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Axelar's Maeve Upgrade | LayerZero's Summer 2022 Update | Ethereum's Bellatrix Upgrade | LI.FI Supports Stargate | zkBNB's Introduction & More!

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Axelar's Maeve Upgrade | LayerZero's Summer 2022 Update | Ethereum's Bellatrix Upgrade | LI.FI Supports Stargate | zkBNB's Introduction & More!

Last Week In The Multi-Chain Ecosystem (5th to 11th Sept 2022)

Arjun Chand
Sep 12, 2022
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Axelar's Maeve Upgrade | LayerZero's Summer 2022 Update | Ethereum's Bellatrix Upgrade | LI.FI Supports Stargate | zkBNB's Introduction & More!

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Welcome to LI.FI’s Cross Chain Insider newsletter. If you want to join this community of cross-chain aficionados learning about bridges, interoperability, and the multi-chain ecosystem, subscribe below:

You can also check out LI.FI’s research articles, and follow us on Twitter!

Bridge Updates

1) Axelar Completes Maeve Upgrade 💪🏻

Axelar has completed its Mainnet upgrade, code-named Maeve. The upgrade introduces the implementation of quadratic voting to bolster the security and decentralization of Axelar’s validator set. Quadratic voting ensures that a small number of validators cannot obtain a disproportionate stake in the network.

2) LayerZero’s Summer of 2022 Update 🔥

LayerZero has released an update with a host of new features and tools. Here’s what’s new:

  • Pre-Crime is Live — The feature is now open to everyone, “allowing developers to define custom security guarantees by setting their own invariants for all messaging.”

  • LayerZero Scan — an omnichain blockchain explorer for all LayerZero messages.

  • Ultra Light Node Library (ULNv2) — ULNv2 contains the required support for LayerZero’s upcoming non-EVM chains, LayerZero Scan, gas improvements, and patches for security issues in ULNv1.

  • New Chains — LayerZero has added support for Moonbeam, Harmony, Swimmer, and DFK. It is also live on eight other pre-launch chain’s testnets, including non-EVMs such as Aptos, Sui, and Solana.

3) LI.FI Now Supports Stargate 🦎

LI.FI has added support for Stargate. This makes Stargate the 10th bridge currently supported by LI.FI on TrasnferTo.xyz.

4) Ronin PSA: $30M Recovered 👏🏻

With assistance from Chainalysis, the U.S. government has recovered nearly $30M in stolen funds from the Ronin Bridge hack. According to the team, this accounts for 12% of the stolen funds, as the current total value of the stolen funds is ~250M.

5) Nomad Bridge Hack Update — $37M of the 186M Recovered 🤝🏻

The Nomad team has successfully recovered $37M from the $186M in stolen funds with the help of whitehat hackers and security firms. The team is currently in Phase 2 of their “Road to Recovery” roadmap — The design mechanism to ensure fair distribution of recovered funds has been completed, and smart contract audits have kicked off. Nomad plans to begin Phase 3, which will see the bridge restart, in early October.

6) Rainbow Bridge Paused for the Merge 🌈

As of 1 PM CET on September 11, the Rainbow Bridge has been paused because of the upcoming Merge. As per the team, during the Merge, several technical risks exists. To mitigate these risks, the Rainbow Bridge's interaction with Ethereum will be paused and will resume after the Merge, post security checks.


Multi-Chain Ecosystem Updates

1) Ethereum Bellatrix is Now Live 🐼

The Ethereum Merge inches closes as the first upgrade known as Bellatrix successfully went live. The Merge is expected to be completed this week.

2) Cardano Vasil Upgrade Date Confirmed 💪🏻

Cardano has set September 22nd as the date for the Vasil upgrade. The upgrade is the most significant Cardano upgrade to date and is expected to increase network capacity and lower transaction costs.

3) Binance to Convert All USDC to BUSD 🤔

Binance is introducing BUSD Auto-Conversion starting September 29th — This will see users’ existing balances and new deposits of USDC, USDP, and TUSD stablecoins automatically converted to BUSD at a 1:1 ratio. With this, Binance aims to enhance liquidity and capital efficiency for users.

4) Liquid Staking Wars on Cosmos 🔜

a) Lido to Launch on Cosmos — The Lido community has proposed a framework “for deploying Lido as a custom implementation designed to serve the liquid staking needs of the entire IBC ecosystem.” This will be done by launching on Neutron, a permissionless CosmWasm Gateway to IBC built by one of Lido’s core contributors.

b) Stride Mainnet is Now Live — Stride, a blockchain built using the Cosmos SDK, is now live, offering multi-chain liquid staking services for the Cosmos ecosystem. Stride has initially launched with support for ATOM staking and plans to add support for other Cosmos chains like OSMO and JUNO this year.

5) zkBNB — BNB’s Scaling Solution 🧐

BNB Chain has launched zkBNB, a zero-knowledge proof-based scaling solution for web3 dApps (better suited for GameFi and Social dApps). The team is targeting to launch the Mainnet by the end of 2022.

6) Algorand Protocol Upgrade Completed ✔️

Algorand announced a major upgrade to its protocol which is now live on Mainnet. The upgrade features State Proofs that enable trustless cross-chain communication and a 5x increase in performance from 1,200 to 6,000 transactions per second (TPS).


What’s Popping on Twitter?

Typically, events in crypto create a buzz only within the ecosystem; unless it’s a triple-digit million-dollar hack or a cryptocurrency going to 0, the outside world doesn’t pay much attention. However, the Merge is different. It is a once-in-a-lifetime event scheduled to take place on 13-15th September, and its significance can be seen across Webs — If you Google “the Merge” right now, here’s what you’ll see.

As we await the Merge, here’s some useful knowledge from across Crypto Twitter to help you prepare for it:

  • Primer on what to expect on the network during the Merge — what happens on the tech/blockchain level during the Merge?

Twitter avatar for @superphiz
superphiz.eth 🦇🔊🐼 @superphiz
I wrote a layman's primer for what to expect on the network during the Ethereum Mainnet Merge. I'm no expert, but I hope this helps improve understanding and expectations:
reddit.comr/ethfinance - Comment by u/superphiz on ”Daily General Discussion - September 3, 2022”287 votes and 520 comments so far on Reddit
11:38 AM ∙ Sep 3, 2022
215Likes55Retweets
  • How to Watch the Merge, Ethereum’s Biggest Upgrade Ever

    Twitter avatar for @christine_dkim
    Christine Kim @christine_dkim
    Introducing the ultimate guide for how to watch next week's Ethereum Merge upgrade 🐼 galaxy.com/research/insig…
    Image
    3:14 PM ∙ Sep 9, 2022
    232Likes62Retweets
  • How to best position yourself for the ETH merge — TL;DR: Hold native ETH tokens on the Ethereum Mainnet.

Twitter avatar for @bobbyong
Bobby Ong @bobbyong
The Ethereum Merge is scheduled to take place on 13 September. Christmas season is here again. ETH holders will soon be airdropped ETH PoW tokens. What should you do to best position yourself? Here are 7 steps you may consider to fully take advantage of the Merge:
2:37 AM ∙ Sep 5, 2022
5,647Likes1,534Retweets

The countdown for the Merge has begun, and the Bellatrix upgrade was recently activated. This prepares Ethereum for the Merge and is one of the last hurdles before the main event.

In a few days, we will witness a historical event, the significance of which cannot be understated. The stage is set, and we couldn’t be more excited about it!


Interesting Reads

1) Synapse Protocol Risk Analysis

Twitter avatar for @bkiepuszewski
bartek.eth @bkiepuszewski
As a final sneak-peak before full bridge risk framework is launched at @l2beat, let's have a look at @SynapseProtocol in details. Hopefully interested community members will be able to similarly analyse other bridges - we are looking for contributors ! 🧵👇
11:21 AM ∙ Sep 4, 2022
65Likes15Retweets

2) cBridge Incident Analysis & Security Recommendations for Web3 Projects

Twitter avatar for @_iphelix
Peter Kacherginsky @_iphelix
In depth analysis of the @CelerNetwork BGP hijacking attack and phishing contracts by the @coinbase Threat Intelligence team: blog.coinbase.com/celer-bridge-i… Security recommendations for web3 projects and users in the thread below👇
blog.coinbase.comCeler Bridge incident analysisTl;dr: In this piece we share critical lessons about the nature of the Celer Bridge compromise, attacker on-chain and off-chain techniques…
6:19 PM ∙ Sep 9, 2022
32Likes12Retweets

3) Notes on Synapse + GMX: Theure of Cross-Chain DeFi

Twitter avatar for @jinxinny
Jinxinny进 @jinxinny
Spaces notes on the future of cross chain DeFi! w/@SynapseProtocol @GMX_IO @coinflipcanada GMX is a perfect example of an application that can be developed on top of the imminent release of Synapse Chain, utilising its generalised cross chain messaging system & execution layer https://t.co/76Ph9PWemq
Image
Image
Image
Twitter avatar for @SynapseProtocol
Synapse Protocol @SynapseProtocol
Reminder! The Synapse + @GMX_IO twitter spaces begins at 12pm EST (16pm UTC / 9am PST) Tune in to hear more about what the future of cross-chain DeFi holds. https://t.co/DXBJtZ611F
5:59 PM ∙ Sep 8, 2022
72Likes14Retweets

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