DeFI Saver x LI.FI | Across V2 | Connext's Amarok on Testnet | Optimism NFT Bridge (?) & More!
Last Week In The Multi-Chain Ecosystem (23rd to 29th May 2022)
Bridge Updates
1) DeFi Saver Integrates LI.FI SDK
DeFi Saver, an advanced DeFi management platform, has integrated the LI.FI SDK. Users can now bridge their assets to Optimism and Arbitrum.
2) Connext Amarok is on Public Testnet 🏗️
Connext protocol’s Amarok upgrade is now open for testing for builders and the community. The Amarok upgrade enables fast and cheap one-click bridging across chains and building chain applications without compromising security.
3) Across V2 is now Live 👏🏻
Across Bridge has launched V2. In V1, Across focused on bridging from Optimistic rollups to Ethereum Mainnet in a cheap, secure, and decentralized manner. In V2, L2 to L2 transfers have been added along with higher capital efficiency and lower fees.
4) Optimism NFT Bridge Soon? 🔴_🔴
Quixtoic, an Optimism native NFT marketplace, dropped some alpha tweeting about an Optimism NFT Bridge.
5) Ronin Bridge Passes Two Audits 💪🏻
Ronin Bridge has successfully passed two audits — One internal audit and one external audit, led by Verichains Lab. The team is conducting a second external audit led by Certik. If the audit is successful, Ronin Bridge will be re-opened in mid-June.
6) veMulti Live on Fantom 💸
VeMulti, the governance scheme for MultiDAO, has been deployed on Fantom network. Users can now stake their MULTI tokens on Fantom and mint veMULTI NFT to take part in Multichain’s governance and earn a share of its bridge fees.
7) Injective x Wormhole 🤝🏻
Injective, an Ethereum compatible native IBC blockchain, announced integration with Wormhole. This will enable cross-chain native assets from previously inaccessible networks such as Solana and other Layer 1 chains to enter the Cosmos universe.
Multi-Chain Ecosystem Updates
1) Brave Wallet now Supports Solana 🥳
Brave wallet adds support to the Solana ecosystem. Users can now buy, sell, and store $SOL in Brave wallet. The team plans to add support for NFTs and dApps soon.
2) Infura Partners with NEAR 🤝🏻
Infura, an Ethereum development platform, has announced a partnership with NEAR protocol. The integration will give developers using Infura access to Near protocol, the second non-EVM chain supported by Infura.
3) Immutable x Starkware #L222 + L323 🚀
Immutable, an Ethereum NFT scaling platform, will offer its product suite on StarkNet to unlock unparalleled scalability and composability without compromising on Ethereum’s security. It plans to deploy the first cross-rollup liquidity protocol connecting NFT trades across multiple L2/L3s.
4) Terra 2.0 is Here 🌕
Terra 2.0 is now live following the Terra community’s passed vote to create a new Terra chain sans the algorithmic stablecoin. New LUNA is being airdropped to old LUNA stakers and holders, UST holders, and Terra devs.
5) Zerion Launches Cross-Chain Wallet 🎉
Zerion, an asset management platform, has launched a web3 mobile-friendly wallet that supports DeFi and NFTs across 10 chains.
6) Trust Wallet now Supports Fantom 💪🏻
Trust wallet has announced support for Fantom. Users can now access Fantom and native project tokens on Trust Wallet.
What’s Popping on Twitter?
Hop Protocol is setting new airdrop standards, and the sybilooors stand no chance!
A few weeks ago, Hop Protocol announced the establishment of the Hop DAO and the $HOP token. The HOP token drop was unlike any other we’ve seen till now. It actively sought Sybil attackers and removed them from the token distribution.
Sybil attackers are those who create many pseudonymous identities or addresses and use them to gain unfair influence over a product. The Hop team felt that distributing tokens to such attackers would be unjust to genuine users of the protocol and restrict them from executing a healthy distribution.
As a result, the team spent two months crunching data and managed to identify 10k Sybil attackers out of the 45k eligible addresses in the Hop drop. Here’s a fascinating thread on the team’s methodology to identify Sybil attackers 👇🏻
This is truly ground-breaking! However, the Hop team did not stop there. Hop is a community-led bridge and invited the whole Web3 community to help them find Sybil attackers that had “not yet been uncovered.”
The reward mechanics for doing so was innovative as well:
Successful reports are rewarded with 25% of the saved $HOP - paid out by the DAO and subject to a 1-year lock-up. (New work to earn model? cc: @richardchen39)
The rest of the tokens are distributed proportionately among the legitimate eligible users, increasing their $HOP allocation.
A Sybil attacker can also self-report and receive 25% of the tokens.
Hop Protocol is the first project to adopt such a mechanism that weeds out the Sybil attackers, redistributes the recovered tokens among genuine users, and gets the whole Web3 community involved with a work to earn opportunity to find the remaining attackers. This is truly amazing and a token launch mechanism that will surely be adopted by other projects, starting with Optimism!
Optimism announced that it removed an additional 17,000 Sybil addresses and recovered over 14 million OP tokens.
Kudos to the Hop and Optimism team! Hopefully, we will see other projects adopt similar mechanisms in their airdrops to reward genuine users of the protocols fairly.
Interesting Reads
1) Bridge Resources
2) Deep Dive into Synapse
3) Bridge Security
4) Synapse: Deep Dive into Liquidity-based bridging & canonical token bridging
5) Wormhole xData
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Disclaimer: This newsletter is only meant for informational purposes. While many projects featured in the newsletter are our partners, we encourage you to do your own due diligence before using or buying tokens of any protocol mentioned above.
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