The Cross-Chain Insider — LI.FI’s Weekly Cross-Chain Newsletter
The Cross-Chain Insider — LI.FI’s Weekly Cross-Chain Newsletter
Last Week In The Multi-Chain Ecosystem (8th to 15th May 2022)
Bridge Updates
1) veMULTI is Now Live 👏🏻
Multichain, a cross-chain router protocol, has launched veMULTI on the Ethereum Mainnet. Users can now stake MULTI tokens and receive veMULTI and protocol revenue (bridging fees) as rewards. The Q1 2022 Multichain bridge fees ($3,901,975) will be distributed in the next 9 weeks till July 14th.
2) Optimism Adds Warp Speed 🥳
Optimism has added Warp Speed as a routing option — Warp Speed is a custodial bridge enabling one of the cheapest deposit fees of ETH in the ecosystem. It enables users to bridge a small amount of ETH to Optimism.
3) LI.FI is Audited — Twice Over 💪🏻
LI.FI’s smart contracts have now undergone two audits by Code4rena and Quantstamp. Users can now rest assured LI.FI takes security incredibly seriously, as emphasized by the fact that the team sought multiple audits.
4) Across LP Migration V1 to V2 💸
Across is changing to a hub and spoke model. This will introduce a revised setup of new liquidity pools to plug into this new architecture, and thus Across needs LPs to migrate from V1 to V2. Migration will begin on May 17th
5) Alps Finance Integrates LI.FI SDK 🤝🏻
Alps Finance, a crosschain asset aggregator dashboard, has integrated LI.FI’s SDK. Alps users can now enjoy any-2-any swaps across every chain supported by LI.FI with the click of a single button — without having to leave the Alps Finance dApp.
Multi-Chain Ecosystem Updates
1) Interchain Security is Coming to Cosmos ✨
With Interchain Security, developers will be able to launch a chain running their EVM, CosmWasm, or Cosmos-SDK application. The chain will be secured by the validator set of the Cosmos Hub and the full market cap of $ATOM.
2) Uniswap V3 is Coming to Gnosis Chain 👀
With a mission to “accelerate Ethereum,” the Gnosis Chain team has proposed to deploy Uniswap v3 on Gnosis Chain — If the vote passes, up to $10M of incentives will be provided to boost V3 adoption on Gnosis Chain.
3) $BOBA as Gas Token ⛽
In early April, the BobaDAO voted in favor to use $BOBA as a gas token on the Boba Network. Users can now spend both ETH & BOBA to cover gas. If users spend $BOBA as the gas token, they will get a 25% discount on all TXs!
4) Secret Shockwave Alpha is Now Live 🚀
Secret Network has completed the Shockwave Alpha upgrade. The upgrade brings significant performance and interoperability improvements to the network, including a 500x performance boost for permits & cross-chain airdrops, interchain account capabilities, and state sync for the CosmWasm directory.
5) Terra’s Plan to Save UST 🌕
The Terra community is voting on proposals to re-peg UST. According to the team, the primary obstacle from re-peg is “expelling the bad debt from UST circulation at a clip fast enough for the system to restore the health of on-chain spreads.” — Several proposed solutions are being discussed, including accelerating the burning of remaining UST, UST mint/burn parameters, etc.
6) stETH:ETH Peg Unbalanced ⚖️
Lido has deployed an additional pool with 1m LDO incentives to try and stabilize the stETH:ETH peg. The peg unbalance happened as users started to withdraw from Curve and unstake their ETH on Lido.
7) $90m Aurora Developer Fund 💲
Aurora Labs has allocated $90m from the DAO treasury to Proximity Labs, NEAR’s DeFi arm, which will “manage the tokens and provide grants to developers interested in building DeFi-based applications on Aurora.”
What’s Popping on Twitter?
Crypto is all about survival. Whether investing as an individual, backing new projects as a VC, or bootstrapping a new ecosystem as a chain, everything follows the same rules — survive the bear market and reap the benefits during the bull. And to do so, we need to build sustainable systems.
While this is true for all participants in the ecosystem, it’s specifically critical for chains. They host hundreds of dApps and teams, and billions of funds are locked on them. The inability of a chain to build a long-lasting system can have catastrophic outcomes. Unfortunately, we saw a practical example of this last week with the meltdown of UST/LUNA and how it impacted the Terra ecosystem.
And just like that, an entire ecosystem with assets over $30B was wiped out within a few days.
What happened with Terra is unprecedented. As builders ourselves, it was a humbling experience, to say the least, and here’s what we learned:
While experimenting is essential to unlocking innovation, we should do so with caution. Poorly designed systems will break, and the impact will be felt industry-wide, setting us back years in development.
Bridges are critical infrastructure for the ecosystem and thus attract significant amounts of funds. As a result, they are also honeypots for attackers looking for a chink in the armor. Our goal should always be to build antifragile bridges and systems that can resist any attacks.
As builders of key cross-chain infrastructure, we should all reflect and build for the long term or risk breaking the only rule of crypto, survival.
Interesting Reads
1) Is your Bridge Censorship-Resistant?
2) The Dark Side of DeFi: Cross-Chain Bridge Hacks
3) Cross-Chain Implications of UST, LUNA, and Anchor Protocol Fallout
4) What it Means for a Bridge to be Trustless
Additionally, here’s a podcast you can check out!
Understanding Bridge Security with Connext’s Arjun Bhuptani
<a href="https://medium.com/media/5c07c9054cea3c79d3d8937cf06bf1f2/href">https://medium.com/media/5c07c9054cea3c79d3d8937cf06bf1f2/href</a>
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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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The Cross-Chain Insider — LI.FI’s Weekly Cross-Chain Newsletter was originally published in LI.FI Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.