Rubic Hack Update | Trader Joe on Arbitrum | Solana Contracts in Go & More!
Last Week In The Multi-Chain Ecosystem (26 Dec '22 - 01 Jan '23)
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DeFiLlama announced that it would be subsetting the bridges dashboard citing low usage and high maintenance issues related to the dashboard. Given the key insights the dashboard provides for the bridging ecosystem, teams like Synapse and Multichain have volunteered to deploy and maintain the dashboard.
Across Protocol has been listed on Token Terminal. Users can now visit Across’ dashboard and access insightful data (like market cap., transaction volume, etc.) related to the ACX token and Across.
Milkomeda C1 has added support for Celer Inter-chain Messaging (IM), a cross-chain composability solution. dApps on Milkomeda C1 can now build with various cross-chain application logic—including swapping, governance, NFT bridging, and liquidity provision.
Genesis Universe, a web3 card battle strategy game, announced that it would integrate Router Protocol’s CrossTalk for cross-chain NFTs.
Symbiosis, a cross-chain engine and liquidity protocol, launched cross-chain farming V2, enabling users to access multi-stable coin liquidity pools and get up to 11% APR.
6) Rubic Exploit Update 🧐
Last week, Rubic, a cross-chain tech aggregator, suffered a $1.41M exploit. The hack occurred because a USDC address was whitelisted to interact with Rubic’s smart contract to make one of Rubic’s partner bridges operate via other aggregators in Rubic’s stack. As a result, the contract was compromised, allowing the hacker to steal users’ USDC.
The Rubic team has reiterated it is “100% committed to restoring the reputation of Rubic.” It will reimburse affected users out of the founders' personal savings. The first round of reimbursements has already been sent.
Multi-Chain Ecosystem Updates
Trader Joe, Avalanche’s premier DEX, has deployed on Arbitrum. Arbitnauts can now access the power of the innovative Liquidity Book AMM.
Dust Labs, an NFT software company, in a tweet, exclaimed, ‘The future is multi-chain.’ as it prepares to bridge two of its top-performing collections to Ethereum and Polygon. The NFT collection DeGods will bridge to Ethereum, whereas Y00ts will bridge to Polygon. The bridging on different blockchains will start in the first quarter of 2023.
Solana smart contracts can now be written in Go. This is made possible by embedding an alternative Go runtime in a Solana program. The implementation still needs to be production ready, but a demo can be found here.
Coinbase has added support for native USDC on Avalanche. Users can now directly on-ramp cash to USDC and vice versa without needing intermediaries like bridges. According to Coinbase, this is the ‘fastest and least expensive way’ for users to go from cash to flagship DeFi apps
Gains Network, a decentralized leveraged trading platform, is now live on Arbitrum. Arbitnaut traders can now trade crypto, stocks, and forex with leverage with gTrade, while LPs can earn fees by depositing DAI into the gDAI vault.
What’s Popping on Twitter?
Last week, Sujith Somraaj discussed a new Ethereum Improvement Proposal that seeks to make the cross-chain world a better place. If implemented, this could be a game-changer as it would make the development of cross-chain dApps much easier.
There is a whole ecosystem of platforms that we at LI.FI call “arbitrary messaging bridges” (AMBs) working to expand the scope of cross-chain communication. At its core, each AMB is built to do one thing: pass messages across chains. However, how an AMB does this varies based on protocol architectures and trade-offs made in protocol design. As a result, there is a lack of standardization in how messages are sent and received across chains.
There are 100s of dApps building on these AMBs, but since there’s a lack of standardization, all these dApps are limited to any standard forced on them by the AMB they’ve chosen to build on. This is a problem since it creates complications, given devs must familiarise themselves with the unique implementations, making the integration of AMBs difficult and isolated to one AMB.
Sujith Somraaj explains the problem with the help of an example:
What’s the solution? EIP-6170: Cross-Chain Messaging Interface!
EIP-6170 aims to make it easier for developers to tap into the different options available in the AMB space by offering a standardized interface to interact with the different AMBs. Moreover, it reduces the development overhead as devs wouldn’t need to understand each AMB’s implementation in detail to integrate its functionality within their cross-chain dApp.
In essence, this EIP focuses on how messages (state) should be sent and received across chains using a specific standard since, at the moment, different AMBs use different interfaces resulting in “unnecessarily complex competing implementations”. Thus, through this EIP, the plugin layer for these AMBs can be standardized, reducing the complexity of building a cross-chain dApp.
This EIP deserves more attention as it has the potential to improve the cross-chain UX manifolds. At LI.FI, we’re excited about this EIP and look forward to contributing by spreading awareness and helping execute it!
1) Bridges and the Cross-Chain Ecosystem in 2022
2) How to think about Optimistic Systems
3) Capital Efficiency Analysis on Hop, Synapse, and Across
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