Espresso: DeFi coffee for everyone

What have we got today? Today we have a project that wants to solve a few pressing DeFi problems. Let's go!

Espresso Systems is developing the L-1 blockchain with the eponymous name Espresso. Espresso has also developed Configurable Asset Privacy for Ethereum (CAPE), an application that can run on any EVM blockchain (and eventually run on Espresso). The trick to the project is a combination of Proof-of-Stake and ZK-Rollup to achieve high throughput and low fees. 

CAPE can be used to create new assets or to wrap existing assets, giving them privacy properties. Wrapping locks an asset in an ERC-20 contract and creates a corresponding CAPE asset of the specified type while unwrapping burns the CAPE asset and releases the lock.

Also worth replacing is that the project has raised $32,000,000 from funds like Greylock Partners, Electric Capital, Sequoia Capital, Polychain Capital, Alameda Research, Coinbase Ventures, and Gemini Frontier Fund... So if such a bunch decided to put some money into the project, you might as well go ahead and do it on your own.

Here comes the testnet - check it out.