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Synapse Chain | Cosmos<>Polkadot Bridge | Arbitrum Bridge Redesign | Bridge and Interop Resources & More!

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Synapse Chain | Cosmos<>Polkadot Bridge | Arbitrum Bridge Redesign | Bridge and Interop Resources & More!

Last Week In The Multi-Chain Ecosystem (25th to 31tst July 2022)

Arjun Chand
Aug 1, 2022
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Synapse Chain | Cosmos<>Polkadot Bridge | Arbitrum Bridge Redesign | Bridge and Interop Resources & More!

lifi.substack.com

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) Cosmos <> Polkadot Bridge is Now Live ⚡

Moonbeam, a Polkadot parachain, has partnered with Osmosis, a Cosmos-based DEX, to enable one-click swaps between the two chains via Axelar. This partnership makes it possible to swap assets between Polkadot and Cosmos ecosystem.

2) Synapse Chain Announced 🔥

Synapse Protocol has announced Synapse Chain, a novel smart contract execution layer built atop Synapse’s generic cross-chain messaging system and value bridge. Synapse Chain uses an optimistic verification design to verify cross-chain messages, switching from a multi-sig design.

3) Arbitrum Bridge Redesign 🖌️

Arbitrum’s bridge UI has been completely redesigned with a space theme. Post bridging, users are shown the approx. waiting time and dApps they can explore on Arbitrum. Instant withdrawals from Arbitrum one are available via Arbitrum’s native bridge and third-party bridges like Hop, Connext, Across, and cBridge.

4) Nomad Announces New Cohort of Investors 💸

Nomad announced their seed funding led by Polychain Capital in April. They revealed other big names from their list of strategic investors, including Coinbase Ventures, Crypto.com, Polygon, OpenSea, Wintermute, Gnosis, and Algae Ventures.

5) Rubic Integrates LI.FI’s SDK 💚

Rubic, a cross-chain swap aggregation protocol, has strategically integrated LI.FI’s SDK into its dApp. Rubic’s users can now bridge assets across 7 newly added chains using 6 additional DEXs and 9 bridges supported by LI.FI.


Multi-Chain Ecosystem Updates

1) We’re Getting Close to Arbitrum Nitro ⏳

Arbitrum has announced the scheduled dates of its plans for testnet upgrades before the release of Nitro. The team plans to upgrade mainnet to Nitro ‘within a couple of weeks after a successful testnet migration.’

2) Optimism Announces Drippie 👏🏻

OP Labs has released Drippie, a trust-minimized Ethereum-native conditional transaction system. Drippie works similarly to IFTTT (if this, then that) transaction automation systems that allow transactions to be executed under certain conditions — it allows devs to easily program (in Solidity) sets of checks/actions

3) Aurora Launches VOTE 🚀

Aurora Labs has launched VOTE, a decentralized governance platform to empower the community to govern the protocol themselves. Users can now stake AURORA to earn VOTE.

4) Fantom’s Ecosystem Support Vault Proposal has Passed ✅

The proposal to fund Fantom’s new vault for supporting ecosystem projects by diverting a third of the burn fees has passed. This empowers Fantom’s community of validators and stakers as they will control these diverted funds via on-chain governance and proposals.

5) Sushi Launches on Metis 🍣

Sushi has deployed Trident AMM and Bentobox farming on Metis. Users can now swap and bridge assets to farm rewards on Metis.


What’s Popping on Twitter?

After over a month of brainstorming and discussions with key stakeholders, the Harmony team proposed a reimbursement proposal for the Horizon bridge hack, resulting in the loss of $100M in user assets. The Harmony community has not received the plan well, as many members voiced their concerns with the strategy.

Twitter avatar for @harmonyprotocol
Harmony 💙 @harmonyprotocol
The reimbursement proposal is posted and available for feedback. We encourage the #HarmonyONE community to read and engage in conversation with each other and the core team. Thank you for your patience as we work to move forward together as ONE. Link:
talk.harmony.oneReimbursement Proposal [Horizon Incident]Introduction The Horizon bridge incident resulted in the loss of $99,340,030.00 worth of digital assets across approximately 65,000 wallets and 14 different asset types (details in the table below). The Harmony team feels it is important for the overall strength of the ecosystem that harms to impact…
1:03 AM ∙ Jul 27, 2022
576Likes153Retweets

A quick summary of the $100M Horizon Bridge hack:

  • Harmony’s Horizon Bridge was subject to a hack on June 24.

  • Horizon has an approval process that uses multi-sigs with five validators.

  • Only 2 out of 5 signatures are needed to validate transactions.

  • The attacker accessed two private keys and created a transaction extracting $100M from Horizon.

  • Harmony team offered a $1M bounty, which was later increased to $10M, to the hackers for returning the assets with anonymity.

  • The attackers did not accept the bounty and laundered the stolen funds via Tornado Cash.

  • Horizon’s multi-sig scheme has been updated to a 4/5 validation scheme post the incident.

Since the incident, the Harmony team has constantly reaffirmed to the community that they are doing everything possible to catch the hackers. Moreover, the team has been busy brainstorming ways to reimburse the affected users, and the proposal is finally out for everyone to discuss.

Here is a TL;DR of the key points in the proposal:

  • The proposal gives the community two options to choose from. Both options seek to reimburse users in ONE token over three years — 50% or 100% reimbursement in ONE token over 3 years (distributed monthly)

  • Inflation as a source of reimbursement funds — Hard fork of Harmony to increase ONE supply

  • Minting 86M ONE to resolve de-pegged loans due to uncollectible loans across dApps in the Harmony ecosystem

  • Repegging of assets is not a feasible strategy due to market and treasury conditions — The team will provide more information on this soon.

The snapshot vote for the proposal was supposed to begin today (on August 1). However, the community’s response to the proposal has not been positive, with many arguing that inflating ONE supply can be catastrophic for the Harmony ecosystem. As a result, the team has decided to go back to the drawing board and work on a revised proposal based on the feedback and suggestions from the community.


Interesting Reads

1) Native vs. Non-Native Assets

Twitter avatar for @lifiprotocol
LI.FI - Powers any cross-chain strategy (🦎,🦎) @lifiprotocol
A popular term in the bridging industry is "native assets." In this week's Cross Chain Insider Lite, @lifiprotocol defines what a native asset actually is... in a way even your grandma can understand :) 🔗 lifi.substack.com/p/what-is-this…
Image
10:31 AM ∙ Jul 29, 2022
64Likes9Retweets

2) Awesome Interoperability Resources

Twitter avatar for @odysseas_eth
𓀣 Odysseas.eth 𓀢 @odysseas_eth
Created a lil something help out people who are only starting looking into interop - Useful Resources to learn about the space - Projects that exist ( + links to job boards) - Resources for niche subjects such as cross-chain MEV h/t to @pranaymohan for the idea link bellow 👇
Image
1:54 PM ∙ Jul 29, 2022
89Likes23Retweets

3) Bridges — An Introduction

Twitter avatar for @joel_john95
Joel John 🪳🦞 @joel_john95
Wrote about what bridges are, the business models enabling them, and the pitfalls bridge builders will face with a lot of help from @0xSumanth Also broke down how thin layers contrast with fat protocols and the role they play in DeFi Take a look.
decentralised.coBridges - An IntroductionWhat they are and the business models behind them
1:25 PM ∙ Jul 27, 2022
37Likes6Retweets

4) Understanding Cross-Chain Bridging

Twitter avatar for @AlchemyPay
Alchemy Pay | $ACH @AlchemyPay
UNDERSTAND how bridges are connecting networks for the seamless movement of assets across blockchains with @lifiprotocol alchemypay.medium.com/li-fi-guest-po… #AlchemyPay $ACH #Crosschain @PhilippZentner
alchemypay.medium.comLI.FI Guest Post: Understanding Cross-Chain BridgingOver time, we have seen an explosion in blockchain networks, all with their own unique designs and features. While Ethereum still dominates…
7:00 PM ∙ Jul 26, 2022
163Likes40Retweets

You can also check out the following talks/podcasts:

  • Bridging Safely In A Cross-Chain World

    Twitter avatar for @katherineykwu
    Katherine Wu @katherineykwu
    an episode with @pranaymohan where we discuss: - the “what, why, and how” behind interoperability - role of bridges in the crypto ecosystem - the future of cross-chain governance and all the nerdy (but important) stuff on the cross chain future linktr.ee/crosschainexam…
    Twitter avatar for @crosschainpod
    Cross-chain Examination (weekly crypto podcast) @crosschainpod
    “Nothing else about the bridge you’re using matters if the root of trust verification mechanism is a custodial or centralized verifier set” — @pranaymohan from @nomadxyz_ on bridges a cross-chain world Listen here: https://t.co/SYcIWH3ykr https://t.co/Wfpo9pWqh0
    1:43 PM ∙ Jul 29, 2022
    16Likes5Retweets
  • Building a secure interop layer for Web3

    Twitter avatar for @cyberacademydev
    Cyber Academy @cyberacademydev
    👾 Why are the cross-chain bridges misunderstood? How does a generic messaging protocol work? When interoperability and mass adoption? Check out the talk summary by @deBridgeFinance CEO and Co-Founder @AlexSmirnov__ about interoperability architecture 👉🏻 cyberacademy.dev/blog/47-buildi…
    Image
    11:11 AM ∙ Jul 30, 2022
    18Likes3Retweets
  • 15-minute fundamentals with Connext | Token Terminal


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