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Some application layers have started to own the underlying infrastructure, partly because if they do not control the lower stack, retaining only the upper application layer could lead to incentive issues and high user adoption costs. On the other hand, as competition and technological advances continue to drive down infrastructure costs, the expenses associated with integrating applications/application chains with modular components have become much more affordable. Innovations in the execution layer, settlement layer, and aggregation layer are leading to higher efficiency, easier integration, stronger interoperability, and lower costs, ultimately delivering better applications for users and an improved development experience for developers.

The article explores the current developments and future trends of the execution layer, settlement layer, and aggregation layer in the modular blockchain stack within the cryptocurrency field. Although there have been many innovations in the data availability (DA) and ordering layers, the execution and settlement layers have only recently begun to receive attention. The article points out that while the shared sequencer space is highly competitive, the execution and settlement layers remain underexplored. Layer N, as a flexible and customizable execution layer, leverages the Move language and BlockSTM technology to improve throughput. The article also discusses the design of proof aggregation, a new architecture that can aggregate and settle between different proof systems, thereby enhancing efficiency and reducing costs. Finally, the article predicts that these innovations will bring better applications and development experiences to users.

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This article shares our latest thoughts from a year ago, reflecting on the current state and perspectives of BTC, and predicting future developments. We observe intense competition among EVM L2/sidechains, increased liquidity fragmentation and scaling solutions, and widespread trust assumptions across L2 and meta-protocols. Different trust assumptions are proposed for sidechains, rollups, and meta-protocols. The development trends of Bitcoin include the issuance of digital assets, programmable solutions, and improved capital efficiency. Additionally, some emerging solutions and potential winners are mentioned, calling for everyone to build the Bitcoin ecosystem together.