Introducing Laminar — An eUTxO scaling protocol for accounting-style smart contract

Laminar

  • Can scale indefinitely as transaction limit allows, without any parameter update.
  • Is upgradable and composable without hard-fork or liquidity migration.
  • Is functional on Layer-1 eUTxO chains.
  • Designed to be resistant to MEV.
  • Is decentralized and resistant to DoS.
  • Provides side income to SPOs.
  • Doesn’t require changes to the underlying accounting-style smart contract. (Which means that developers can iterate and launch their MVP contracts without worrying about making it concurrent out of the gate.)

Upgrade, fork and composability

Batch mining

Does this introduce the problems of a bid-based ordering system and MEV?

On-chain datum discovery

Limitations and trade-offs

Why didn’t you launch this with testnet?

Off-chain sequencer — Short-term solution

Splitting liquidity into multiple UTxOs: Why not?

  1. If all users interact with the chain independently, all users don’t know which UTxO is being held by another user in a particular block, hence, they will all create a transaction that spends the UTxO with the market price, and thus creating contention once again. In order to synchronize this, we either need a centralized backend that matches user(s) with order(s), or making each user creates take orders as an UTxO and build a batching layer like Laminar on top of that.
  2. Liquidity is fragmented, which means it is complicated for new projects to bootstrap liquidity with low capital. One could argue that with concentrated liquidity AMM, we can provide liquidity in full range (0 to ∞) to facilitate trading for low-cap tokens. However, it would be susceptible to UTxO contention again since all liquidity would be concentrated in a single UTxO now.

Other technical challenges — Transaction limits

  • Transaction size limit: 16kB.
  • Memory limit: 10 million units.
  • Computation limit: 10 billion units.
  • Better consumer hardware allows for higher limits.
  • Better node performance allows for higher limits.
  • Upgraded Plutus version reduces execution costs.
  • Upgraded Plutus compiler reduces execution costs.

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Minswap Labs

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Minswap is the multi-pool decentralized exchange on the Cardano blockchain: https://minswap.org