You could have one or more append-only tables that store events/transactions/whatever you want to call them, and then materialized-views (or whatever) which gather that history into a "current state" of "entities", as needed
If eventual-consistency is acceptable, it seems like you could aggressively cache and/or distribute reads. Maybe you could even do clever stuff like recomputing state only from the last event you had, instead of from scratch every time
How bad of an idea is this?