CRYPTO 101 - Episode 632: Transfer Crypto Cross Chain for Less with Across
Hosts: Bryce Paul & Brendan Viehman
Guest: Hart Lambert, CEO of Across
Release Date: December 17, 2024
1. Introduction
In Episode 632 of the Crypto 101 podcast, hosts Bryce Paul and Brendan Viehman delve into the intricacies of cross-chain cryptocurrency transfers alongside their special guest, Hart Lambert, CEO of Across. Across is revolutionizing blockchain interoperability, aiming to create a seamless, unified network that transcends isolated blockchain ecosystems.
2. Guest Introduction: Hart Lambert
Bryce warmly welcomes Hart Lambert, highlighting his extensive background and contributions to the crypto space. Hart shares insights about his nomadic lifestyle, currently residing in Big Sur, California, and his early involvement in crypto since 2018.
3. Hart's Journey from Traditional Finance to Crypto
[00:10 - 05:14]
Hart Lambert recounts his professional journey, transitioning from a bond trader at Goldman Sachs to the founder of a fintech business focused on personal investing. His tenure in traditional finance, especially during the financial crisis, exposed him to the inefficiencies of TradFi, which became the catalyst for his move into the cryptocurrency realm.
Notable Quote:
“I always thought I would be a tech guy, but I learned a ton, worked with smart people, really got a lot of market mechanics under my belt and it's been really fun.”
— Hart Lambert [04:10]
4. Inefficiencies in Traditional Finance and Crypto's Potential
[05:14 - 07:44]
Hart articulates his perspective on the flaws within traditional financial systems, emphasizing inefficiencies in settlement processes and localized financial services. He posits that crypto and DeFi offer transformative solutions by enabling global, scalable financial products without the constraints of jurisdictional regulations.
Notable Quote:
“My bear case for crypto is we reinvent the financial system because just those rails, that settlement system sucks payments, the way you send money, the way you settle bonds, it doesn't make sense in our tech-forward world.”
— Hart Lambert [05:54]
5. Tokenization of Real-World Assets and Across's Role
[09:09 - 11:02]
Bryce introduces the concept of tokenization, referencing a Franklin Templeton study that demonstrated the cost-efficiency of tokenized transactions on Ethereum Layer 2 compared to traditional methods. Hart concurs, highlighting the global accessibility and cost savings that tokenized real-world assets can unlock.
Notable Quote:
“I fully agree, the tokenized real-world assets and all that other kind of stuff, that to me is just taking the financial products and services that are available in the developed world, like in the US and making them globally available.”
— Hart Lambert [11:02]
6. Understanding Across: An Intent-Based Bridge
[12:28 - 17:14]
Hart explains Across as an interoperability platform that transcends the traditional notion of bridging. Instead of acting as a simple bridge, Across offers a unified experience by enabling rapid value transfer between diverse blockchains. The core innovation lies in its intent-based bridging, where users specify their intent, and a network of third-party actors (relayers/solvers) facilitates swift transfers.
Notable Quote:
“Across is a bridge between blockchains. I increasingly think the bridge moniker is probably antiquated and not the right one. So it's an interoperability platform that lets you move value between blockchains extremely quickly.”
— Hart Lambert [16:28]
7. How Across Ensures Speed and Security
[17:14 - 23:27]
Hart delves into the mechanics of Across, detailing how the platform leverages escrow contracts and a network of relayers to achieve near-instantaneous cross-chain transfers. By outsourcing the bridging process to these actors, Across minimizes waiting times and enhances security, addressing common vulnerabilities associated with traditional bridges.
Notable Quote:
“Our median fill time right now is 3 seconds between L2s. So you have this like 3-second experience. Going between these two chains feels close to instant.”
— Hart Lambert [20:28]
8. Collaborations with Uniswap and the Introduction of UniChain
[26:16 - 30:12]
Bryce and Hart discuss UniChain, an extension of Uniswap, designed to offer low-fee trading within the Uniswap ecosystem. Across plays a pivotal role by enabling rapid transitions to and from UniChain, ensuring users experience a unified and efficient trading environment.
Notable Quote:
“We offer this like again very quick 2-second user experience to get to Unichain and get back off it... making it like one experience, one unified network.”
— Hart Lambert [26:32]
9. Enhancing User Experience and Future Outlook
[30:12 - 35:59]
Hart emphasizes the importance of simplifying the user experience to drive mass adoption. With Across’s infrastructure, the complexities of interacting with multiple blockchains are abstracted away, offering users a seamless and intuitive interface. Looking ahead, Hart anticipates Ethereum’s continued evolution and the integration of other ecosystems like Solana, positioning Across at the forefront of blockchain interoperability.
Notable Quote:
“It's going to be fast. And so that's really what we're focused on. But then a lot of other UX things are also required around like just the way the wallets work and the DAPP experience and all that kind of stuff too.”
— Hart Lambert [24:55]
10. Security and Economic Incentives for Solvers
[30:34 - 33:45]
Hart outlines the security advantages of Across's model, contrasting it with traditional bridges prone to hacks. In Across’s system, funds are held in escrow, eliminating honeypot vulnerabilities. Additionally, solvers are incentivized through transaction fees, making participation accessible even for individuals rather than just large funds.
Notable Quote:
“Most of our solvers are individuals in their basement... but like Across does, we did $80 million of volume yesterday. It's being processed by individual actors mainly, which I think is like super cool.”
— Hart Lambert [30:56]
11. Adoption of ERC7683 Standard and Broader Ecosystem Integration
[34:29 - 37:11]
Hart highlights Across's contribution to establishing the ERC7683 standard, co-authored with Uniswap, to formalize intent-based bridging within the Ethereum community. This standard fosters broader adoption and interoperability across major Ethereum Layer 2 solutions, reinforcing Across's role as a leader in unified blockchain experiences.
Notable Quote:
“We're the leading intent-based bridge. And this intent architecture is what enables really fast fills... becoming a common standard where it's not about using Across to unify these chains, it's about using this architecture.”
— Hart Lambert [34:29]
12. Working with Longstanding Crypto Teams and Technological Advancements
[37:11 - 40:00]
Hart reflects on collaborations with enduring teams like Uniswap, Optimism, and Arbitrum, praising their resilience and commitment to the crypto ecosystem. He also touches on the advancements in Zero-Knowledge (ZK) technology, underscoring the robust infrastructure that now supports scalable and user-friendly crypto applications.
Notable Quote:
“The ZK stuff is really real and it's here now, today, and it's scaling and growing and there's all sorts of amazing technologies that people have spent years building and are now being turned into actual consumer products.”
— Hart Lambert [38:00]
13. Looking Ahead to 2025: Growth and Innovation
[40:00 - 43:07]
As the podcast concludes, Bryce and Hart speculate on the future trajectory of crypto, anticipating significant institutional investment and widespread adoption of tokenization projects by 2025. Hart remains optimistic about Across's pivotal role in this evolution, aiming to streamline blockchain interactions and facilitate exponential growth within the crypto economy.
Notable Quote:
“2025 is going to all be about. It's like on the Ethereum side it's going to be unifying Ethereum. So it feels like one chain, like Solana, which Across is a very important piece to like. Part of it feeling like one chain is it has to be fast.”
— Hart Lambert [40:00]
14. Closing Remarks and Follow-Up
Hart shares his social media handles, encouraging listeners to follow Across on Twitter (@HAL2001) for updates, while humorously advising against contacting him on Discord. The episode wraps up with enthusiasm for future collaborations and innovations within the Across ecosystem.
Notable Quote:
“It's like my computer generated email when I entered college was HAL2001... Take IBM and transcribe it back one digit. It's hal.”
— Hart Lambert [42:09]
Conclusion
Episode 632 of Crypto 101 offers an in-depth exploration of Across, a trailblazer in blockchain interoperability. Through insightful dialogue with Hart Lambert, listeners gain a comprehensive understanding of cross-chain transfers, the challenges of traditional finance, and the promising future of a unified crypto ecosystem. As Across continues to innovate and collaborate with leading projects like Uniswap, the path toward a seamless, scalable blockchain network becomes increasingly attainable.
Follow Across Protocol:
- Twitter: @HAL2001
- Across Protocol Twitter: @AcrossProtocol