The Cross-Chain Roundup #21
The Cross-Chain Roundup #21
Week Roundup (April 10 - 16, 2023)
The Ethereum upgrade has passed without incident, no staked ether was shanghaied, and liquid staking derivatives have kicked into high gear. That the biggest Eth upgrade since Proof of Stake has gone smoothly should be a cause for celebration, but as always in crypto-land, celebrating success is often the prelude to a stumble.
There are enough recent developments to fill volumes. We’ll settle for just a page, though, so here it is: your summary of everything that matters in cross-chain right now.
📰Cross-Chain Updates
zkSync lending protocol Nexon Finance has created a new bridge page to track the movement of assets cross-chain. Orbiter, Multichain, and Celer are all supported alongside the official zySync Era bridge. The bridge portal was unveiled in the same week that TVL on zkSync surpassed $100M. Meanwhile, OpenOcean, Rubic, and Rango Exchange are on course to add support for zySkncy courtesy of Symbiosis.
Popsicle is launching a Concentrated Liquidity Automated Market Maker on zkSync. It’s essentially building an onchain CEX. There will also be a new token issued to replace $ICE. Features bundled with the new CEX-like DEX include leverage and multiple LP strategies.
A bug in a token issued by Yearn Finance was impacted in an exploit on April 13 leading to almost $11M in losses. The incident occurred on Aave v1 and affected dollar-pegged stablecoins DAI, USDT, USDC, BUSD, and TUSD. The issue was caused by a misconfiguration in Yearn’s yUSDT stablecoin.
At the time of writing, KyberSwap has identified a potential vulnerability in its Elastic Liquidity solution. It writes: “As a precaution we strongly advise all Liquidity Providers to withdraw your funds on Elastic as soon as possible. Investigations are ongoing and no user funds are lost. We will provide further details on the situation shortly and announce when KyberSwap Elastic is re-enabled.”
Token sales aren’t generally newsworthy in this epistle, but there are enough singular aspects to Sui’s impending token sale to warrant discussion. For one thing, it dispels the notion that early supporters of the project will be airdropped $SUI tokens. Instead, those who joined the project’s Discord before February 1 will be given a chance to acquire $1,000 of SUI on Kucoin, OKX, or Bybit accompanied by a limited public sale. For another thing, it means the Sui mainnet is very close and thus the hype phase for the Move-based Aptos competitor is about to hit high gear.
As noted at the outset, we generally steer clear of stories about legislation. This one warrants inclusion however since it directly affects cross-chain development. Polygon has published an open letter to the European Union regarding Article 30 of the Data Act, which could have serious consequences for permissionless smart contracts. The act aims to place requirements on a “party offering smart contracts in the context of an agreement to make data available,” an overly-broad interpretation that could affect all decentralized systems.
Bridge aggregator RelayChain has launched v3 of its integrated solution. As a result, users can now experience bridging and swapping in one seamless transaction. As RelayChain explains “This is a major milestone for our platform, bringing us one step closer to optimizing the user experience by prioritizing seamless cross-chain functionality.” 25 chains, 15 bridges, and 31 exchanges are supported with more to come.
📊Bridge Stats
Key data insights from the bridging ecosystem in the past week👇
7-Day Bridge Statistics
Top Bridge by Volume (7 days): The most popular bridge this week was Stargate with $706M in volume
Total Value Locked: Stargate also recorded the highest TVL at ~$415M, followed by Synapse
Total Bridge Fees Collected: As a result, Stargate collected ~$64K in fees over the past week
Daily Active Users: Stargate recorded ~30K daily active users
Disclaimer: Bridges covered are Stargate, Synapse, Across, Connext, Hop Protocol, Ren and Allbridge. Data sourced from Token Terminal.
📜Interesting Reads
The Bull Case for Aptos and Move (thread)
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