NEXA

Enabling tokens to be native and compatible with multiple blockchains and bridges.

[NEXA @nexa_network]

In crypto, we’ve seen billions lost to bridge exploits. Tokens shouldn’t be locked to one bridge.

That’s why we’re upgrading the Chain-Agnostic Token standard to be bridge-agnostic. Seamlessly integrated with @axelarnetwork, @chainlink CCIP, @layerzero_labs & @wormholecrypto. 🧵

[wickD @xwickD]

arbitrum szn around the corner

[CoinDesk @CoinDesk]

Coinbase has taken down a webpage promoting a derogatory cryptocurrency attacking Senator Elizabeth Warren.

@realDannyNelson reports

https://t.co/l9OCYt4XLk

[Axelar Ecosystem @Axl_Ecosystem]

As the @axelarnetwork Ecosystem blossoms, we're still in the dawn of an exciting journey 🤝

Join the ranks of the Axelar Ecosystem's early supporters and secure your exclusive Early Supporter Badge NFT 🪐

Your mission:
https://t.co/6NF43u1o6O

[NEXA @nexa_network]

Breaking barriers with the Chain-Agnostic token standard. The @Port3Network Bridge is officially live, enabling smooth transfers across #Ethereum, #Polygon, #BNBChain, #Arbitrum, and #Optimism. Explore the possibilities: https://t.co/skxkBUPPmL 🚀

[Port3 Network @Port3Network]

Powered by @nexa_network, an innovative interoperability protocol, the #Port3 Bridge is LIVE 🌉

✅ Port3 Bridge: https://t.co/koPhFdej9A

Now, holders can seamlessly move $PORT3 between #Ethereum, #Polygon, #BNBChain, #Arbitrum, and #Optimism without the need for wrapping assets.

More Chains, More Applications & Utilities. 💰💡

Token Info:
🔷 Token Address: 0xb4357054c3dA8D46eD642383F03139aC7f090343
🔷 Token Max Supply (all chains): 1 Billion

[NEXA @nexa_network]

Are you interested in leveraging the Chain-Agnostic Token standard? Our protocol helps you deploy a native token or NFT on multiple blockchains in minutes.
Find out more here: https://t.co/HGr4tYFLtf

[NEXA @nexa_network]

🚨 @Port3Network has adopted the Chain-Agnostic Token standard for their $PORT3 token, enabling effortless transfers across various chains.

Holders can move PORT3 seamlessly between Ethereum, Polygon, BNB Chain, Arbitrum, and Optimism, without the need for wrapping assets.

[NEXA @nexa_network]

The Chain-Agnostic Token standard allows for $PORT3 to have future compatibility with additional blockchains and message-passing protocols. This allows for @Port3Network to have maximum flexibility, and reduces reliance on any singular party.

[NEXA @nexa_network]

$PORT3 is the native governance token of @Port3Network, the 1st Web3 social data layer & NLP on-chain workflow executor. The token allows users to actively engage in the decisions that influence the project's growth. $PORT3 has successfully launched on Bounce, Poolz Finance, WePad and FlyBTC.

[NEXA @nexa_network]

🚨 @Port3Network has adopted the Chain-Agnostic Token standard for their $PORT3 token, enabling effortless transfers across various chains. Holders can move PORT3 seamlessly between Ethereum, Polygon, BNB Chain, Arbitrum, and Optimism, without the need for wrapping assets.

[NEXA @nexa_network]

Very interesting news, the Layer 2 wars continue. Liquidity will continue to get more and more fragmented...

[The Block @TheBlockCo]

ICYMI: Kraken follows Coinbase’s lead with plans to launch Layer 2 network: report
https://t.co/MsD6eRrtoc

[NEXA @nexa_network]

Excellent post on some of the DeFi bridges and the tradeoffs.

Cross-chain is an ever growing sector in crypto and we are here for it.

[Saint @thesaint_]

𝐃𝐞𝐞𝐩 𝐃𝐢𝐯𝐞 𝐒𝐞𝐫𝐢𝐞𝐬 𝐨𝐧 𝐁𝐫𝐢𝐝𝐠𝐞𝐬 𝐈𝐈𝐈 (𝐓𝐡𝐞 𝐅𝐢𝐧𝐚𝐥 𝐏𝐚𝐫𝐭)

With @arjunnchand from LIFI we have explored these cross-chain bridges to analyze them by strengths and tradeoffs.

𝐓𝐇𝐎𝐑𝐂𝐡𝐚𝐢𝐧 @THORChain

𝑶𝒗𝒆𝒓𝒗𝒊𝒆𝒘

THORChain is a cross-chain liquidity protocol, functioning as a Layer 1 built on the Cosmos SDK. It allows users to swap native assets across chains in a non-custodial manner.

𝑺𝒕𝒓𝒆𝒏𝒈𝒕𝒉𝒔

1. Native Bitcoin support – THORChain stands out by being one of the few protocols that enables users to swap native Bitcoin (and other assets) across chains.

2. Streaming swaps – this feature splits large transactions into sub-swaps, offering better price execution. Consequently, THORChain can offer highly competitive rates with minimal slippage for large cross-chain exchanges.

3. Message passing – THORChain supports passing instructions to smart contracts post-swap.
This feature enables the development of complex multi-step transaction flows like swap + stake in a single transaction.

4. ShapeShift Multichain Snap integration – enables users to buy, sell and hold native BTC on MetaMask, all powered by THORChain.

𝑻𝒓𝒂𝒅𝒆 𝑶𝒇𝒇𝒔

The $RUNE token plays a critical role in the THORChain ecosystem and underpins its crypto-economic security and overall operations.

For instance, THORChain requires twice as many RUNE to be bonded by Node Operators in comparison to the pooled RUNE.

While the tokenomics of $RUNE have been designed to incentivize honest activity among node operators, the potential volatility of the token price could diminish THORChain’s cryptoeconomic guarantees.

____________________________________________________

𝐂𝐂𝐓𝐏 @circle's CCTP

𝑶𝒗𝒆𝒓𝒗𝒊𝒆𝒘

Launched by Circle, Cross-Chain Transfer Protocol (CCTP) is a permissionless onchain protocol designed for transferring native USDC across chains.

CCTP enables a standardized and fungible experience of buying, selling, and depositing USDC for developers and users on different chains.

𝑺𝒕𝒓𝒆𝒏𝒈𝒕𝒉𝒔

1. Capital efficiency – CCTP allows for the bridging of virtually unlimited amounts of $USDC without having to maintain liquidity pools.

It also makes existing third-party liquidity bridges more capital efficient as they no longer have to maintain liquidity pools for USDC on different chains.

2. Zero fees – Bridging USDC via CCTP doesn’t require users to pay any fees, aside from the standard gas fees.

3. No slippage – Assets transferred via CCTP don’t experience slippage as they're being burned on one chain and minted on the other.

4. Native USDC Integration – CCTP support for a particular chain allows that ecosystem to have native USDC. This is a huge unlock in terms of streamlined UX, liquidity flows, and connectivity with the broader ecosystem.

𝑻𝒓𝒂𝒅𝒆 𝑶𝒇𝒇𝒔

Dependence on Circle for validating transfers as each transaction requires Circle's attestation in order to authorize the minting of USDC on the destination chain.

Consequently, the end-to-end transaction flow for CCTP relies directly on Circle’s attestation service. Should any uncertainties arise regarding Circle’s operations, they can potentially lead to temporary disruptions or delays in cross-chain transfers via CCTP.

____________________________________________________

𝐒𝐭𝐚𝐫𝐠𝐚𝐭𝐞 @StargateFinance

𝑶𝒗𝒆𝒓𝒗𝒊𝒆𝒘

Stargate is a liquidity bridge and is notably the first application built on LayerZero, enabling the transfer of native assets across chains.
Strengths.

1. Synergies with LayerZero – Stargate and LayerZero have been built by the same teams, leading to many innate synergies between the two projects.

For instance, all tokens using LayerZero’s Omnichain Fungible Tokens (OFTs) standard (tokens can be transferred across chains with zero slippage via a burn and mint mechanism) are listed on Stargate’s UI.

2. Operational efficiency at scale – Stargate has successfully facilitated close to $20B in cross-chain volume. Several months even reported billion-dollar volumes, with the peak recorded at $3.46B in July 2023, showcasing that its mechanism of unified liquidity pools can operate at scale.

3. Instant guaranteed finality – as soon as cross-chain transfers are submitted on the source chain, they are guaranteed on the destination chain. This improves the UX.

4. Contract calls – Stargate offers the ability to execute another transaction after bridging tokens.

𝑻𝒓𝒂𝒅𝒆 𝑶𝒇𝒇𝒔

Stargate charges a 2bps convenience fee on OFT trades. Soon UIs like https://t.co/N4AGs7qtZ2 will support OFTs and they can potentially offer lower/ zero fees for a similar OFT trade.

A prevalent critique of LayerZero, Stargate’s underlying protocol, has been against the security and decentralization of its default Relayer-Oracle configuration.

LayerZero uses a combination of two types of validators to secure the protocol: Oracles and Relayers. If the Relayer and the Oracle face issues or collude, users could be impacted.

In the default setup, the Relayer is run by LayerZero itself while the default Oracle has been recently transitioned to the Google Cloud Oracle.

Thus, if the Google Cloud Oracle decides to either intentionally for right or wrong reasons or under regulatory pressure censor user transactions, users could be impacted.

However, it’s important to note that in such a scenario, Stargate has the flexibility to switch oracles and use another one from LayerZero’s stack, like PolyhedraZK or even run its independent oracle.

____________________________________________________

𝐎𝐫𝐛𝐢𝐭𝐞𝐫 @Orbiter_Finance

𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰

Orbiter Finance is a cross-rollup liquidity bridge, facilitating the transfer of native assets across Ethereum, L2s and the most popular EVM chains.

𝑺𝒕𝒓𝒆𝒏𝒈𝒕𝒉𝒔

1. Support for zk chains – Orbiter has an early mover advantage in serving bridging transfers from EVM chains to zk rollups like zkSync Era, dYdX, Starknet, among others.

2. Low cost and quick transfers – Rather than directly transferring users’ funds from one chain to the other, Orbiter leverages liquidity providers known as 'Makers'.

These Makers front liquidity to users on the destination chain, and upon successful transfer of assets to users, they claim the users' assets on the source chain, charging a fee (fixed fee + 0.03-0.04% in trading fees).

To ensure that transfers are fast, they are optimistically verified, i.e., presumed correct unless an ‘arbitration process’ between the user and Makers (Orbiter team currently) is started within a reasonable time period.

A slashing mechanism incentivizes Makers to act promptly and accurately and also ensures the seamless execution of transfers.

𝑻𝒓𝒂𝒅𝒆 𝑶𝒇𝒇𝒔

At this moment, only the Orbiter team serves as Makers. Consequently, users must trust that the Orbiter Makers will act honestly. In the worst case scenario where the Orbiter Makers act maliciously, users can be censored and their funds can also be stolen.

The team has plans to open the Maker system in the future and allow independent Makers to join the system.

____________________________________________________

𝐂𝐚𝐭𝐚𝐥𝐲𝐬𝐭 @CatalystAMM

𝑶𝒗𝒆𝒓𝒗𝒊𝒆𝒘

Catalyst describes itself as ‘the permissionless cross-chain Automated Market Maker (AMM) for the modular future.’

Specially designed for the modular ecosystem, Catalyst is uniquely positioned to address the liquidity connectivity challenges of application-specific blockchains.

𝑺𝒕𝒓𝒆𝒏𝒈𝒕𝒉𝒔

1. Potential to offer any chain connectivity ��� Catalyst’s lightweight and extensible design enables compatibility with various virtual machines, enabling it to support any new chain easily.

2. Unit of liquidity (UoL) feature – Catalyst uses a concept called "unit of liquidity" to enable cross-chain swaps, wherein upon depositing assets, users receive a UoL, denoting the ratio of value between the deposited asset and the asset available for redemption on the other chain.

As a result, Catalyst can scale linearly with the number of chains, necessitating liquidity only for each new asset, not each chain.

3. Permissionless Liquidity – Catalyst stands out by allowing new chains to create token pools permissionally, connecting to different chains seamlessly.

4. Robust relayer infra – Catalyst supports different Relayers, enabling its UI to support user-friendly Account Abstraction features like gas abstraction.

𝑻𝒓𝒂𝒅𝒆 𝑶𝒇𝒇𝒔

Catalyst’s support for new chains is only limited by its dependence on messaging bridges to transfer messages containing the UoL ratio and transaction logic.

While Catalyst narrows the attack surface to a single bridge message, the message validation often depends on third-party validators which introduces several trust assumptions related to validator operations. Additionally, messaging bridges also face several implementation challenges that could be a bottleneck for Catalyst.

____________________________________________________

𝐉𝐮𝐦𝐩𝐞𝐫 @jumperapp

𝑶𝒗𝒆𝒓𝒗𝒊𝒆𝒘

Jumper Exchange serves as a user-friendly bridge and DEX aggregation platform that helps users find the optimal route for their cross-chain asset exchange and transfers, based on factors such as cost, speed, slippage, and security.

𝑺𝒕𝒓𝒆𝒏𝒈𝒕𝒉𝒔

1. Supports a wide range of protocols – Jumper efficiently finds the best routes across 18 chains, using 14 bridges, 34 DEXs, and 5 DEX aggregators.

2. Robust and audited tech – Jumper leverages https://t.co/dak3GrPo6W’s tech stack to power cross-chain exchange and transfer of assets, which has been audited 4x by Quantstamp, Spearbit, and Code4Arena.

3. User-focused features – Jumpers offers intuitive features like Bridge Insurance to protect user funds against bridge hacks. Additionally, the LIFI Fuel feature allows users to get gas tokens on any chain.

This feature can be integrated with regular transactions, ensuring a seamless experience when buying, selling, or depositing assets across chains.

𝑻𝒓𝒂𝒅𝒆 𝑶𝒇𝒇𝒔

While Jumper combines numerous bridges and DEXs, each comes with its unique security properties and associated risks. Users largely depend on the https://t.co/dak3GrPo6W tech stack, which curates a set of options to minimize potential risks and suggest the best route.

Furthermore, by layering over other existing protocols, bridge aggregators introduce an additional layer of implementation risk.

That’s all for today.

If there are any discrepancies in the info on the projects covered, the bridge teams can reach out and we’ll be happy to address them.

Also, thanks to @xparadigms for the internal review.

Thanks to Arjun Head of Research from LIFI We also expect feedback from using the above Bridges prior to our research and also recommend using
@jumperapp
as it aggregates the best swaps and routes for bridge users.

You can equally see the reason why we strongly recommend the Jumper Exchange by LIFI below 👇

https://t.co/GWOZGzvhHT

Plz, show support by liking and retweeting this, let us know your thoughts in the comments.

[NEXA @nexa_network]

The upgraded Chain-Agnostic Token standard is coming soon, and will support tokens & NFTs on EVM & non-EVM chains.

Upon launch, our updated code base will be open source.

Follow @nexa_network for updates.
Are you a builder? DM us or @thetinaverse.

https://t.co/IRiQvFLFxf

[NEXA @nexa_network]

In crypto, we’ve seen billions lost to bridge exploits. Tokens shouldn’t be locked to one bridge.

That’s why we’re upgrading the Chain-Agnostic Token standard to be bridge-agnostic. Seamlessly integrated with @axelarnetwork, @chainlink CCIP, @layerzero_labs & @wormholecrypto. 🧵

[NEXA @nexa_network]

The Chain-Agnostic Token standard takes a different approach by eliminating the need for trust of a third party bridge.

A burn receipt must be confirmed by CAT before the equivalent mint can take place. This is a crucial safeguard to prevent infinite minting scenarios.

4/

[NEXA @nexa_network]

gm

[NEXA @nexa_network]

1 thing that we are very proud of at Nexa is that projects that deploy a CAT token will have the SAME token address across all EVM chains.

Oftentimes it can be confusing with so many different clones and scams out there. Feel more secure with Nexa CAT tokens!

[NEXA @nexa_network]

Be sure to check out a recording of our spaces with @zkLink_Official for a discussion on the cross-chain future!

[zkLink | Aggregated Rollup 🐊 @zkLink_Official]

See you at #zkLinkInsights Episode 5 with @nexa_network to uncover how Nexa enables cross-chain of tokens and NFTs, making them truly chain-agnostic.

🗓 Oct 19, 2PM UTC
📍 Set reminder: https://t.co/D5k0gFj7Nc
🤩 Complete #Galxe tasks and earn points now: https://t.co/XKhoYMgnzw