Sirwin
Sirwin

Across The Cryptoverse #33 - ACX Token Anniversary Party

By PVM | SuperUMAns | 27 Nov 2023


Over the last couple of months, the Across market share raised considerably on all available chains, reaching record volume! The stats are being backed by the fastest transfer times and lowest fees from and to the Ethereum mainnet, and layer-2 chains such Polygon, Optimism, Arbitrum, zkSync and Base.

As the cross-chain ecosystem has evolved, many bridges have emerged to help users transfer value. As intents-based systems like Across use offchain liquidity, they can provide an optimal experience for value transfer bridging.

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The growth in bridged volume was fueled by low fees and fast transactions, direct perks for being secured by UMA's Optimistic Oracle. The OO made lowered the fees by removing the need for on-chain validation, which improves gas efficiency and lowers the bridging costs.

Not shilling, just sharing my first and only bridging option! Transferring assets between layer-2s is now 10 times faster and 3 times cheaper than other bridges! You can follow Across Alerts, the Twitter Bot that tweets AcrossProtocol bridge alters and highlights how much you could save if using Across instead of Stargate.

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The Cryptoverse has evolved with Ethereum, and we already have smart contract chains on Layer 1 and Layer 2. The users will need a way to move assets between them. Crypto bridges play a vital role in the cross-chain ecosystem as they help the users transfer value from one chain to another.

There are two ways of doing this, by using on-chain liquidity for deliveries vs. payment (DvP) or by using off-chain liquidity for intents. The cross-chain bridges use on-chain or off-chain liquidity to fill orders, then verify transfers individually or in bundles. Can you guess which approach wins? 

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The bridges will need to verify transfers before the user can collect their funds at the destination, and this can be done either transfer by transfer or in batches.  The DvP method is standard, as the user’s order gets filled once a message verifies the deposit. This simple approach has drawbacks, including high gas costs due to on-chain validation and slow transfer times due to finality waiting times across the origin and destination.   

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Across uses relayers front orders and then get bundled repayments, moving the user's assets extremely fast and the bridge saves on gas.

Instead of sourcing on-chain liquidity to deliver funds on receipt of payment, therefore a market maker or relayer fronts the user’s order with their own funds to fill the request at the destination.  

The relayers, or third-party actors, take on finality risk on behalf of the user, and in return they earn an interest rate on the assets they loan out. Using off-chain liquidity can offer users meaningful savings and a better user experience, so there’s good reason to believe that intents-based systems like Across will dominate in the cross-chain ecosystem in the future.  

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The mechanism is enhanced by the single asset liquidity pools with high APY. If your assets aren't earning double digit APY, they could do it with Across. The base pool APY recently increased by +50%, and the rate is multiplied by 2x after 100 days of staking. Unlike other bridge designs, finality risk does not fall on Across liquidity providers! 

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Across celebrated the second birthday at the start of November, and on the 28th we will celebrate the ACX token first anniversary! We are preparing the biggest party, and lots of surprises! 

The first event comes from Across Alerts, with three random winners will be selected from those that will quote-retweet the party tweet. The deadline is set for 5 PM UTC on the 28th of November, and the winners will be announced during the community party. You can be one of the lucky ones and receive one of the three prizes of 100 $ACX! 

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The Great Across Bake-Off is live and running smoothly, with cakes and sweets being baked around the world! How to participate? Bake something and use the Across logo and colors in the process. Tweet it with the AcrossProtocol#ACXAnniversary and #ACXBaking tags, then share it in Discord! 

There are 1000 $ACX tokens allocated to this event, and even more for the ACX party that is planned on the 28th of November. Join us on the day for gartic, crosswords, lucky wheel, airdrops and a new game designed by PVM Entertainment & Leisure! 

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There's a party on the bridge and you are invited! Join us on the stage (28th of November at 5PM UTC) and use your big brain or fast fingers to win prizes. Guess the correct prize, enjoy cross-words, find logos or get involved in our charity campaign! 

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PVM
PVM Verified Member

UMA Ambassador 🐔 Across Committee Member 🌉 Horizen Ambassador


SuperUMAns
SuperUMAns

The superUMAns are crypto enthusiasts that recognized the colossal potential of UMA and a group of people that are ready to share their knowledge so the Cryptoverse will understand UMA's amazing features! ** Not an UMA official blog **

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