"Fierce fighting" cross chain bridge

Decentralized financial community 2022-04-05 18:11:45 阅读数:285

fierce fighting cross chain bridge

With the development of blockchain Technology , The market structure of the industry has changed , Now it's The etheric fang Centered , The state in which multiple chains coexist . In terms of practical application ,DeFi、NFT、GameFi、Web3 And other ecosystems are developing very rapidly . Unfortunately , This growth has exposed the shortcomings of Ethereum's potential performance problems . most important of all , High gas Costs and network congestion still hinder the expansion of ecosystems . It seems that this is not enough , Some people try to get from Ethereum “ Save yourself ”, Focus their attention on Layer 2 Or other public chain options .

To 2020 year ,DeFi The development of is seriously lagging behind , Many emerging public chains charge lower , Shorter confirmation time . Typical examples of this include BSC、Solana、Terra、Avalanche、Fantom、Polygon、Arbitrum、Optimism and Harmony etc. . For all that , Ethereum is still the majority DeFi The first choice of the project , This is mainly due to the high liquidity and transaction volume of the network . But in the present DeFi Time ,“ Liquidity is king ”, The main public chains are taking advantage of their high APY To attract users . in fact , according to DeFi Llama Statistical data , By 2021 year 10 month 22 Japan ,DeFi The total value of locking on Ethereum has exceeded 1615 Billion dollars . Other public chains , Such as BSC、Solana and Avalanche, About... Has been achieved 780 Billion dollars worth , Has reached a scale that cannot be underestimated .

essentially , The traffic initially accumulated on Ethereum is divided bit by bit , Until a fragmented “ Value Island ” formation . In the past two years , With L2 Increase in projects , This phenomenon is becoming more and more obvious . essentially , Multi Chain coexistence is a new market pattern . With the emergence of more public chains ,L2 The project continues to develop , The corresponding ecosystem has been improved , The demand for cross chain asset transfer will grow explosively .

 assets Understand cross chain bridge

In short : Cross chain bridge is a kind of connection between chains , Allow tokens and assets to be transferred from one chain to another . Because almost all chains have their own protocols 、 Rules and government Model , They are not interoperable in themselves . However , These bridges can promote communication and trade by making the two chains compatible with each other .

Most cross chain bridge designs include the following components :

Oracle or Validator—— Responsible for monitoring the status of the source chain . Repeater — Once the monitoring role receives the event , The information is transferred from the source chain to the target chain . Consensus mechanism —— In some modes , Participants in the monitoring source chain need to reach a consensus , To transfer information to the target chain . The consensus mechanism aims to achieve this goal . Signature —— Participants are required to sign the information sent to the target chain in an encrypted way . This can be done alone , It can also be completed as part of multi signature .

All in all , Most of the cross chain bridges on the market are two-tier extended versions . Most of these bridges —— such as Arbitrum Bridges, Optimism Bridges, Polygon Bridges etc. —— They are all based on Ethereum . Because of its DeFi The ecosystem is relatively mature , other Public chain Its main goal is to realize cross chain asset transfer with Ethereum . Of course , The current cross chain bridge mainly serves liquidity providers . This helps to reduce their own DeFi Ecosystem flow , If there is enough APY To drive these flows .

It is worth noting that , In the past year ,EVM Compatibility chain and Layer 2 With the rapid development of, the network of Ethereum virtual machine has become more and more diversified . In turn, , People are also beginning to realize , The demand for cross chain asset transfer is greater than previously expected .

 assets Cross chain bridge market performance

according to Dune Analytics Data monitoring , By 2022 year 3 month 28 Japan , Included in Ethereum 17 The total locking value of the three main cross chain bridges (TVL) The appointment has been reached 252 Billion dollars . among ,Polygon current TVL The highest. (58 Billion dollars ). In the second place is Avalance Bridges, Its TVL Value is 54.7 Billion dollars . The following have high TVL The bridge is Arbitrum bridge, Ronin and Fantom, They are still as high as 30 More than $ .

 assets at present , The top ten projects have more than 1 $ TVL. Of course , There are at least 100 A cross chain bridge project , They all belong to one of four different categories .

The first category includes official bridges , Based on Solana Of Wormhole, And based on NEAR Of Rainbow bridge. These types of bridges provide a high level of safety . The second category includes more professional and asset oriented bridges , Such as Ren Protocol、Keep Network、DeCus and pNetwork. These are often another kind of cross chain bridge , Focus on connecting bitcoin to other networks . Unfortunately , They are often at a disadvantage due to lack of capital efficiency . The third category includes the third-party bridge with strong universality , Such as Poly Network、Celer、Anyswap、Hop Protocol and Synapse Protocol. This kind of third-party bridge has attracted extensive attention , It has attracted the attention of many industry experts . The fourth category includes cross bridge aggregators , They are still in a relatively early stage . The core concepts of the category include automatically matching and recommending the best cross chain solution for each user .

Third party cross chain bridge

With the continuous expansion of Ethereum ,L2 It's been a long way . at present , ideal L2 The solution includes using rollup, Such as Arbitrum、Optimism、StarkNet and zksync. Use Rollup, The goal is to package transactions that occur within a given time into batches , Then the transaction data Storage stay Rollup In the read-only area of the block . Once in place , The data can be published in the main chain ( The etheric fang ) On , So everyone can get... At any time L2 Trading data . This will help monitor transactions by building consensus between the two layers .

Rollup Use a series of compression schemes to process the original data and upload only a part of it .Merkle Tree and trusted proof calculations are performed under the chain , however Merkle The root hash of the tree and some transaction data are stored on the chain . Because of this difference , Verification of all off chain activities is critical .

According to the different methods of proof , There are two main options :ZK Rollup and Optimistic Rollup.ZK Rollup Use ZK SNARK Encryption proof , and Optimistic Rollup Use fraud prevention / Challenge mechanism . The latter requires a reasonable economic model , To motivate verifiers to participate in this process . meanwhile , They need to curb potential bad actors .Arbitrum Rollup The verification method also depends on fraud evidence , But improved the challenge process .

For fraud prevention / Challenge mechanism , some L2 The solution is Security Model , In order to speed up , Aggregate transactions into batches , Submit it to... Through a single transaction L1 The etheric fang ( be called “ Assertion ” The process of ). By default , These transactions are considered valid , But if fraud is suspected , Will be questioned . Such challenges will have a time window .

in other words , If a question is raised and supported , The transaction after the wrong block will be deleted and “ Roll back ”. Because of this mechanism , Users transfer assets from L2 Withdraw to L1, In some cases , Need to wait for additional 7 God . Such a challenging period is now Optimism,Arbitrum, And several other places can see .

therefore , Without using a third-party cross chain bridge , Want to Arbitrum Upper ETH Transferred to the Optimism Users need to first Arbitrum(L2) Upper ETH(Arbitrum The etheric fang ) Back to ETH (L1). after , They need to wait 7 God , To receive ETH Transferred to the Optimism Bridge . This is an expensive and time-consuming waiting period . in fact , This particular scenario is why we need to implement a set of bridges in L1 and L2 Reasons for providing cross chain services between .

On the whole , The third-party cross chain bridge is faster than the official cross chain bridge , from L2 To L1 No, 7 A waiting period of two days . in other words , Users need to pay additional fees to market makers or agreements that provide cross chain asset liquidity . This helps to discount the time value of the asset , Reduce 7 The potential loss caused by the vacancy of days .

Business logic of third-party cross chain bridge

To better explain the concept , Let's see Hop Protocol, It is an early project of the third-party cross chain bridge .Hop Protocol On 2021 year 1 Month creation , As a Rollup-to-Rollup Cross chain bridge of assets . But in the use of Hop Scenario time , Need to pass through Hop Transfer assets to L2 In the network . for example , adopt Hop Cross chain bridge into L2 Of ETH Will become Hop ETH( or hETH).hETH and ETH It's completely equivalent —— in other words , They can go through Hop In exchange for . Specific implementation ,Hop Mainly by automatic market makers (AMM) and Bonder complete . Basically ,Hop Protocol Convert the user's token to hToken, And then use Hop Bridge take hToken from Rollup 1 Transferred to the Rollup 2. At the time of writing ,Bonder Have been to Rollup 2 Medium hToken Provides early liquidity . It means Hop Of AMM It can automatically help users to hToken Convert to target chain Token, Thus eliminating 7 Days of drawdown period .

Key users of the third-party cross chain bridge

Hop Protocol Two key users are required .

The first is the arbitrager . That is, a user buys tokens on an exchange , And sell tokens on another exchange to make a profit when the token price falls . With Hop For example , These users are in Hop Rollup AMM And different Rollup Upper “hToken” And standard tokens ( Such as hETH and Arbitrum ETH) Arbitrage between . With liquidity in all AMM Rebalance between , The price has stabilized .

The second type of user is called a liquidity provider . And Uniswap Others, such as AMM similar , Anyone can be Hop Pooled LP, To earn transaction costs . because Hop AMM Liquidity is through the same underlying assets (hETH、Arbitrum ETH etc. ) Provided , These assets can basically be redeemed from the main network for the same amount . This will eventually greatly reduce LP The risk of suffering from impermanent losses .

Looking at the whole market , We can see many products on the cross chain bridge track , Competition is fierce . in fact , Track leader Multichain Current TVL the height is 76.7 Billion dollars . What does this mean for the future ? This means that when the cross chain bridge is fully developed , They will need to allow seamless cross chain asset transfer on each chain . In order to complete this seamless process , The chain bridge needs :

Can support at the same time EVM He Fei EVM Compatible public chains . Solve the problem of interoperability protocols “ Triangle problem ”( No need to trust 、 Extensibility 、 Information universality ). Although this problem may actually be very difficult , But it can be continuously improved through the corresponding short board . Have enough sense of security , It's best to reach a level where you don't need trust .

in general , The cross chain bridge track has a solid commercial foundation . and , The user's demand for cross chain bridge always exists , So it's always worth paying attention to .

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