New year, new chain. Abstract is on its way and the impending launch of the L2 promises to radically shake up the way users interact with web3 services. Core features such as Panoramic Governance have gotten industry figures behind the L2 with its promise of a more consumer-centric web3 future that’s shaped by its users.
What’s the Deal With Abstract?
As blockchain technology scales to accommodate more users, the industry faces a problem: most Layer 2 solutions remain too complex for mainstream adoption. Even with faster, cheaper transactions, the broader user base often encounters barriers to entry: unfriendly wallets, clunky governance models, and limited real-world utility. How to build an L2 ecosystem that is both developer-friendly and consumer-ready?
Enter Abstract (previously known as Frame), which aims to solve this problem by offering an all-in-one solution that is robust enough to satisfy developers yet intuitive for everyday users. Built on top of zkSync’s ZK Stack and EigenLayer’s EigenDA, Abstract is set to launch on Ethereum as a zk-rollup, leveraging zero-knowledge proofs for heightened security and scalability, along with low fees and quick transaction speeds.
One of the backers who’s particularly bullish on Abstract is DWF Ventures, which has assembled a thread on why crypto users should be excited about what the imminent launch will bring to the arena. One of the features that DWF has highlighted is Panoramic Governance, a dual-system approach that rewards active governance voters and lets voters allocate emissions to various protocols.
This concept aims to cultivate a virtuous cycle (or “flywheel”) of network growth. Of course, it can be hard to visualize amorphous concepts such as blockchain governance so let’s go deeper into why the panoramic model is being hailed as such a big deal.
Picturing Panoramic Governance
Blockchain governance is a core web3 feature that enables token-holders to have a say in major decisions such as network upgrades and integrations. But like other core web3 features, such as interoperability, its implementation is largely suboptimal. Engagement with onchain governance tends to be low and in many cases, users feel disenfranchised, with little ability to have a meaningful say in how protocols operate.
Panoramic governance introduces a number of novel mechanisms such as incentivized voting, whereby participants who diligently vote on proposals receive tangible rewards. This should encourage more thoughtful and consistent governance across the network.
The same framework also encourages projects to compete for funding and token allocations. The onus is on them to improve features and user experience to stand out, driving a dynamic environment of constant innovation.
Think of panoramic governance as a city that divides up tax revenues based on resident engagement. When citizens vote wisely, public works flourish; in turn, the community grows and brings further investment. Panoramic governance is Abstract’s way of ensuring the residents of its “city” remain engaged and benefit from active participation.
But Wait, There’s More
It takes more than a fancy governance model to bring a network to life, and there are plenty of other reasons why Abstract is currently the talk of the town. In its list of ecosystem partners and builders, DWF Ventures highlights such projects as Noodles, which enables anyone to speculate on creators’ visibility on X and gain direct exposure to their accounts, and REY which is creating an attention marketplace for creators and brands.
Then, there’s the underlying tech to take into account. Abstract’s upcoming Global Wallet (AGW) is a smart contract wallet that simplifies how users interact with dApps. Gone are the days of installing separate browser extensions or remembering complex seed phrases.
AGW allows sign-ins via social accounts, with the concept of session keys and a built-in signer aligning with the vision Vitalik Buterin recently laid out for wallet innovation: user-friendliness without compromising security.
Making Abstract a Reality
There are a lot of L2s out there, but Abstract’s promise of bridging the gap between conventional L2 infrastructure and real-world consumer applications is a compelling one. By introducing Panoramic Governance, rolling out a seamless global wallet, and backing a diverse ecosystem of gaming, social, and DeFi applications, Abstract appears well-placed to make consumer-friendly web3 a working reality.
Of course, no project is without risks. It remains to be seen how effectively governance incentives shape the ecosystem and whether user adoption meets expectations. But given the enthusiastic community, strong VC backing, and a clear roadmap, Abstract is one to keep on your radar as the clock ticks down to its mainnet launch.
