Taking advantage of the election victory, let me share an interesting solution for the world of multi-chain.

Previously, I shared the Particle Network chain abstraction solution, Universal Account, which creates a Layer to integrate liquidity from multiple chains, allowing users to focus on assets without worrying too much about cross-chain issues.

Recently completing a $14 million financing round, Initia's ambitions are greater: enabling applications to launch chains with one click, thereby creating 'iOS for Web3.'

What does iOS for Web3 specifically mean?

Simply put, just like iOS/Apple, the 'chain abstraction' solution implemented by Initia builds a vertically integrated tech stack that includes both L1 + L2. Each Dapp application can correspond to an L2 application chain. Initia achieves smooth interoperability (especially asset liquidity) between L2 application chains and L1 by operating this L1, aiming to create a complete ecosystem to welcome the future multi-chain world.

Specific technical details can be found in the official documentation; here are a few key parts: InitiaDEX + Enshrined Liquidity / Minitia / VIP Program

(Since it involves a new tech stack, Initia has also invented many new terms; I will try to explain using words everyone can understand.)

1. InitiaDEX + Enshrined Liquidity: Incorporating liquidity into the chain.

InitiaDEX is a native DEX built on Layer 1 using the Move language, providing native built-in liquidity for the entire L1 + L2.

Enshrined Liquidity is a unique staking mechanism within Initia L1. Initia L1 utilizes a Delegated Proof of Stake (DPoS) mechanism and combines it with the x/mstaking module to introduce a unique consensus method. This module accepts independent $INIT tokens or whitelisted $INIT-TOKEN tokens from InitiaDEX, which can be directly staked to validators for voting rights (provided these tokens have been approved through governance whitelisting proposals).

Since LPs can earn yields from exchange fees, LSTs, and other assets, it can significantly enhance L1's liquidity and security. Thus, this combination of InitiaDEX + Enshrined Liquidity allows for seamless conversion and trading of assets between different L2s, becoming the cornerstone of the entire Initia.

Interestingly, Initia publicly stated that Enshrined Liquidity is inspired by the new governance mechanism of Proof of Liquidity from Berachain, and the Smokey and Bear Chain teams even assisted them in adjusting the economic model of $INIT :)

2. Minitia: A one-stop solution built on Initia L1.

Just like iOS/Apple, Initia is equipped with a powerful one-stop solution, which is Minitia.

Minitias is an L2 application chain solution in the Initia ecosystem, using CosmosSDK at its core and settling through Optimistic Rollups.

Key features are as follows:

- High-performance platform: 500ms block time and 10000 TPS.

- Supports Celestia DA, MoveVM, WasmVM, and EVM, ensuring it meets a wide range of application and developer preferences (SVM is currently not supported).

- Comprehensive built-in features: including native USDC cross-chain (Instant bridging and access to native USDC and CCTP), fiat gateways, wallets, username services, oracles, economic incentive programs, messaging modules, frontend widgets, and support for various SDKs.

With the above features, developers can almost 'move in with their bags,' focusing on building applications that meet user needs rather than repeating infrastructure work. This aligns with Initia's positioning of Minitias as a 'ready-to-use solution for application developers.'

3. VIP Program: Unifying the interests of three parties, promoting the long-term value of the entire ecosystem.

Achieving cross-chain liquidity through native mechanisms and providing a one-stop solution for developers to easily integrate; how does Initia further onboard developers into its ecosystem and attract early users?

Generally, public chains provide grants to developers and airdrop tokens to users, but this often leads to two problems:

1. The transparency of grant distribution is very low, and it is not highly correlated with the activity level of applications (contribution to the economic system), leading to many 'connected individuals';

2. A sum of money is divided into two parts for spending, which reduces incentive efficiency.

To address these issues, Initia designed an innovative mechanism—the Vested Interest Program (VIP)—to incentivize all participants within the Initia ecosystem, including L2 application teams and ecosystems, L2 application users, and the broader Initia ecosystem, promoting the long-term value of the entire ecosystem.

The design of the VIP program is very interesting:

1. Firstly, a portion of the total supply of $INIT tokens is reserved as rewards for the VIP program;

2. Total rewards are first allocated to each L2 application, and then distributed to users and operators of the L2 applications;

3. Rewards will be distributed in multiple stages over several years, and the distribution method and specific amounts will be decided by on-chain proposals.

Through this mechanism, the interests of each application, user, and Initia align: the better the application, the more active users it attracts, allowing everyone to earn more rewards together, driving the prosperity of the entire ecosystem.

Currently, the official website lists 13 ecological projects; I have personally experienced a few, among which Infinity Ground has just been selected for the MVB accelerator program operated by BNB Chain, Binance Labs, and CMC Labs, with good quality.

Finally, let's take a look at the Initia team and investors.

Initia's two co-founders, Zon (Ezaan Mangalji) and Stan Liu, both previously worked for Terraform Labs, the development company behind Terra, and have solid technical skills.

This round of financing for Initia was led by Theory Ventures, with participation from Delphi Ventures and HackVC. Delphi Ventures and HackVC were also the lead investors in the previous round (February 2024), while Binance Labs entered earlier, investing in the pre-seed round in October 2023, bringing the total financing amount to $22.5 million.

The lineup of personal angels is also very strong, including crypto OG Cobie, Monad's keoneHD, Smokey from the previously mentioned Bear Chain, Celestia COO Nick White, etc., helping Initia establish a more influential ecosystem.

Initia has just completed a 12-week testnet event (it was really competitive and fun, plus there were blind box draws to get steak for feeding dogs). In this round of financing, Initia revealed that it will launch the mainnet and TGE in the next 2 months. Interested friends can pay attention; I personally think it stands out among a lot of homogeneous public chains.

Official website: initia [.] xyz

If you are also interested in Initia's solutions or have questions about participating in Initia interactions, feel free to leave a comment for discussion.

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