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Bridge Insurance Live on Jumper Exchange | a16z OP Stack Rollup Client | Berachain Raises $42M | Morphex x LI.FI & More!
Last Week In The Multi-Chain Ecosystem (17 - 23 April '23)
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.
In collaboration with InsurAce, LI.FI has launched Bridge Insurance, a powerful tool that allows us to bridge the gap between security and convenience. Bridge Insurance is live on Jumper.Exchange, and is an opt-in for Jumper users.
Celer cBridge has added support for Polygon zkEVM. Users can bridge to and from Polygon zkEVM and cBridge supported chains.
Symbiosis has added support for Arbitrum on its dApp. Users can now easily move their liquidity from Arbitrum to other EVM chains.
DefiLlama has reenabled support for its Bridge Dashboard which shows data for 14 bridges and 9 chains. Check it out here.
With Biconomy’s SDK, dApps can now leverage Account Abstraction on 4 chains including Ethereum, Polygon, Polygon zkEVM, and BNB Chain.
With this Biconomy SDK release, dApps & wallets can easily
Morphex, a decentralized perpetual exchange, has integrated LI.FI’s widget inside its dApp! With the integration, Morphex users can seamlessly bridge and swap their assets across various EVM-compatible chains and Layer-2s in just a few clicks.
Fuji Finance has been approved to receive a grant to build “Cross-Chain Migration Tool” for the Compound ecosystem. The tool will allow users to ‘ take an existing position from Compound V2 or V3, and migrate it, in one click, to any other Compound V3 instance, on any chain’.
Multi-Chain Ecosystem Updates
Arbitrum announced it would begin distributing the initial 1.13% token allocation of the ARB airdrop supply to the qualifying DAOs in the Arbitrum ecosystem shortly. This marks the beginning of Arbitrum’s next phase of decentralization and will see projects initiating liquidity mining and user onboarding campaigns to attract users and funds to Arbitrum.
Berachain, a Cosmos-based L1 blockchain, announced its $42M Series A at a $420.69M valuation. The Bera ecosystem already has over $250 million in committed capital to deploy and will launch a public incentivized testnet in the coming weeks.
Arbitrum DAO has passed AIP 1.1 and AIP 1.2.
AIP 1.1 proposes the structure of the DAO with details such as governance power breakdowns, lockup periods, and budgets, among other important specifications.
AIP 1.2 addresses issues in AIP-1, reflecting the feedback from the community mainly regarding the 7.5% of the $ARB tokens distributed to the Foundation’s “Administrative Budget Wallet”.
a16z launch Magi, a new OP Stack rollup client written in Rust. The release of Magi marks a16z’s first step into the Optimism Collective and will bring greater client diversity to the OP Stack. Read more.
5) New Projects on zkSync Era 🧐
zkSync Era continues to onboard new projects to its ecosystem with this week seeing the launch of:
1inch —deployed its aggregation protocol and the 1inch Limit Order Protocol.
Maverick — deployed its dynamic distribution AMM that focuses on capital efficiency.
Wormhole has been voted as the bridge provider for deploying Uniswap V3 on Gnosis Chain. This marks Uniswap's second cross-chain deployment with Wormhole, after BNB Chain.
Say Hello to Stress-Free Crypto Bridging with Bridge Insurance!
Let's face it, the DeFi ecosystem is growing at an incredible pace, bringing tons of new opportunities and the need for secure bridging solutions between different blockchains.
However, DeFi is not immune to hacks and bridges are no exception. $2.5 billion have been lost in bridge hacks, causing widespread concern among users and partners alike.
The risk of bridge hacks has resulted in anxiety and stress for many users who remain glued to their screens until their transactions are successful.
To address these issues, LI.FI and InsurAce.io have partnered to launch Bridge Insurance, the first production-ready insurance product designed specifically for bridging transactions.
Bridge Insurance aims to eliminate this anxiety by offering a reliable safety net during a hack. Knowing that their funds are protected, users can enjoy seamless and secure bridging without the stress traditionally associated with such transactions.
This groundbreaking solution aims to give users the peace of mind they need when transferring funds between blockchains. Let’s explore how it works and its potential impact on the bridging landscape.
How Bridge Insurance Works
Bridge Insurance is designed to be user-friendly and easy to integrate into the bridging process. When utilizing Jumper.exchange for bridging transactions, users can opt to insure their transactions for a small percentage of their bridge amount.
To insure bridging transactions, all one needs to do is flip a switch!
Users can even combine Li.Fuel and Insurance in a single transaction for maximum convenience. Security 🤝 Convenience.
In the unfortunate event of a bridge hack, InsurAce.io will verify the loss of funds locked within the bridge and affected users can submit a claim for their lost funds.
Although the insurance capacity is currently capped, the plan is to scale the limit by attracting more underwriters as Bridge Insurance becomes more mainstream. This will enable users to insure larger transactions, ultimately making the bridging process more secure and accessible for all participants.
The Impact on the Bridging Ecosystem
Bridge Insurance has the potential to significantly change the way users approach bridging transactions in the DeFi ecosystem. By offering an additional layer of protection, users can engage in cross-chain transactions with more confidence and less anxiety. This will likely lead to increased adoption of bridging solutions as users feel more secure knowing their funds are protected.
Moreover, the introduction of Bridge Insurance highlights the continued maturation of the DeFi space. As the industry evolves and expands, the development of targeted insurance products is a natural progression. Bridge Insurance may pave the way for additional specialized insurance solutions, designed to address the unique challenges faced by users within the DeFi ecosystem.
The launch of Bridge Insurance marks a significant milestone in the evolution of the bridging ecosystem. This innovative insurance product addresses a critical pain point for users and partners, protecting against the ever-present risk of bridge hacks.
The future looks promising for Bridge Insurance and its potential to transform the bridging process. We’re excited to see how our users receive and utilize the new feature!
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