CyberConnect Unveils Re-Stake Ethereum L2 Network ‘Cyber’ to Expand Social Web3 Applications
Posted: March 8, 2024 10:47 AM Updated: March 8, 2024 10:47 AM
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CyberConnect announced the launch of Cyber, a re-staking modular Ethereum L2 network scheduled to launch on mainnet in Q3 2024.
Decentralized social protocol CyberConnect has announced the launch of Cyber, a modular Ethereum Layer 2 network scheduled to launch on mainnet in the third quarter of this year.
Backed by EigenLayer and Optimism, Cyber is collaborating with AltLayer to serve as a social layer for web3 applications and provide a gateway for new users to access web3 experiences, tools, and financial liquidity across all Layer 2 ecosystems.
The announcement comes as CyberConnect unveiled the launch of CYBER Staking, which will allow participants to earn CYBER Season 2 rewards. At the end of the three-month campaign, stakers will receive up to 1 million CYBER tokens.
To scale social apps while maintaining alignment with Ethereum, Cyber is building on EigenLayer, which can execute over 100,000 transactions per second with sub-cent gas fees. Additionally, the network plans to support dual staking of ETH and CYBER in the future, enhancing network security.
“Blockchain-based social networks are insufficient for actual adoption in their current state. Developers suffer from poor UX, high gas fees, and low throughput. They are working with a blockchain economy that is incompatible with social use cases,” the company said in an X tweet. “If this continues, web3 social will never reach billions of people. Cyber is the first L2 designed specifically for social and optimized for mass adoption.”
Cyber has committed to ensuring that Optimism’s Superchain provides the social infrastructure for the entire ecosystem, allowing users and developers onboarded through Cyber to access the on-chain economy of the entire Superchain.
The platform aims to onboard 1 billion users to web3 with smart accounts, natively supports account abstraction with EIP-7560 and provides native EIP-7212 support, allowing users to authenticate their identity with a passkey or FaceID. Helps you take control of your account. In terms of economics, Cyber allows developers and users to earn native revenue through bridged ETH, LST, and LRT, and passive income through shared protocol fees and ecosystem rewards.
CyberConnect claims to give Cyber significant power in building and growing social apps, boasting a built-in social graph to bootstrap apps and leverage shared network effects. Additionally, CyberDB, a distributed storage service provided by EigenLayer AVS, will provide a cost-friendly and high-performance solution.
The Cyber Sepolia testnet is scheduled to launch next week and will be securely deployed by AltLayer, marking an important milestone in the platform’s development journey.
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Victor is the Managing Technology Editor/Writer at Metaverse Post and covers artificial intelligence, cryptography, data science, metaverse, and cybersecurity within the enterprise space. He boasts of five years of media and AI experience working at renowned media outlets such as VentureBeat, DatatechVibe, and Analytics India Magazine. Having worked as a media mentor at prestigious universities such as Oxford and USC, and holding a Master’s degree in Data Science and Analytics, Victor is committed to keeping up with new trends. He provides readers with the latest and most insightful stories from the world of technology and Web3.
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Victor is the Managing Technology Editor/Writer at Metaverse Post and covers artificial intelligence, cryptography, data science, metaverse, and cybersecurity within the enterprise space. He boasts of five years of media and AI experience working at renowned media outlets such as VentureBeat, DatatechVibe, and Analytics India Magazine. Having worked as a media mentor at prestigious universities such as Oxford and USC, and holding a Master’s degree in Data Science and Analytics, Victor is committed to keeping up with new trends. He provides readers with the latest and most insightful stories from the world of technology and Web3.