Superfluid x LI.FI | Hop Dominates Bridge Week | Multi-Chain Lending on Compound | Arbitrum Odyssey Paused & More!
Superfluid x LI.FI | Hop Dominates Bridge Week | Multi-Chain Lending on Compound | Arbitrum Odyssey Paused & More!
Last Week In The Multi-Chain Ecosystem (27th June to 3rd July 2022)
Bridge Updates
1) Ronin Bridge Reopens 👏🏻
Ronin Bridge relaunched on June 28, 2022, with improved security after the $625 million exploits. The new Ronin Bridge has successfully passed two external and internal audits. Moreover, all user funds on the new Ronin bridge are fully backed.
2) Stargate ETH Pools are Now Live 🎊
Stargate’s ETH Pools on Ethereum and L2s are now live. Users can now transfer, LP, stake, and farm with your ETH in Stargate on Ethereum, Optimism & Arbitrum.
3) Superfluid Chooses LI.FI as its Bridging Solution 🦎
Superfluid, a leading asset streaming protocol that enables Web3 native subscriptions, salaries, and rewards for DAOs and crypto-native businesses, has partnered with LI.FI to enable swaps into its Super Token primitive from 17+ chains and thousands of tokens.
4) Hop Comes Out on Top in Bridge Week 🐇
Hop processed more transactions and volumes during the bridge week compared to any other bridging solution — over 60,000 $ETH was bridged by 483,190 accounts.
5) Multichain Releases anyCall V6 🚀
Multichain have released V6 of their cross-chain messaging protocol, AnyCall. It includes new features such as Permissionless Deployments (No whitelisting), Fee payments from source chains, Flexible contract designs, and Fee payments from users.
6) Rave Names Integrates LI.FI’s Widget 🦎
Rave Names, the first Web3 username system on Fantom, as integrated LI.FI’s widget to enable quick onboarding for users onto Fantom. Users can now bridge to Fantom via LI.FI and buy a domain on Rave Names without leaving their interface.
7) cBridge Hits $9B in Total Tx Volume 🥳
Celer Network’s cBridge has hit a new milestone — It has now processed over $9 Billion in total transaction volume.
8) Arbitrum Pools are Now Live on Hyphen 💪🏻
Biconomy’s Hyphen has launched Arbitrum pools. Users can now earn APY on Hyphen by adding USDC and ETH liquidity to Arbitrum pools.
9) Perpetual Protocol Integrates Hyphen 🤝🏻
Perpetual Protocol, an on-chain perpetual futures DEX on Optimism, has integrated Hyphen bridge to their UI. Users can now bridge ETH or USDC to Perpetual Protocol on Optimism via Hyphen (Biconomy) or TransferTo.xyz (LI.FI).
10) Terra 2.0 Live on Wormhole 🥳
Wormhole now supports bridging to/from Terra 2.0. Terra 2.0 is the 12th chain connected to the Wormhole network.
11) Horizon Bridge Exploit Update 🧐
The Harmony team has raised the bounty from $1m to $10m. However, the hacker has started moving funds via Tornado Cash. Harmony has begun a global manhunt for the criminal(s) who stole $100M from the Horizon bridge.
12) Rubic to Integrate LI.FI 🦎
Rubic, a cross-chain swap aggregator, plans to integrate LI.FI into their protocol to gain access to LI.FI’s supported bridges and networks.
Multi-Chain Ecosystem Updates
1) marginfi Alpha is Live on Solana 👏🏻
marginfi, a margin trading aggregator, has launched a closed alpha on Solana. marginfi offers a single interface to trade across DeFi — it enables cross-chain margin trading across integrated DEXs such as Mango, Drift, 01, etc.)
2) Risk Harbour Vaults on Four Chains 🚀
Risk Harbour, an insurance protocol, has launched its core vaults covering dApps like Aave, Compound, Year, Maker, etc., on four chains — Ethereum Avalanche, Fantom, NEAR. Users can now buy insurance protection for using dApps across different blockchain ecosystems.
Sandbox, a major gaming protocol, has successfully launched on Polygon with their upcoming LAND sale and staking program. Users can now bridge their LANDs and SAND from Ethereum to Polygon and vice versa using the Polygon PoS bridge and receive cashback in mSAND.
4) Multi-Chain Lending on Compound V3 🧐
Compound Labs has released code for a multi-chain lending protocol called Compound III that can be deployed and run on all EVM-compatible chains. V3 hasn’t yet been launched, but developers can integrate the code into existing platforms and offer suggestions for improvements.
Following a highly successful bridge week, the Arbitrum team has decided to pause the Odyssey event as gas costs soared during week 2 when network traffic hit capacity. The event will restart after the launch of Arbitrum Nitro.
6) Chainlink is Now Live on Fantom 🥳
Chainlink has launched Keepers (automation service) and VRF (verifiable randomness) on Fantom. Fantom devs can now use Chainlink’s infrastructure to build dApps — VRF can be used for provably random outcomes while Keepers can be used to securely and cost-efficiently automate any smart contract function.
7) Polygon Avail Testnet is Now Live 🎉
Polygon launches Avail, a modular blockchain built to scale other blockchains. Developers can use Avail to launch their dApps on the Polygon chain and other EVM-compatible chains.
8) Cross-Chain Smart Contracts on Quicksilver 👏🏻
Quicksilver, an Interchain Liquid Staking protocol on Comsos, has launched cross-chain smart contracts. Cross-chain smart contracts will leverage cross-chain verifications, CosmWasm, and Interchain Accounts to create smart contracts that allow building Interchain DeFi.
What’s Popping on Twitter?
Too much, too soon! Arbitrum Odyssey paused until the launch of Nitro.
The Arbitrum team notified the community that Odyssey will be paused as network traffic hits capacity during Week 2 of the event. This comes after a successful Week 1, aka the bridge week, where thousands of users bridge to Arbitrum to participate. A quick recap of bridge week:
The no. of transactions on Arbitrum skyrocketed almost 3x (100k to ~300k) at peak during peak (compared to before bridge week).
Arbitrum saw the highest number of transactions ever during bridge week — 287,019 transactions on Monday, June 27, 2022.
The number of users on Arbitrum increased by 200k during the week with the highest increase of 55,993 new addresses recorded on Monday, June 27, 2022.
Hop Protocol dominated bridge week with over 60,000 ETH bridges by 483,190 accounts.
However, as Week 2 kicked off with GMX and Yield Protocol, the network started getting congested as complex computational activity increased. On Arbitrum, when traffic hits capacity, the gas price increases automatically until the traffic surge slows down. Due to this mechanism, gas prices on Arbitrum soared to almost $1.5.
As a result, the team decided to pause Odyssey until Nitro is launched. Nitro will increase network capacity and reduce transaction costs. In a post-Nitro world, Arbitrum will have significantly more capacity, as much as 7 Ethereums, which will be much better suited to handle such high loads on the network.
Here’s hoping Arbitrum ships Nitro soon and the Odyssey festival restarts. LI.FI has big plans for Odyssey too, so stay updated! 🦎
Interesting Reads
1) ELI5 Inter-Blockchain Communication (IBC) Protocol
2) Router Protocol: Infrastructure for the Cross-Chain World
3) App-chains & Implications for Bridges/Cross-Chain Messaging
4) Update Aave V3 Harmony Post-Bridge Exploit
5) Is the Future of Blockchain Interoperability Optimistic? w/ Arjun & Anna
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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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