What is Facet Protocol?

Facet is an Ethereum rollup that addresses specific shortcomings associated with existing Layer 2 (L2) rollup technologies. It is the first "public good" rollup that fully retains the security and decentralization principles of Ethereum Layer 1, making it the most secure, trustless rollup on Ethereum.

Understanding Rollups

Ethereum rollups are blockchains whose state is derived from Ethereum's history. Rollups batch transactions off-chain, then submit a smaller transaction to Ethereum, reducing congestion and enabling lower transaction fees. While this approach saves on costs, most rollups rely on centralized sequencers, and all L2s have privileged keys and upgradeable contracts, introducing risks of censorship and centralization.

Facet's Unique Approach

Facet tackles these key issues directly:

• Decentralized ("Based") Sequencing: Facet utilizes Ethereum's own validators for sequencing, eliminating reliance on a centralized sequencer. This ensures full Ethereum-level security and decentralization.
• No Privileged Keys: Facet removes the need for multi-sigs or governance councils by introducing a novel gas mechanism, ensuring there are no privileged actors capable of upgrading or altering the protocol.

This makes Facet the first-ever based sovereign rollup on Ethereum! But we prefer to call it a Layer 1+.

The Layer 1+ Advantage

Facet introduces the concept of Layer 1+ (L1+), a hybrid model combining the strengths of Layer 1 and Layer 2 solutions. Unlike typical L2s, Facet preserves all of Ethereum's core functionality while scaling efficiently:

• 100% Uptime: Facet remains fully operational and accessible as long as Ethereum is live, with no additional points of failure or potential downtime.
• Censorship Resistance: No single entity or group can censor Facet transactions, maintaining open and unrestricted access for all participants.
• Credible Neutrality: All Facet transactions are processed with absolute fairness, without bias or favoritism.
• No Privileged Keys: Facet cannot be altered or upgraded by privileged actors. Upgrades can only be made through decentralized consensus (hard fork), mirroring Ethereum’s own governance model.

Facet offers a solution that scales Ethereum without compromise.

Update Since the Last Round

Since our last Gitcoin round, we’ve made significant strides in the development of Facet Protocol:

1. Arbitrary Contract Deployment: Facet now allows for the permissionless deployment of arbitrary contracts. This required the development of a decentralized approach to a native gas token for spam prevention and more.
2. EVM-Compatible Blockchain: Facet is now fully EVM-compatible. We have re-written the codebase, forking components of OP’s architecture (geth, bridges, etc.), establishing Facet as an EVM-equivalent blockchain. This allows for effortless migration of existing smart contracts and requires no learning curve for developers already familiar with Ethereum.
3. Private Security Audit: The protocol is currently undergoing a full private audit by Zellic.io, a best-in-class firm specialized in securing emerging technologies and protocols. Zellic’s expertise in both EVM and L1/L2 Rollups ensures that Facet v2 will be robust and secure.

Plans for Funding

As Facet is a public good rollup, the Facet team holds no privileged position within the protocol, making grant funding crucial for accelerating the development and maturation of the ecosystem.

Any funding received through this Gitcoin round will be used to accelerate the development of the Developer Ecosystem for Facet Protocol. Specifically, we aim to:

• Build out developer onboarding materials, making it easier for new developers to understand and begin working on Facet quickly.
• Improve and expand developer tools, including APIs, SDKs, and data models that streamline integration and deployment.
• Foster an environment that encourages experimentation and innovation on Facet, with grants and support for early developers building the ecosystem.

As a public good rollup, our priority is creating an accessible, decentralized platform that empowers the next wave of Web3 builders.