A Unified Call for Open Bridge Standards & More!
Last Week In The Multi-Chain Ecosystem (23 - 30 Oct '23)
Welcome to LI.FI’s Cross Chain Insider newsletter, a weekly curation of the major updates and announcements from the industry’s leading cross-chain protocols and blockchain ecosystems.
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Bridge Updates
1) A Unified Call for Open Bridge Standards
A coalition of nine interoperability protocols united to issue a statement on developing open, provider-agnostic standards, like the xERC20 standard.
This initiative aims to overhaul the incentive dynamics surrounding token-bridging security and prevent vendor lock-in through proprietary standards linked to the security model of the respective issuing bridge.
2) LayerZero x Lido wstETH Debacle
On Oct. 25, LayerZero announced that wstETH is now an Omnichain Fungible Token (OFT), backed by the support of Avalanche Foundation and BNB Chain. However, this development encountered a snag — the deployment of wstETH as an OFT hadn't received approval from the Lido DAO; it was still under consideration as a proposal.
This situation led to several key reactions:
Lido issued a statement declaring the bridge deployed by LayerZero ‘is not canonical and has not been audited or endorsed by the Lido DAO’.
Hasu, the strategy lead at Lido, characterized the unfolding events as "sketchy sales tactics."
The Lido community urged the DAO to approach the decision with caution, advocating for additional time to evaluate various bridge providers and not to make hasty decisions.
Nine interoperability protocols collectively called for the adoption of an open bridge standard to prevent vendor lock-in.
Here’s a quick snapshot of the performance of DeFi strategies across bridges.
![](https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd64ecb62-fdc4-408b-b4f2-b838a303e7f5.heic)
Multi-Chain Ecosystem Updates
1) Arbitrum Orbit is mainnet-ready.
2) The dYdX Chain is live. dYdX has open-sourced the completed dYdX Chain.
3) Polygon’s POL token upgrade is now live on Ethereum mainnet.
4) Celestia is ready to launch.
TradFi 🤝 Crypto
1) Blackrock's iShares Bitcoin Trust has been listed on the DTCC with ticker $IBTC.
Interesting Reads
1) The Pursuit of Relay Incentivization
2) A brief introduction to Anoma's P2P layer
3) RaaS vs. Rollup Framework Value Accrual
4) X Spaces — Discussing Uniswap Labs’ 0.15% Swap fees
LI.FI Updates
1) LI.FI x Concero Halloween Campaign: Win $500 + beta tester & OG roles.
2) Gamblr.xyz integrates LI.FI to enable cross-chain deposits.
3) Coinshift partners with LI.FI to enable cross-chain swaps for treasury managers.
4) LI.FI at Solana Breakpoint2023: cross-chain swaps are coming to Solana,
5) Archimedes integrates LI.FI to power cross-chain strategies.
6) TokenTraxx integrates LI.FI’s widget to enable cross-chain music NFT mints.
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