstraction into Cyber L2 by applying the lessons they learned from creating the industry-leading Account Abstraction Wallet, CyberWallet. Their goal is to deploy EIP-7560 on the mainnet, where each EOA will function as a Smart Account sponsored by native gas.
Wallet without seeds using EIP-7212. Passkey and Webauthn are brought to Cyber inexpensively and natively without the need for middlemen by supporting EIP-7212. With FaceID, users may access their wallets.
CyberGraph and CyberAccount—powered by Enshrined Social Graph Protocol (CyberConnect V3). The smart contracts allow any developer to read, write, and compose on the data found in the social graph.
CyberDB, an EigenLayer AVS-powered decentralized storage system that is affordable and effective. It makes it possible for a wide variety of applications to gain from extensive social data across ecosystems.
Robust and Ethereum-compatible with EigenDA. Significantly higher transaction fee costs—on average one cent USD—than other L2s.
Sequencer that is decentralized. Cyber L2 censorship resistance is achieved by a decentralized sequencer network protected by CYBER that uses EigenLayer AVS. CYBER stakers receive the staking prize. Developers, stakers, and node operators split the sequencing fee.
What Cyber L2 can support
Since cyberspace is a social L2, we anticipate that developers will experiment with novel approaches to value creation and monetization on social networks seen in a variety of applications. This is particularly intriguing because they are beginning to see SocialFi applications that turn social interactions into financial gains and centralized platforms that charge AI model developers for access to and training on social data. Cyber L2 is the value layer for web3 social networks, and social data are valued.
Additionally, social data on-chain promotes reuse of the shared data layer and maximizes composability. For instance, Link3 has been developing reusable data on-chain that has already been remixed in other applications while onboarding recognized web3 organizations and people. They anticipate a rich ecosystem of crypto-native applications that blend social components with DeFi, GameFi, DePIN, AI, and other features as builders come to Cyber and take advantage of the network effect to better bootstrap their initial user base. Such experiments can also be carried out quickly thanks to other built-in tools like the L3 launch toolkit and no-code bonding curves.
Cyber, an L2 that is equivalent to an EVM, has use cases outside of social networks. Cyber is compatible with EVM-based apps that already exist. Cyber is significantly less expensive for consumers, simpler to integrate with Smart Accounts and Account Abstraction, and more capital-efficient than other EVM blockchains thanks to its inherent yield and decentralized sequencer.
Superchain Optimism and Cyber L2
Cyber pledges to support Optimism Superchain by supplying the social infrastructure needed to support each ecosystem within Superchain. Cyber allows Superchain L2s users to access social data. Cyber is in a unique position to test various economic designs on social data, such as gas sponsorship, passkey curve precompile, and native-AA, aggressively. Thus, it contributes to the integration of social networking functions throughout the Superchain ecosystem and ushers in the upcoming wave of mainstream users. Users who have installed Cyber-deployed programs can also access the whole Superchain ecosystem’s on-chain economy.