VIDEO - Vaibhav Chellani (Socket): "Crypto won't achieve mass adoption without chain abstraction".

Monday, September 2, 2024

For our 'Season' on chain abstraction, read the interview with Vaibhav Chellani, co-founder of Socket.

As part of our "season" on blockchain abstraction, a term that refers to hiding the technical complexities involved in using blockchain, we chose to talk to Vaibhav Chellani, one of the co-founders of Socket.

This start-up, launching in 2021, allows developers to build chain abstracted protocols that can compose with any app across chains. For the moment, Socket is only present within the EVM (Ethereum Virtual Machine) ecosystem.

"If you are an exchange platform or a DeFi protocol, our technical stack allows you to design a solution that allows your users to move from one blockchain to another without friction," says Vaibhav Chellani.

"While the proliferation of layer 2s has lowered transaction fees on Ethereum, it has also led to a fragmentation of liquidity, which is now a major barrier to adoption in the sector, particularly by traditional businesses," adds this former head of protocols at Polygon.

To date, Socket, which raised $5 million in September 2023, claims more than 400 entities working from its technical stack.

This analysis is not investment advice. It has been prepared without taking into account your personal situation, particularly your financial situation, risk profile, and investment objectives.

Before investing in any product, investors should fully understand the risks involved and consult their own legal, tax, financial, and accounting advisors.

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