Understanding Plume Network: Modular L2 dedicated to RWA

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24-03-27 11:36
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On March 26, according to market information, the RWA concept has generally increased. ONDO, the native token of Ondo Finance, the leader of the track, has increased by more than 110% in a week, leading the rise of the entire RWA track agreement, and the tokens of multiple projects have continued to hit record highs. .


Among them, POLYX (Polymesh) increased by 197.4 in a week; TOKEN (TokenFi) increased by 210.5 in a week; NXRA (AllianceBlock Nexera) increased by 129% in a week; GFI (Goldfinch) ) rose by 97.3% in 24 hours; RIO (Realio Network) rose by 141.7% in a week.


In the RWA track, Plume Network, a modular L2 blockchain dedicated to RWA, attracted the attention of BlockBeats. At present, Plume network has not issued coins. It is deployed on the Ethereum Sepolia test network as L2. You can receive test tokens, participate in Plume's test network, and complete tasks such as bridging to have the opportunity to receive airdrops.


The adoption of ERC 3643 complies with the RWA market regulatory environment


Although the current development of RWA is still It is still in its early stages, but its capital volume occupies sixth place in the overall ranking of the DeFi industry.


A report from research firm The Block shows that current RWA investment products (such as Ondo Finance OUSG, MatrixDock STBT (on-chain Treasury bills)), as well as institutional lending platforms Maple Finance and The TVL of Centrifuge increases rapidly. DEX’s RWA token trading volume also reached an all-time high this year, exceeding 2 billion, further highlighting changes in capital interest and demand for RWA.



Source: dune data


As the cryptocurrency market continues to mature, it is recognized that some token standards need to be adopted to meet specific needs related to RWA in order to comply with the current regulatory framework. According to the official documentation of Plume Network, the token standards it currently supports include ERC 20, ERC 721, ERC 1155, and ERC 3643.


Among them, the ERC 3643 standard provides a series of open source smart contracts, which utilize a built-in decentralized identity system called ONCHAINID to ensure that only users who meet specific standards can hold tokens. coins, and this standard can be maintained on a permissionless blockchain. Issuers of assets that tokenize their RWA using ERC-3643 have access to interfaces for setting transfer limits, freezing tokens, destroying tokens, and forcing token transfers, which are key operations for tokenized representations of RWA regulated by securities agencies .



Image source: ERC 3643 official website


What are the characteristics of Plume?


Plume is a modular L2 blockchain dedicated to RWA that integrates asset tokenization and compliance providers directly into the chain with the mission of Simplify the complex process of RWA project deployment and provide investors with a blockchain ecosystem. Plume enables RWA composability through its DeFi application and provides access to high-quality buyers to increase liquidity for all RWA assets.


In addition, Plume Network provides a fully integrated and regulatory-compliant L2 solution designed specifically for RWA. Judging from the current market, its integration system and compliance The supervision method is relatively comprehensive, including KYC/KYB, AML/OFAC inspection, custodian, account abstraction, on-chain arbitration and transfer agency functions.


Built on the Arbitrum Nitro stack


Plume is built on the Arbitrum Nitro stack, The stack also provides support for Arbitrum One and Arbitrum Nova.


The Arbitrum Nitro stack is designed to maintain a high degree of compatibility and consistency with Ethereum, but due to the new opcodes included in the Solidity 0.8.20 version, it is affected by EIP-3855 Introduced and included in the Ethereum Shanghai upgrade, the Arbitrum Nitro stack does not yet support this opcode, so contracts compiled on Shanghai EVM 0.8.20 or later cannot be deployed to Plume.


Currently you can only change the EVM target to a previous Paris EVM version or set the Solidity compiler version to 0.8.19. At the same time, some common dependencies must also be downgraded. For example, in OpenZeppelin 5.0.0 version, its Solidity compiler is already version 0.8.20, so the latest version Plume is compatible with can only be OpenZeppelin 4.9.5 version.


On the other hand, the Plume mainnet will make slight modifications to Arbitrum Nitro’s state transition function compared to other chains. Specifically, Plume is optimizing execution clients to perform processing RWA more efficiently and ultimately reduce the gas cost of these operations.


The first function to reduce gas costs is a function that obtains a certificate from the Ethereum Attestation Service (EAS). Plume is deploying EAS certificates and schema registry contracts For pre-deployment, this is a feature of Optimism but not available in Arbitrum. This allows dapp developers to build applications that comply with authentication and anti-money laundering requirements without spending large amounts of gas.


Celestia as DA layer


Celestia introduces an innovative modular data availability ( DA) network, making it easy for anyone to create their own blockchain. Unlike traditional approaches, Celestia introduces a paradigm where various operations can be spread out on different layers, removing the limitations of confining everything to a single blockchain.


Related reading: "MT Capital research report: DA track dismantling, comparative study of Celestia and EigenDA


Using Celestia as Plume As for the DA layer, Plume will reduce the gas cost of operation. By leveraging Celestia's cutting-edge data availability solution, Plume expects to reduce gas costs by 99.9%, which will provide lower gas fees for the many RWA and DeFi projects built in the Plume ecosystem, and the cost of deploying projects on Plume in the future to interact with users. The cost will also be lower.


Furthermore, the partnership with Celestia is in line with Plume’s broader vision to foster a strong ecosystem where a variety of different RWA projects can coexist and achieve success through a composable DeFi ecosystem The system releases liquidity.


How to interact with Plume


Currently, the Plume network has not issued coins, but you can participate Empower BWB Points Program. Plume is currently deployed as L2 on the Ethereum Sepolia test network. You can receive test tokens, participate in Plume's test network, and complete tasks such as bridging to have the opportunity to obtain Plume points and lottery qualifications.


Connect to Plume test network


First, start from Alchemy Faucet or Infura faucet Deposit some SepoliaETH into the Sepolia wallet as an interactive gas fee.



Take MetaMask as an example, Open the MetaMask extension, click the network selection button in the upper left corner of the extension, and then click Add Network.



Click here to copy the Plume network parameters, click "Save", and then Click "Switch to Plume Testnet".



Finally, test the bridge using Plume Bridge SepoliaETH to Plume.



Receive USDC Test tokens


Users can pass USDC faucet on Plume block explorer Get testnet USDC. Use the wallet to connect to the Plume test network, and then click "Write" under "requestTokens" to obtain 100,000 test network USDC



Check Plume Testnet Balance


Users should now be able to check Plume Testnet balance within their wallet See ETH and USDC balances. Wallet addresses can also be checked in the Plume block explorer to view balances and recent transactions. If you have a balance on the test network, you can perform interactive tasks.



Team background introduction

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The Plume team is comprised of professionals with extensive backgrounds in traditional finance, cryptocurrency and RWA, ensuring a comprehensive approach to Plume's success. Team members come from Coinbase, Robinhood, LayerZero, Binance, Galaxy Digital, Scale Venture Partners, dYdX and several other industry leaders.


Among them, Chris Yin is the CEO of Plume. He served as the head of Scale Venture Partners from 2019 to 2023. He served as the vice president of product of Rainforest QA from 2017 to 2019. From 2013 to 2016, he served as the product director of Coupa Software. -Founded Xpenser in 2013 and was acquired by Coupa a year later.


Teddy Pornprinya, is the chief business officer of Plume. He served as the BD director at Binance in 2023, the BD director at Swim.io from 2021 to 2023, and the BD director at Binance in 2021. Coinbase Ventures does the venture capital side of things.


Eugene Y. Q. (eyqs) Shen, as the chief technology officer of Plume, served as a senior software engineer at dYdX in 2022 and as a second-level software engineer at Robinhood Crypto from 2020-2021. Level software engineer.



Reference link:

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https://plume.gitbook.io/plume;

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