Wormhole $10M Bug Bounty | Connext's $1B Milestone | LI.FI Expands to Harmony & More!

Last Week In The Multi-Chain Ecosystem (15th to 22nd May 2022)

The Cross-Chain Insider

Bridge Updates

1) LI.FI Expands Support to Harmony 💙

LI.FI now supports cross-chain any-2-any swaps to/from the Harmony blockchain. Users can now access LI.FI’s stack of integrated bridges, DEXs, and DEX aggregators, to bridge to Harmony and explore the ecosystem.

2) Bridge Network Integrates Arbitrum 👏🏻

Bridge Network, a token, and NFT bridge protocol, has integrated with Arbitrum. Users will soon be able to conduct native assets transfers and cross-chain NFTs between Arbitrum and other chains using Bridge Network.

3) Wormhole $10M Bug Bounty 🙏🏻

Whitehat satya0x disclosed a critical bug in the Wormhole core bridge contract on Ethereum and received a $10 million payout. The bug was an upgradeable proxy implementation self-destruct bug that helped prevent a potential lockup of user funds. The bug was quickly patched and no user funds were affected.

4) Wormhole Expands Support to Algorand 🤝🏻

Wormhole, a cross-chain bridge, has launched support for the Algorand blockchain. Algorand is Wormhole’s 10th integration with a layer 1 blockchain.

5) L2BEAT Bridges Risk Framework 🧐

@bkiepuszewski posted a summary of the upcoming bridges risk framework planned for L2BEAT. The framework classifies different bridges as native bridges, consensus light clients, optimistic bridges, validator-based bridges, and hybrids.

6) Connext Hits $1B in Total Bridged Volume 🚀

Connext Bridge has safely moved $1B in volumes across 17 chains since its launch.

Multi-Chain Ecosystem Updates

1) Polygon Nightfall is Now Live 👏🏻

Polygon Nightfall is the first-ever rollup zk to go live on mainnet. It uses ZKPs to offer privacy and fraud proofs for scalability.

2) Terra Ecosystem Revival Plan 2 🌕

Terra’s founder, Do Kwon, has proposed a revival plan that suggests forking Terra and launching a new chain without a stablecoin. As per the proposal, LUNA 2.0 tokens will be airdropped to old LUNA stakers, holders, UST holders, and dApp developers.

3) Coinbase Web3 Wallet 🎉

Coinbase has launched a new dApp wallet and browser that allows users to access and explore Ethereum dApps from their wallets. It is an MPC wallet that gives users the freedom of self-custody without the need to manage the recovery phase themselves.

4) Cross-Chain Stablecoin Dashboard 📊

DeFiLlamma has launched a cross-chain stablecoin dashboard which gives the breakdown of stablecoins across 53 chains.

5) Robinhood’s Web3 Wallet 🧐

Robinhood, the popular stock brokerage application, announced plans to launch a web3 wallet that allows users to 'trade and swap crypto with no network fees.' It is currently accepting early registration for its wallet, which will be a direct competitor to Metamask.

6) Optimism Bedrock Announced 🔴

Optimism introduces Bedrock, a cheap, fast, and advanced rollup architecture. Bedrock is Ethereum equivalent — it uses all of Ethereum's code, infrastructure, and design patterns. Bedrock will also be the foundation of Optimism's next-generation fault-proof system Cannon.

7) Binance Integrates Layer 2 Optimism 🚀

Binance has integrated Layer 2 Optimism network and opened deposits for ETH. Binance will open withdrawals for ETH on Optimism Network once there are sufficient assets in their wallet.

What’s Popping on Twitter?

Have you ever heard of a product disrupting itself and even open-sourcing the code? Well, that’s exactly what OpenSea has done with the introduction of Seaport — a brand new web3 marketplace protocol for safely and efficiently buying and selling NFTs.

OpenSea @opensea

Introducing Seaport, a brand new web3 marketplace protocol for safely and efficiently buying and selling NFTs. With an emphasis on flexibility and optimizations, Seaport has been built to support new and evolving use-cases for where NFTs are heading. opensea.io/blog/announcem…

What is Seaport?

• Seaport is a protocol that allows buying and selling NFTs — Users can list NFT for any combination of ERC-20, ERC-1155, or ERC-721. Similarly, offerers can agree to supply a number of ETH / ERC20 / ERC721 / ERC1155 items.

• The core smart contract is open source and decentralized — Any builders, creators, and collectors can build on Seaport.

Many believe that the introduction of Seaport is similar to the launch of Uniswap V2 and could do for NFTs what V2 did for DeFi, leading to the DeFi Summar in 2020.

croissant @CroissantEth

The Seaport announcement from OpenSea is reminiscent of an inflection point. In 2018, UNI V1 only supported ETH -> ERC-20 trades. ERC-20 -> ERC-20 trades wouldn’t be added until 2020 with UNI V2. Afterwards came liquidity + capital efficiency. Will the same happen for NFTs? 🥐

This is because, with Seaport, creators and collectors will benefit from the added functionality as they now have more control over how to configure a sale.

Normal listings — sell 1 BoredApe for x ETH

Seaport functionality — sell 1 Bored Ape but for x ETH OR 5 Azukis OR 10,000 SUSHI tokens OR 2 Azukis with these super rare traits.

Example Credit — @RefineWeb3

Currently, Seaport only supports Ethereum NFTs. Given an increasing shift towards a multi-chain future, including OpenSea’s recent move towards adding support for Solana NFTs, it is fair to say we can expect cross-chain NFT swaps soon — Selling an Ethereum NFT for a Solana NFT + ETH/SOL.

OpenSea @opensea

The future is multichain.

This would be a significant addition to the cross-chain NFT landscape as the ability to do cross-chain swaps can have a similar impact on NFTs as it did for DeFi. It will lead to increased liquidity and capital efficiency across the NFT ecosystem.

Moreover, since Seaport is an open-source and decentralized protocol that allows others to build on it, it unlocks interoperability for NFTs, which opens up a wide range of use-cases that we hope to see in the future.

atareh.eth ⌐◨-◨ @atareh

1. Opensource code: With Seaport, anyone can build an NFT marketplace using the protocol because it's decentralized and Open source In the coming years, we should expect to see way more marketplaces being built More competition = better + faster innovation

Is this the Uniswap moment for NFTs? If so, could this lead to an NFT summer? Time will tell, but there’s no doubt that Seaport is a disruptive innovation in the NFT space, one that can change the industry standard.

Interesting Reads

1) The Dangers, Present and Future of Cross-Chain Communication

NoSleepJon 💤 @nosleepjon

Gud read on the future of cross chain coinyuppie.com/the-dangers-pr… 22/x

coinyuppie.comThe dangers, present and future of cross-chain communication: what to do after Layer ZeroThisarticleisthearticle”What’swrongwithbridges?Perils,PresentandFutureofCross-ChainCommunication:theroadafterLayerZero”publishedbyTheAnti-Apeinsubstack.Thearticlecomparescentralizedexchanges,assetbrid...

2) Explore Harmony By Swapping With LI.FI

LI.FI - Powers any cross-chain strategy (🦎,🦎) @lifiprotocol

We are very excited to announce that @harmonyprotocol has been pushed to production. 🥳🥳🦎 This article discusses Harmony and sheds light on some of the most popular dApps in its ecosystem — which can be utilized after bridging assets via @lifiprotocol blog.li.fi/explore-harmon…

blog.li.fiExplore Harmony By Swapping With LI.FILI.FI Interoperability Expands To Harmony

3) What L222 Means For The Ethereum Ecosystem

ConsenSys @ConsenSys

Major 2022 scaling trends include bridges, fee reduction, the Merge, and developer migration. Curious to see what else L222 means for the Ethereum Ecosystem? Read more here:

bit.lyWhat L222 Means For The Ethereum Ecosystem | ConsenSysThe L222 meme has been increasingly prevalent and we dive into what 2022 looks like according to Layer 2 industry leaders.

4) Wormhole Basics

• What are xAssets

Wormhole🌪 @wormholecrypto

1/ What are xAssets? A xAsset is an asset that represents the value of an asset from a different platform. Via smart contract, the original asset is 'wrapped' into a digital vault and a new asset gets minted 1:1 on the other platform. Details? 👇

• Wormhole Guardians Explained

Wormhole🌪 @wormholecrypto

1/ What are Wormhole Guardians❓ You may have heard the term Guardians before but might not be familiar with the precise role they play. The Guardians are a key part of the Wormhole community. Read on to learn more.

Additionally, here’s a podcast you must check out!

• Designing Optimistic Interoperability with Nomad

  Zero Knowledge Podcast @zeroknowledgefm

  New ep! This week @AnnaRRose catches up with @_prestwich & @annascarroll to explore @nomadxyz_'s optimistic interoperability solution - how it was developed, lessons from previous attempts at interoperability & cross-chain bridging & how the system works

  

  zeroknowledge.fmEpisode 230: Designing Optimistic Interoperability with Nomad - ZK PodcastZero Knowledge Podcast is a show about zk proofs and other blockchain tech. Learn about the latest in zero knowledge research, cryptography-enabled privacy tech.

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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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