'Understanding Cross-Chain Bridges Under a Multi-Chain Background ' blockchain tatum_io
A cross-chain bridge is a chain-to-chain connection that allows the transfer of tokens and assets from one chain to another. Cross-chain bridges can facilitate communication and trade by making the two chains compatible with one another. According to statistics from DeFi Llama, the total value locked in DeFi on Etherum had exceeded $161.5 billion as of October 22, 2021.
Relayer - Transmits the information from the source chain to the target chain once the monitoring role receives the event. It’s important to note that the rapid development of EVM-compatible chains and Layer 2 over the past year has allowed the network based on the Ethereum virtual machine to become increasingly diversified. In turn, people are gradually starting to realize that cross-chain asset transfer has more demand than previously anticipated., as of March 28, 2022, the total value locked of the 17 major cross-chain bridges included in the Ethereum overtime had reached approximately $25.2 billion.
The third category includes third-party bridges with high versatility, such as Poly Network, Celer, Anyswap, Hop Protocol, and Synapse Protocol. Such third-party bridges have received widespread attention, putting them on the radar of many industry experts. For fraud-proof/challenge mechanisms, some L2 solutions have security models that, in the interest of speed, aggregate transactions into batches before submitting them to the L1 Ethereum via a single transaction . These transactions are assumed to be valid by default but can be challenged down the line if fraud is suspected. Such a challenge will have a time window during which disputes can occur.
hETH and ETH are completely equivalent – that is, they can be exchanged through Hop. In terms of its specific implementation, Hop is mainly completed by the automatic market maker and the Bonder. Basically, the Hop Protocol converts the user's Token into hToken, and then uses the Hop Bridge to transfer the hToken from Rollup 1 to Rollup 2. As of this writing, the Bonder has provided early liquidity for hToken in Rollup 2.
LD Capital is a leading crypto fund that is active in primary and secondary markets, whose sub-funds include dedicated eco fund, FoF, hedge fund and Meta Fund.Since the development of blockchain technology, the industry’s market structure has changed to center on Ethereum along with multiple coexisting chains. In terms of practical application, DeFi, NFT, GameFi, Web3, and other such ecosystems are developing very rapidly.
Consensus mechanism - In some modes, a consensus needs to be reached among the participants monitoring the source chain before this information can be relayed to the target chain. The consensus mechanism is designed to accomplish this. At present, the Top 10 projects all had TVLs equivalent to more than $100 million. Of course, there are at least 100 cross-chain bridge projects on the market, all of them falling into one of four distinct categories.
The fourth category includes cross-chain bridge aggregators, which are still in the relatively early stages. The category’s central concept involves automatically matching and recommending the best cross-chain solution for every user. To do this, they plan to aggregate mainstream cross-chain bridges according to need.As Ethereum continues to expand, Layer 2 has come a long way. Currently, the ideal L2 solution involves the use of Rollups like Arbitrum, Optimism, StarkNet, and zkSynch.
That said, if a challenge is issued and upheld, the transaction behind the incorrect block will be deleted and “rolled” back. Because of this mechanism, users withdrawing assets from L2 to L1 will, in some instances, need to wait for an additional 7-days. Such challenge periods are currently in place on Optimism, Arbitrum, and several others.
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