Across on LI.FI | Arbitrum Nova | SpiritBridge Powered by LI.FI | Ren 2.0 | Polygon's Gnosis Bridge | LI.FI x Cross-Chain Coalition | Interchain Security v0.1 Pre-Release & More!
Last Week In The Multi-Chain Ecosystem (8th to 14th Aug 2022)
Bridge Updates
1) SpiritSwap V2 Beta Powered by LI.FI 🦎
SpiritSwap, a DEX and DeFi suite on Fantom, has launched the V2 beta. In V2, the ‘SpiritBridge’ has transitioned to a full bridge aggregator powered by the LI.FI SDK. This enables SpiritSwap to add more EVM-compatible chains. It also allows them to offer a "swap while bridge" function that enables users to swap assets into $FTM while bridging.
2) Ren 2.0 to Rollout in September 🎊
Ren 2.0, an open protocol enabling novel multichain application development with EVM support, will begin rolling out in September. Ren 2.0 offers improved security, efficiency, and developer tooling.
3) Across is Now Live on LI.FI 🚀
LI.FI has added support for Across! Users can now bridge with Across' fast and low-cost routes on transferto.xyz.
4) Polygon PoS Bridge for Gnosis Safe Has Arrived 💜
The Polygon team has introduced Polygon Bridge for Gnosis Safe. Teams can now transfer their Safe assets between Polygon and Ethereum. The integration enables users to enjoy the benefits of Safe’s multisig technology without sacrificing security, cost, and convenience.
5) LI.FI Joins the Cross-Chain Coalition 🥳
LI.FI is now part of the Cross-Chain Coalition! The partnership will help strengthen both organizations’ missions to support the cross-chain ecosystem.
6) LI.FI Releases Support for Supertokens 🔥
LI.FI has released support for Superfluid’s Supertokens on LI.FI. Users can now swap to/from Supertokens and upgrade to or downgrade from Supertokens across 16 chains. Try it out now on transferto.xyz.
Multi-Chain Ecosystem Updates
1) Arbitrum Nova is Now Live ✨
Arbitrum Nova, an L2 optimized for gaming and social dApps, is now live and open to the public. Nova is a new chain built on the Arbitrum AnyTrust technology and for its launch, it has partnered with projects like Sushiswap, Maker, Reddit, FTX, who will support the Nova chain.
2) Goerli Testnet Succesfully Merged — PoS Activated 🚀
Ethereum’s Goerli testnet merge was successfully executed. This marks the third and final trial run before the mainnet merge with Ethereum’s proof-of-stake Beacon Chain, which is expected to take place on 15/16th September.
3) ParaSwap Multichain Limit Orders are Now Live 👏🏻
ParaSwap launched limit orders for tokens and NFT trading across chains. The multichain limit order protocol is available on Ethereum, Polygon, Binance Smart Chain, Fantom, Avalanche, and Arbitrum.
4) Symbiosis Finance Partners with Benqi Finance 🤝🏻
Symbiosis Finance, a multi-chain liquidity protocol, has announced a partnership with Benqi, an on-chain liquidity staking and liquidity market protocol on Avalanche. Users can now use any token on any chain for Benqi with just one click.
5) Curve DNS Attacked ❌
Curve Finance suffered a $570k exploit. DNS spoofing was used to hack the site’s frontend, while the curve.exchange frontend remained unaffected. However, Binance recovered $470k of the stolen funds, representing over 83% of the hack.
6) Acala Exploited 🚫
Acala, Polkadot’s DeFi hub, suffered a major attack on its newly launched liquidity pool. The exploit allowed the hacker to mint more than 1.2 billion aUSD. aUSD depegged and, at one point, fell by 70%.
What’s Popping on Twitter?
Since a group of Cosmos contributors released a document mentioning the Cosmos network enabling interchain security, we have eagerly awaited its launch. And finally, we have some news! Interchain Security, one of the most awaited launches in the Cosmos ecosystem, is coming on the Cosmos Hub in January 2023!
The Cosmos ecosystem is rapidly expanding and has over 250 application-specific chains. However, there is a caveat. All these chains currently have their own unique validator sets and none of them are as secure as the Cosmos Hub itself. Moreover, setting up a new validator set from scratch is time and resource intensive, a limitation that might deter developers from building their own consumer chain.
With interchain security, everything changes.
Interchain security is Cosmos’ solution to shared security. Instead of setting up independent validators, interchain security allows new app chains to leverage the security of Cosmos Hub’s validators and in return, send them fees.
Initially, the document mentioned that interchain security would go live between August and September 2022. However, Informal Systems recently announced the v0.1 pre-release of Interchain Security, and the path to v1, which will see the final deployment of interchain security on the Cosmos Hub in January 2023.
While it is a bit delayed from what was originally planned, the launch of interchain security is a significant milestone for the Cosmos ecosystem that all Cosmonauts have eagerly awaited. It is a feature that promises to improve the security of all consumer chains significantly, and the announcement of an early 2023 launch might just have come at the right time, with big projects like dYdX already making waves with their plans to launch an app chain on Cosmos.
Interesting Reads
1) The Bridge Stack
2) 10 Reasons to Move Assets From Here to There!
3) Security Stack-Up: How Bridges Compare
4) How to Build a Cross-Chain DApp: Interop Architecture 101
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