Alchemix x LI.FI | Audits Galore | Osmosis Exploit | ApeCoin Vote & More!

Last Week In The Multi-Chain Ecosystem (6th to 12th June 2022)

The Cross-Chain Insider

Bridge Updates

1) Alchemix goes Multi-Chain with LI.FI 🦎

Alchemix, one of the most unique and innovative projects on Ethereum, has integrated the LI.FI SDK to expand to Fantom, Arbitrum, and Optimism.

2) HOP Airdrop! 🥳

Hop airdrop is now live. Eligible users can claim their airdrop and choose a delegate to represent them in governance.

3) Bridgedex — Cross-Chain Bridge Search Tool 👏🏻

@thejuliawu introduced Bridgedex, a knowledge base for bridges. It is a simple tool to search for bridges based on a source and destination chain.

4) RenBridge 3.0 is now Live 🚀

RenBridge 3.0 is now live, and it supports over 25+ assets on 7+ blockchains. It will support wrapping stablecoins and generic tokens to other chains, and bridging renASSETS between chains in just one step.

5) Stargate Fee Update Proposal 🧐

A proposal to update Stargate’s fee titled ‘Value Accrual for STG Stakers’ is now live for voting. $STG needs to give holders utility and functionality for the token. This is the first step in that direction. Anyone who veSTG can cast their vote on the snapshot.

6) Nomad Completes Security Audit 💪🏻

Nomad, an optimistic cross-chain communication protocol, has successfully been audited by Quantstamp. Nomad also as an ongoing bug bounty with Immunefi worth $1m.

7) Connext Audit Contest with $115,000 Prize Pool 🤝🏻

Connext’s audit contest on code4rena is currently live. Cybersecurity professionals can find bugs in Connext’s Amarok upgrade and compete for $115,000 USDC prize pool. The contest ends on June 19, 2022.

Multi-Chain Ecosystem Updates

1) Osmosis $5m Exploit 👀

A critical bug was reported in Osmosis liquidity pools. As a result, the AMM was halted by the validators. The exploit resulted in a loss of $5m. The team has conveyed that the bug has been identified and fixed, and all losses will be covered.

2) Circle Announces Support for Polygon USDC 🚀

Circle announced support for Polygon USDC on its platform. Circle customers can now deposit and withdraw Polygon USDC using Circle Account and Circle APIs, without manual bridging.

3) Pocket Network now Supports Moonbeam 👏🏻

Pocked Network has added support for Moonbeam and Moonriver. Developers can now utilize Pocket Network’s RPC layer as nodes can now serve RPC requests and earn POKT.

4) OP Fumble 😳

The Optimism team sent a grant of 20 million OP tokens to the wrong Wintermute address. The team confirmed the address with two separate test transactions but Wintermute later discovered they could not access these tokens, they had not yet deployed to Optimism/L2. Unfortunately, an attacker managed to steal the funds before Wintermute could complete its recovery operations.

5) Ropsten Testnet Merge Completed 😍

The Ethereum Merge was successfully completed on the Ropsten Testnet, making it the first testnet to transition from PoW to PoS.

6) Chainlink Integrations Live on Avalanche 🔺

Chainlink has launched 2 new integrations on Avalanche — Keepers (secure smart contract automation) and VRF (scalable random number generator). These services enable developers to add more decentralized infrastructure to their dApps.

7) Near is now MetaMask Compatible 🦊

NEAR has now become the first non-EVM chain that is compatible with MetaMask. Users no longer need to create a separate wallet to explore the NEAR ecosystem. They can simply use their MetaMask wallet and try NEAR dApps just like they would on any EVM chain.

What’s Popping on Twitter?

“Ethereum’s security remains second-to-none” — ApeCoin community votes to stay within the Ethereum ecosystem.

ApeCoin @apecoin

Voting has ended on Snapshot for AIP-41, to keep $APE in the Ethereum ecosystem for the time being, which the community has approved. You can find the full proposal here:

forum.apecoin.comAIP-41: Keep ApeCoin within the Ethereum ecosystem - ProcessProposal Name: Keep ApeCoin within the Ethereum ecosystem Proposal Category: Process Abstract: Yuga Labs stated in a tweet that they believed ApeCoin needed to move to its own chain in order to scale. We the ApeCoin DAO believe that, at least for the time being, ApeCoin should remain within the E…

The multi-chain future is well and truly upon us. Vibrant blockchain ecosystems are being built across the crypto industry, and there is more cross-chain activity than we’ve ever seen. However, Ethereum is still the most coveted blockchain ecosystem, and the recent ApeCoin community vote seconds this notion.

A quick recap of what the vote was all about 👇🏻

• In early May, the Otherside land NFT mint by Yuga Labs temporarily made the Ethereum network unusable due to sky-high fees.

• Yuga Labs suggested migrating APE to a Layer 1 blockchain with higher transaction throughput and more inexpensive fees.

Yuga Labs @yugalabs

We're sorry for turning off the lights on Ethereum for a while. It seems abundantly clear that ApeCoin will need to migrate to its own chain in order to properly scale. We'd like to encourage the DAO to start thinking in this direction.

• Avalanche and Immutable’s BD teams went all guns blazing and pitched why their blockchains were the best suited to host the Ape community.

• More than 7.1 million APE tokens held by over 800 DAO members voted on AIP-41: Keep ApeCoin within the Ethereum ecosystem - Process.

• Over 53% of the ApeCoin DAO voted to keep the project within the Ethereum ecosystem. 

A lot of the logic behind staying within the Ethereum ecosystem stems from the fact that Ethereum is the current home of the community. However, the DAO puts forward many factors in favor of Ethereum L1 and its L2 ecosystem that are highly relevant to the ‘is the future multi-chain’ debate.

• Ethereum is one of the most decentralized and secure blockchain.

• Sidechains such as Polygon and alt-L1s like Avalanche rely on their own security, which in their current state is not as secure as Ethereum.

• L2s secured by Ethereum’s consensus provide a safe alternative to Ethereum Mainnet, which has concerns regarding high gas costs and slow speeds..

Is the future multi-chain? The activity and development across ecosystems and TVL bridged away from Ethereum point to such a future. However, the Ethereum ecosystem’s dominance and strengths cannot be understated. Votes like these show that it’s still very valuable to stay within the Ethereum ecosystem and that there’s a long way to go before alt-L1s can compete with Ethereum on all fronts.

Interesting Reads

1) Axelar, Bridges, and Blockchain Globalization

Haseeb Qureshi @hosseeb

Cross-chain interoperability is one of the holy grails of crypto. Blockchains are now going through their "globalization" phase, and with generalized cross-chain messaging protocols like @axelarcore, that trend will accelerate. Why I'm excited(!) 👇 medium.com/dragonfly-rese…

medium.comAxelar, Bridges, and Blockchain GlobalizationBlockchains are now going through their “globalization” phase.

2) Security in the Multi-Chain World

smartcontracts (✨🔴_🔴✨) @kelvinfichter

Last weekend an attacker was able to gain control of the Optimism addresses that correspond to various Gnosis Safe multisigs on Ethereum that had not yet been deployed to Optimism. A quick thread on security in the multi-chain world ~~

3) Building Crosschain Apps (xApps)

Connext | Secure🤝for L2s @ConnextNetwork

👷BUIDLers: It's time to build the next generation of decentralized applications. 1/6 blog.connext.network/how-to-build-c…

blog.connext.networkHow to build cross chain apps (xApps)Connext is the tool for builders to create secure cross chain dApps, with a unified interface and no additional trust assumptions.

4) Mental Models for L1 and L2s

Patrick McCorry @stonecoldpat0

Layer-1 and layer-2 systems have different: - Trust assumptions - System architectures - Agent participation Our community has the wrong mental model to evaluate and compare L1/L2 systems. I've put together a short blog post to help demystify it:

mirror.xyzMental models for L1 and L2Layer-1 and layer-2 systems have different trust assumptions, system architectures and agent participation. Let’s fix our mental models.

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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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