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After years of research & development, we are finally in a multi-chain market structure. There are over 100 active public blockchains, many of which have their own unique applications, users, geographies, security models, and design trade-offs. Despite what individual communities believe, the reality is that the universe tends towards entropy, and the number of these networks will likely continue to increase into the future.
What Are Blockchain Bridges And How Can We Classify Them?
The Crypto ecosystem has evolved rapidly over the last decade. Ever since the release of the Bitcoin whitepaper in 2008, there has been tremendous innovation in the space and widespread, almost mainstream, adoption. While every year in crypto is unique, 2021 changed the ecosystem in ways that have people interested in crypto's seemingly limitless future.
[AMA] We are the EF's Research Team (Pt. 7: 07 January, 2022)
The fundamental security limits of bridges are actually a key reason why while I am optimistic about a _multi-chain_ blockchain ecosystem (there...
Cross-Chain Bridges: Are They Worth The Risk? | HackerNoon
Hi there! I'm a freelance writer covering the latest trends in blockchain technology. Although a fairly new addition to the blockchain ecosystem, cross-chain bridges have exploded in popularity, with their total locked value (TVL) running into billions. Popular blockchain bridges like Arbitrum and Avalanche have also seen token values record significant increases.
Rekt - Ronin Network - REKT
Poly Network has been toppled from the top spot. ~$624M stolen from Ronin Network. And nobody noticed for six days. When they did eventually realise, the Ronin team announced that: "We discovered the attack this morning after a report from a user being unable to withdraw 5k ETH from the bridge."
Rekt - Wormhole - REKT
Wormhole had a loophole... A hacker distorted the fabric of Solana's space-time, netting $326M in the process. In the second bridge exploit in less than a week, Solana's Wormhole goes straight to 2nd place on our leaderboard.
What's wrong with bridges？
The cross-chain design space has no clear winner yet. We expect to see further iterations after IBC/Layer Zero. We compared all mainstream bridging designs in cost, safety, and efficiency: Centralized exchanges (CEX) remain, ironically, the best option for whoever has access. Asset bridges have fatal flaws of non-native wrapping.