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Avalanche Warp Messaging | Pika Protocol, Galleon DAO Integrate LI.FI's Widget | NEAR Now MetaMask Compatible More!
Last Week In The Multi-Chain Ecosystem (19 - 25 Dec 2022)
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Avalanche released Avalanche Warp Messaging (AWM) as part of the Banff 5 update for its core implementation. AWM enables subnet-to-subnet messaging without relying on bridges.
Pika Protocol, a decentralized perpetual swap exchange on Optimism Layer-2, has integrated our widget inside their dApp. The integration allows Pika users to bridge and swap assets seamlessly across 16 EVM-compatible chains without leaving the platform.
Symbiosis, a cross-chain AMM, has launched its V2 update offering improved efficiency with single-sided AMM pools and enabling a serving network (s-chain) starting with Boba BNB L2.
OpenOcean, a web3 DEX aggregator, has launched its 1-click cross-chain swap with support for multiple chains. The cross-chain swap is made possible through the integrations of two bridges — cBridge and Multichain.
Galleon Dao, an asset management guild, has integrated LI.FI’s widget inside their dApp. Galleon users can now bridge and swap any asset seamlessly without leaving the dApp across 15+ EVM-compatible chains and Layer-2s.
Rubic, a cross-chain tech aggregator, suffered a $1.41M exploit on 25 Dec 2022. According to PeckShield, “the hack is made possible due to mistakenly adding USDC into supported routers. Also, with a lack of validation in routerCallNative, the hacker can drain all funds from users who have approvals to the RubicProxy.”
Rubic has paused all the contracts connected with the platform and plans to compensate affected users and resume operations after a round of audits. If you’ve used Rubic in the past, revoke contract via Revoke.
Multi-Chain Ecosystem Updates
Proximity Labs has released NETH, a smart contract that allows users to interact with dApps on NEAR with their Ethereum wallets. NETH is the first solution to offer MetaMask compatibility on a non-EVM chain.
Axelar Network launched a $60M Ecosystem Startup Funding Program to accelerate the development of dApps and protocols. The fund involves A-list crypto-native investors that will help identify projects building on Axelar with the goal of onboarding the masses.
Ali Taslimi introduced Cross Chain Monitoring Tool, which enables users to compare 10+ blockchains in different sectors such as NFTs, DEXs, and metrics such as transaction fees, NFT sales, etc.
What’s Popping on Twitter?
Avalanche’s subnet ecosystem just got a major upgrade! Native communication between subnets is now possible via Avalanche Warp Messaging (AWM).
In Avalanche’s Banff 5 update to its core implementation, the team has rolled out Avalanche Warp Messaging (AWM), a tool that enables native communication between Avalanche updates.
This feature is critical for Subnets as it provides native, cross-chain communication capabilities out-of-the-box, enabling them to transfer assets and/or data between Subnets without having to build their own bridge.
How does AWM work?
Avalanche allows Subnets to have their own validator set. AWM leverages the Subnets’ validator sets and empowers them to attest to the validity of an arbitrary message by collectively producing a BLS Multi-Signature. This attestation is verifiable by any other Subnet, allowing them to accept/reject messages from any Subnet based on their assessment of the validity of the BLS Multi-Signature.
Moreover, AWM offers Subnets the functionality of building their own Warp Messaging Rulesets. This means Subnets don’t have to adhere to any standards and can build their own ruleset to determine which Subnets they want to accept messages from. Additionally, Subnets can also specify the % weight a BLS Multi-Signature must have to ensure the validity of messages. For example, a Subnet Subnet A can customize its Warm Messaging Ruleset to say that no messages from Subnet B should be accepted, but any message with at least 70% weight of the BLS Multi-Signature from Subnet C can be accepted.
As a result, Avalanche Subnets can now be a unique sovereign network with its own rules regarding membership and token economics, and can also decide which other Subnets it wants to interact with.
The first native Subnet-to-Subnet message via AWM has already been sent between “let there” and “be messaging” Subnets on Avalanche Mainnet. VM builders can leverage AWM in the Golang and Rust VM SDKs already; however, the much-anticipated AWM support for subnet-EVM chains will be released over the coming weeks.
While questions can be raised on whether AWM is trustless since the implementation leverages Subnets’ validator sets and relies on them to attest messages correctly, it offers Subnets the much-needed functionality of interchain communication.
What are your views on AWM? Will it increase the adoption of Avalanche Subnets?
Here are key data insights from the bridging ecosystem in the past week (19 - 25 Dec 2022):
Total bridge volume ➡️ ~$772.42M (down 42.4% compared to last week)
Day with most volume ➡️ 20 Dec ~$180.88M
Bridge with most volume ➡️ Multichain ~$186.2M
— powered by DeFiLlama’s Bridge Dashboard
1) On Synapse
2) Bridging and Finality: An Introduction
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