Agreed on most points.
I think the logical step forward is for the ecosystem to better sketch out 1. what the next step looks like and 2. how we can get there.
From my personal brainstorms, I believe there exist a few pre-requisites for interchain finance to truly take off, roughly in the following order:
- IBC
- Shared security / Cross-chain collateralization
- Gas-efficient peggy + BTC bridges
- New zones
You can copy the code but you can’t copy the liquidity. So emphasis must be put on providing symbiotic features to existing DeFi applications rather than outright copying what already exists and hoping liquidity will come. I believe this will likely be in the form of new DeFi primitives unique to the architecture of Cosmos blockchains (i.e. proof-of-stake or interoperability) or providing meaningful efficiency (i.e. user convenience or scalability) to existing applications.
Some areas that I believe can provide symbiotic relationships for both Cosmos and existing DeFi applications on Ethereum are as follows:
- Liquid staking as a new DeFi lego block
- More efficient + more trustless BTC bridges
- Interoperability as a scaling solution
- Sovereign path to ETH 2.0 migration
Would love to hear what other people think as well!