While all new chains are branding themselves as 'Ethereum killers' or 'the next Solana,' there exists a project that raised $20 million in seed funding from top institutions like Pantera Capital, which directly abbreviated 'Rialo Is Not A Layer One' as its name. The founding team at Subzero Labs has a sufficiently impressive background, with two core members, Ade Adepoju and Lu Zhang, both veterans from Mysten Labs (the developers of Sui), previously responsible for core infrastructure at Netflix, Meta's Diem project, and Google.
After leaving their former employer, these top developers did not continue to compete in TPS; instead, they poured cold water on the current state of the industry. Today's high-performance chains are like early MP3s: they suffice for listening to music, but are completely unfeasible for use as smart devices. The current decentralized application ecosystem is extremely distorted, and developers need to expend a great deal of effort on glue work: finding oracles to feed prices, building cross-chain bridges, and writing bots to monitor on-chain events. The patched-together systems are not only slow and expensive but also prone to collapse.