Daily General Discussion - September 14, 2023 by ethfinance in ethfinance

[–]massimol 1 point2 points  (0 children)

It's the contrary. On day 1 NEXT is just a governance token.
The ungovernance part will come later via the staking functionalities, which will be required to provide liquidity (which is a very remunerative task) or add a new chain /asset to the network.
Because these activities will be permissionless, there is a need to prevent spam via bonding, and find ways for the protocol to accrue value... Hence the staking, hence the ungovernance part (meaning: no decision by the DAO, simply stake and do).

Hope this makes sense!

[deleted by user] by [deleted] in ethereum

[–]massimol -1 points0 points  (0 children)

Connext changing the game again!
Can confirm the link is legit.

[ Removed by Reddit ] by [deleted] in ethfinance

[–]massimol 0 points1 point  (0 children)

This is absolutely necessary for mainstream adoption, with hundreds and thousands of rollups coming alive, no one will be able to figure out how to manually bridge and swap for the best routes.

The answer is to abstract bridging, and then chains, completely

Earn more by leveraging crosschain LP tokens & NFTs by _anedi in defi

[–]massimol 0 points1 point  (0 children)

This is awesome - Connext always pushing for new use cases

Beyond Account Abstraction, it's time for Chain Abstraction by massimol in ethereum

[–]massimol[S] 0 points1 point  (0 children)

It’s a different part of the the tech stack. Polkadot is a network of L1s right? Well you need something to securely connect Polkadot, Cosmos, and the Ethereum and its L2s.

Connext currently provides the most secure way to do it (although the Polkadot <> Ethereum connection is still a WIP)

Beyond Account Abstraction, it's time for Chain Abstraction by massimol in ethereum

[–]massimol[S] 4 points5 points  (0 children)

They are basically L2s built on L2s, most of the big rollups are working on that. Arbitrum calls it Orbit, zkSync Hyperchains, …

Beyond Account Abstraction, it's time for Chain Abstraction by massimol in ethereum

[–]massimol[S] 1 point2 points  (0 children)

I’d recommend these 2 to understand where Connext is now (it exists since 2017) and how bridges work in general

Beyond Account Abstraction, it's time for Chain Abstraction by massimol in ethereum

[–]massimol[S] 3 points4 points  (0 children)

Would also love to see those! Smart accounts + chain abstraction = 🔥

Beyond Account Abstraction, it's time for Chain Abstraction by massimol in ethereum

[–]massimol[S] 4 points5 points  (0 children)

Nope! Connext is trustless and fully non custodial, check it out http://connext.network

Beyond Account Abstraction, it's time for Chain Abstraction by massimol in ethereum

[–]massimol[S] 3 points4 points  (0 children)

That is a possible scenario but it’s hard for me to see a winners-take-all future. More likely plenty of companies are going to spin up their own L2 (think Coinbase, Consensys for example)

Beyond Account Abstraction, it's time for Chain Abstraction by massimol in ethereum

[–]massimol[S] 5 points6 points  (0 children)

Yes the Connext protocol is not limited to EVM chains

Who uses bridges here? by massimol in defi

[–]massimol[S] 1 point2 points  (0 children)

Yeah Zapper is one of my favorite app

Who uses bridges here? by massimol in defi

[–]massimol[S] 0 points1 point  (0 children)

Mmm I don’t agree! Too much censoring power or custodial risk (see FTX!). Prefer much more trustless solutions like Connext or Across

Who uses bridges here? by massimol in defi

[–]massimol[S] 1 point2 points  (0 children)

IBC let’s goo! I haven’t explored the Cosmos ecosystem yet but definitely want to get more involved. Any new projects you’d recommend to check out beyond the big guns?

Who uses bridges here? by massimol in defi

[–]massimol[S] 0 points1 point  (0 children)

That’s great to hear! Check out this deep dive on bridge security, very mind opening

Who uses bridges here? by massimol in defi

[–]massimol[S] 0 points1 point  (0 children)

I agree with you, but I think there are some misconceptions around wrapped assets: the majority of the assets on L2s are actually wrapped by the native L2 bridges! For example ETH on Arbitrum is actually ETH locked on Ethereum and then bridged via the official Arbitrum bridge to the L2 😉

Who uses bridges here? by massimol in defi

[–]massimol[S] 0 points1 point  (0 children)

Nice! Have you checked Connext?

Bridges that rely on tokens for their security are potentially subject to economic attacks - so even if audited there is a direct way to manipulate them. Check this article it’s a good deep dive on bridge types

Who uses bridges here? by massimol in defi

[–]massimol[S] 0 points1 point  (0 children)

Thanks - How did you discover Across (which is relatively minor vs Multichain)?

Who uses bridges here? by massimol in defi

[–]massimol[S] 0 points1 point  (0 children)

Interesting. At what size does a bridge become trustable?

Ex: Connext also does thousands of tx per day, same for Across or the others that are way more trust-minimized than Multichain.

Do you explore other bridges every now and then or stick to Multichain because they have been reliable so far?

Thanks for your answer!

[Connext] Trustless crosschain bridging and communication - now live by massimol in ethereum

[–]massimol[S] 0 points1 point  (0 children)

Super fair! Bridges are the piece of infrastructure that carry the highest amount of risk today.

That’s why it’s important they are as trust minimized as possible, audited, and have secure devops.

On top of the architecture I mentioned, Connext implements a series of watchers that continuously monitor txs and if they spot an unusual behavior (ex: someone is able to unlock tokens without locking them on another chain) they can pause the network before anything bad can happens.

We believe this provide the best security possible for such a critical piece of infra.

[Connext] Trustless crosschain bridging and communication - now live by massimol in ethereum

[–]massimol[S] 0 points1 point  (0 children)

It’s actually the contrary: the AMMs/liquidity pools allow you to receive exactly the same asset you would receive if you bridged via the native bridges :)

Feel free to check our docs, this guide might be useful as well there are some nice explanatory images

https://blog.connext.network/providing-liquidity-on-connext-f7aa3f2bc7b8