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SINGAPORE, Singapore, April 10th, 2024/Chainwire/--On April 4th, , a leading Bitcoin Layer2, and its ecosystem project, , to launch an airdrop campaign worth millions. Binance Web3 Wallet joined forces with BEVM Satoshi Protocol Users who bridge BTC to the BEVM via Binance Web3 Wallet and borrow at least $10 SAT (USD-stablecoin) will be eligible to share a pool of 500k OSHI and 10.5 million BEVM tokens. The campaign has attracted over 30,000 participants in just 3 days since its launch. is the first CDP protocol built on BEVM, live on the BEVM mainnet on March 28th. In addition to the Binance campaign, there's a referral program that allows early participants to accumulate points by borrowing the SAT and inviting friends. Satoshi Protocol What Makes BEVM Unique? is an EVM-compatible Bitcoin Layer 2 solution that stands out in the crowded market. By leveraging Taproot consensus, Schnorr signatures, MAST, and Bitcoin SPV, BEVM achieves the highest level of decentralization and security among all BTC Layer 2 solutions. BEVM Key features of BEVM: Native BTC Layer 2: BEVM utilizes BTC as the network gas and stores transaction data on the BTC mainnet, ensuring compatibility with the original Bitcoin protocol. EVM compatibility: Developers can seamlessly migrate their Ethereum-based dApps to BEVM, expanding the reach of these applications to the Bitcoin ecosystem. Decentralized and secure: BEVM employs Musig2 multi-signature aggregation and Bitcoin light nodes to achieve a trustless and secure environment. is the first Collateralized Debt Position (CDP) protocol built on BEVM, aiming at providing liquidity for BTC through the SAT dollar stablecoin, expanding the scenarios of BTCFi. Satoshi Protocol This move unlocks trillion-dollar liquidity within the Bitcoin ecosystem, offering users a way to maintain Bitcoin holdings while gaining liquidity. The Bitcoin ecosystem is experiencing a renaissance. Recent advancements like inscriptions and scaling solutions have revitalized the ecosystem. Satoshi Protocol's team views the upcoming halving and the launch of the Runes protocol as poised to attract a wave of new users. However, a critical challenge persists: the lack of a reliable, fiat-pegged crypto for seamless trading and efficient market pricing. This is where Satoshi Protocol steps in. By enabling users to borrow SAT with their Bitcoin as collateral, Satoshi Protocol offers a reliable liquidity solution within the Bitcoin ecosystem. Satoshi Protocol Milestones In the past month, Satoshi Protocol has built a strong community, with 60,000+ followers on and 70,000+ members across and . Twitter Telegram Discord Let’s see what they have achieved : February 24th: Satoshi Protocol . launched on BEVM testnet March 18th: with 100,000+ participants and . Testnet concluded 80,000+ NFT minted March 24th: Smart contracts passed security audits by and . Scalebit Supremacy March 26th: was secured from Web3Port Foundation, Waterdrip Capital and BEVM Foundation. Pre-seed funding March 28th: . Launched on BEVM Mainnet April 4th: with BEVM on Binance wallet. 500k OSHI Airdrop How does Satoshi Protocol work? The utilizes a sophisticated system to maintain a stable peg of $1 for SAT. This system combines several mechanisms: over-collateralization, permissionless liquidation, stability pools, and arbitrage. Satoshi Protocol Additionally, it features OSHI, a utility token granting holders 97.5% of the protocol's revenue. For more details about OSHI and sOSHI, refer to the official documentation: . OSHI & sOSHI OSHI distribution The interplay between SAT and OSHI forms the heart of Satoshi Protocol. Here's the complete picture: Collateralized Borrowing When borrowing SAT, users must maintain a minimum collateral ratio (MCR) of 110%. This means the borrowed amount cannot exceed 90.9% of the deposited BTC value. Liquidation A liquidation is triggered if a user's collateral value dips below 110% (MCR) due to price fluctuations. The user's BTC collateral is sold at a discount to Stability Pool providers to repay the SAT loan. This mechanism protects the protocol and prevents borrowers from taking on excessive debt. Maintaining the Peg A robust three-pronged system ensures SAT's value remains consistently pegged to the US dollar: Redemption: Arbitrage activity helps regulate SAT's price and keep it within the desired range. If SAT dips below $1, arbitrageurs can buy discounted SAT and redeem them for $1 worth of BTC from the protocol. Conversely, if SAT exceeds $1.1, users can borrow SAT at the MCR (110%), sell them at a premium on decentralized exchanges (DEXs), and pocket the profit. Over-collateralization: As mentioned earlier, over-collateralization (MCR of 110%) acts as a safety net. The protocol discourages borrowers from defaulting by requiring a higher collateral value and protects itself from price fluctuations. Stability Pool: This pool serves as a final safety measure. If a user's collateral ratio falls below the MCR, the Stability Pool provides the necessary liquidity to execute a liquidation event and maintain protocol stability. Satoshi Protocol x BEVM Airdrop With Binance Wallet BEVM and Satoshi Protocol recently joined forces with Binance Web3 Wallet to offer a total of 10.5M $BEVM and 500k $OSHI Token Airdrop. By using Binance Wallet to complete tasks like bridge to BEVM and create positions on Satoshi Protocol, you'll be eligible to share the . rewards Duration: 2024/04/04-2024/05/04 Rewards: 10,500,000 BEVM and 500,000 OHSI Tasks: Using Binance Wallet Bridge BTC to the BEVM ( 0.0004 BTC, ~$25) Create positions on Satoshi Protocol ( at least 10 SAT ) Join Binance Wallet Airdrop Campaign How to Participate in this Campaign STEP 1: Users should go to Campaign Landing Page, and connect Binance Wallet STEP 2: Withdraw BTC and bridge to BEVM Suggest withdrawing at least 0.0004 BTC to complete the task Using OmniBTC to transfer BTC from BSC to BEVM Using BEVM bridge to transfer BTC from mainnet to BEVM ( ~ 30mins ) STEP 3: Users should go to Satoshi Protocol and create a Position Users should go to Satoshi Protocol and Connect Wallet Input BTC Amount Borrow SAT ( at least 10 SAT ) (Optional) Fill in your referrer, get 150+ points Click "Approve" Click “Create Position” Binance Wallet Mobile tutorial: Create Position Using Binance Web3 Wallet Upon completing all those steps, the user becomes qualified for the BEVM and OSHI airdrop! Bridging the Future: Satoshi Protocol and Binance Wallet's Airdrop Campaign represents a glimpse into the future of Bitcoin finance. Satoshi Protocol Leveraging the BEVM and a robust CDP model allows users to borrow BTC-backed stablecoin SAT and expands the possibility of the Bitcoin Ecosystem. Binance Wallet launched an airdrop campaign with a total of 10.5M , 500K for those who bridge BTC to BEVM and create positions on Satoshi Protocol, which is also Binance Wallet's first integration with a Bitcoin Layer 2 solution. BTCFi is heading west. $BEVM $OSHI About Satoshi Protocol Built on BEVM, it's the first CDP protocol to unlock the true potential of Bitcoin. Unleash unprecedented liquidity through SAT, a stablecoin designed to supercharge the booming BTCFi market. To learn about Satoshi Protocol, users can follow: | | | | | | Website Web APP Twitter Telegram Discord Docs Blog Contact Marketing Hugo Satoshi Protocol marketing@satoshiprotocol.org This story was distributed as a release by Chainwire under HackerNoon’s Business Blogging Program. Learn more about the program . here

Satoshi Protocol: First CDP On Bitcoin Layer2, 500k OSHI Airdrop With Binance Wallet And BEVM

সাতোশি প্রোটোকল: Bitcoin Layer2-এ প্রথম CDP, Binance Wallet এবং BEVM সহ 500k OSHI Airdrop

Satoshi Protocol: Erster CDP auf Bitcoin Layer2, 500.000 OSHI Airdrop mit Binance Wallet und BEVM

Protocolo Satoshi: primer CDP en Bitcoin Layer2, lanzamiento aéreo de 500k OSHI con Binance Wallet y BEVM

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Kipps The Story of a Simple Soul by H. G. Wells, is part of the HackerNoon Books Series. You can jump to any chapter in this book here . THE BICYCLE MANUFACTURER THE BICYCLE MANUFACTURER §1 So Kipps embarked upon his engagement, steeled himself to the high enterprise of marrying above his breeding. The next morning found him dressing with a certain quiet severity of movement, and it seemed to his landlady's housemaid that he was unusually dignified at breakfast. He meditated profoundly over his kipper and his kidney and bacon. He was going to New Romney to tell the old people what had happened and where he stood. And the love of Helen had also given him courage to do what Buggins had once suggested to him as a thing he would do were he in Kipps' place, and that was to hire a motor car for the afternoon. He had an early cold lunch, and then, with an air of quiet resolution, assumed a cap and coat he had purchased to this end, and thus equipped strolled around, blowing slightly, to the motor shop. The transaction was unexpectedly easy, and within the hour Kipps, spectacled and wrapped about, was tootling through Dymchurch. They came to a stop smartly and neatly outside the little toy shop. "Make that thing 'oot a bit, will you," said Kipps. "Yes, that's it." "Whup," said the motor car. "Whurrup!" [Pg 246] Both his Aunt and Uncle came out on the pavement. "Why, it's Artie," cried his Aunt, and Kipps had a moment of triumph. He descended to hand claspings, removed wraps and spectacles, and the motor driver retired to take "an hour off." Old Kipps surveyed the machinery and disconcerted Kipps for a moment by asking him in a knowing tone what they asked him for a thing like that. The two men stood inspecting the machine and impressing the neighbours for a time, and then they strolled through the shop into the little parlour for a drink. "They ain't settled," old Kipps had said to the neighbours. "They ain't got no further than experiments. There's a bit of take-in about each. You take my advice and wait, me boy, even if it's a year or two, before you buy one for your own use." (Though Kipps had said nothing of doing anything of the sort.) "'Ow d'you like that whiskey I sent?" asked Kipps, dodging the old familiar bunch of children's pails. Old Kipps became tactful. "It's a very good whiskey, my boy," said old Kipps. "I 'aven't the slightest doubt it's a very good whiskey and cost you a tidy price. But—dashed if it soots me! They put this here Foozle Ile in it, my boy, and it ketches me jest 'ere." He indicated his centre of figure. "Gives me the heartburn," he said, and shook his head rather sadly. [Pg 247] "It's a very good whiskey," said Kipps. "It's what the actor manager chaps drink in London, I 'appen to know." "I dessay they do, my boy," said old Kipps, "but then they've 'ad their livers burnt out, and I 'aven't. They ain't dellicat like me. My stummik always 'as been extrey dellicat. Sometimes it's almost been as though nothing would lay on it. But that's in passing. I liked those segars. You can send me some of them segars...." You cannot lead a conversation straight from the gastric consequences of Foozle Ile to Love, and so Kipps, after a friendly inspection of a rare old engraving after Morland (perfect except for a hole kicked through the centre) that his Uncle had recently purchased by private haggle, came to the topic of the old people's removal. At the outset of Kipps' great fortunes there had been much talk of some permanent provision for them. It had been conceded they were to be provided for comfortably, and the phrase "retire from business" had been very much in the air. Kipps had pictured an ideal cottage, with a creeper always in exuberant flower about the door, where the sun shone forever and the wind never blew and a perpetual welcome hovered in the doorway. It was an agreeable dream, but when it came to the point of deciding upon this particular cottage or that, and on this particular house or that, Kipps was surprised by an unexpected clinging to the little home, which he had always understood to be the worst of all possible houses. [Pg 248] "We don't want to move in a 'urry," said Mrs. Kipps. "When we want to move, we want to move for life. I've had enough moving about in my time," said old Kipps. "We can do here a bit more, now we done here so long," said Mrs. Kipps. "You lemme look about a bit fust," said old Kipps. And in looking about old Kipps found perhaps a finer joy than any mere possession could have given. He would shut his shop more or less effectually against the intrusion of customers, and toddle abroad seeking new matter for his dream; no house was too small and none too large for his knowing enquiries. Occupied houses took his fancy more than vacancies, and he would remark, "You won't be a livin' 'ere forever, even if you think you will," when irate householders protested against the unsolicited examination of their more intimate premises.... Remarkable difficulties arose of a totally unexpected sort. "If we 'ave a larger 'ouse," said Mrs. Kipps with sudden bitterness, "we shall want a servant, and I don't want no gells in the place larfin' at me, sniggerin' and larfin' and prancin' and trapesin', lardy da! If we 'ave a smaller 'ouse, there won't be room to swing a cat." [Pg 249] Room to swing a cat it seemed was absolutely essential. It was an infrequent but indispensable operation. "When we do move," said old Kipps, "if we could get a bit of shootin'——. I don't want to sell off all this here stock for nothin'. It's took years to 'cumulate. I put a ticket in the winder sayin' 'sellin' orf,' but it 'asn't brought nothing like a roosh. One of these 'ere dratted visitors pretendin' to want an air gun, was all we 'ad in yesterday. Jest an excuse for spyin' round and then go away and larf at you. No-thanky to everything, it didn't matter what.... That's 'ow I look at it, Artie." They pursued meandering fancies about the topic of their future settlement for a space and Kipps became more and more hopeless of any proper conversational opening that would lead to his great announcement, and more and more uncertain how such an opening should be taken. Once indeed old Kipps, anxious to get away from this dangerous subject of removals, began: "And what are you a-doin' of in Folkestone? I shall have to come over and see you one of these days," but before Kipps could get in upon that, his Uncle had passed into a general exposition of the proper treatment of landladies and their humbugging, cheating ways, and so the opportunity vanished. It seemed to Kipps the only thing to do was to go out into the town for a stroll, compose an effectual opening at leisure, and then come back and discharge it at them in its consecutive completeness. And even out of doors and alone, he found his mind distracted by irrelevant thoughts. [Pg 250] §2 His steps led him out of the High Street towards the church, and he leant for a time over the gate that had once been the winning post of his race with Ann Pornick, and presently found himself in a sitting position on the top rail. He had to get things smooth again, he knew; his mind was like a mirror of water after a breeze. The image of Helen and his great future was broken and mingled into fragmentary reflections of remoter things, of the good name of Old Methusaleh Three Stars, of long dormant memories the High Street saw fit, by some trick of light and atmosphere, to arouse that afternoon.... Abruptly a fine, full voice from under his elbow shouted, "What—O Art!" and, behold, Sid Pornick was back in his world, leaning over the gate beside him, and holding out a friendly hand. He was oddly changed and yet oddly like the Sid that Kipps had known. He had the old broad face and mouth, abundantly freckled, the same short nose, and the same blunt chin, the same odd suggestion of his sister Ann without a touch of her beauty; but he had quite a new voice, loud and a little hard, and his upper lip carried a stiff and very fair moustache. Kipps shook hands. "I was jest thinking of you, Sid," he said, "jest this very moment and wondering if ever I should see you again, ever. And 'ere you are!" [Pg 251] "One likes a look 'round at times," said Sid. "How are you, old chap?" "All right," said Kipps. "I just been lef'——" "You aren't changed much," interrupted Sid. "Ent I?" said Kipps, foiled. "I knew your back directly I came 'round the corner. Spite of that 'at you got on. Hang it, I said, that's Art Kipps or the devil. And so it was." Kipps made a movement of his neck as if he would look at his back and judge. Then he looked Sid in the face. "You got a moustache, Sid," he said. "I s'pose you're having your holidays?" said Sid. "Well, partly. But I just been lef'——" "I'm taking a bit of a holiday," Sid went on. "But the fact is, I have to give myself holidays nowadays. I've set up for myself." "Not down here?" "No fear! I'm not a turnip. I've started in Hammersmith, manufacturing." Sid spoke offhand as though there was no such thing as pride. "Not drapery?" "No fear! Engineer. Manufacture bicycles." He clapped his hand to his breast pocket and produced a number of pink handbills. He handed one to Kipps and prevented him reading it by explanations and explanatory dabs of a pointing finger. "That's our make, my make to be exact, The Red Flag, see?—I got a transfer with my name—Pantocrat tyres, eight pounds—yes, there—Clinchers ten, Dunlop's eleven, Ladies' one pound more—that's the lady's. Best machine at a democratic price in London. No guineas and no discounts—honest trade. I build 'em—to order. I've built," he reflected, looking away seaward—"seventeen. Counting orders in 'and.... Come down to look at the old place a bit. Mother likes it at times." [Pg 252] "Thought you'd all gone away——" "What! after my father's death? No! My mother's come back, and she's living at Muggett's cottages. The sea air suits 'er. She likes the old place better than Hammersmith ... and I can afford it. Got an old crony or so here.... Gossip ... have tea.... S'pose you ain't married, Kipps?" Kipps shook his head, "I——" he began. "I am," said Sid. "Married these two years and got a nipper. Proper little chap." Kipps got his word in at last. "I got engaged day before yesterday," he said. "Ah!" said Sid airily. "That's all right. Who's the fortunate lady?" Kipps tried to speak in an offhand way. He stuck his hands in his pockets as he spoke. "She's a solicitor's daughter," he said, "in Folkestone. Rather'r nice set. County family. Related to the Earl of Beaupres——" "Steady on!" cried Sid. "You see, I've 'ad a bit of luck, Sid. Been lef' money." [Pg 253] Sid's eye travelled instinctively to mark Kipps' garments. "How much?" he asked. "'Bout twelve 'undred a year," said Kipps, more offhandedly than ever. "Lord!" said Sid, with a note of positive dismay, and stepped back a pace or two. "My granfaver it was," said Kipps, trying hard to be calm and simple. "'Ardly knew I 'ad a granfaver. And then—bang! When o' Bean, the solicitor, told me of it, you could 'ave knocked me down——" "'Ow much?" demanded Sid, with a sharp note in his voice. "Twelve 'undred pound a year—'proximately, that is...." Sid's attempt at genial unenvious congratulation did not last a minute. He shook hands with an unreal heartiness and said he was jolly glad. "It's a blooming stroke of Luck," he said. "It's a bloomin' stroke of Luck," he repeated; "that's what it is," with the smile fading from his face. "Of course, better you 'ave it than me, o' chap. So I don't envy you, anyhow. I couldn't keep it, if I did 'ave it." "'Ow's that?" said Kipps, a little hipped by Sid's patent chagrin. "I'm a Socialist, you see," said Sid. "I don't 'old with Wealth. What is Wealth? Labour robbed out of the poor. At most it's only yours in Trust. Leastways, that 'ow I should take it." He reflected. "The Present distribution of Wealth," he said and stopped. [Pg 254] Then he let himself go, with unmasked bitterness. "It's no sense at all. It's jest damn foolishness. Who's going to work and care in a muddle like this? Here first you do—something anyhow—of the world's work, and it pays you hardly anything, and then it invites you to do nothing, nothing whatever, and pays you twelve hundred pounds a year. Who's going to respect laws and customs when they come to damn silliness like that?" He repeated, "Twelve hundred pounds a year!" At the sight of Kipps' face he relented slightly. "It's not you I'm thinking of, o' man; it's the system. Better you than most people. Still——" He laid both hands on the gate and repeated to himself, "Twelve 'undred a year.... Gee-Whizz, Kipps! You'll be a swell!" "I shan't," said Kipps with imperfect conviction. "No fear." "You can't 'ave money like that and not swell out. You'll soon be too big to speak to—'ow do they put it?—a mere mechanic like me." "No fear, Siddee," said Kipps with conviction. "I ain't that sort." "Ah!" said Sid, with a sort of unwilling scepticism, "money'll be too much for you. Besides—you're caught by a swell already." "'Ow d'you mean?" "That girl you're going to marry. Masterman says——" "Oo's Masterman?" [Pg 255] "Rare good chap I know—takes my first floor front room. Masterson says it's always the wife pitches the key. Always. There's no social differences—till women come in." "Ah!" said Kipps profoundly. "You don't know." Sid shook his head. "Fancy!" he reflected, "Art Kipps!... Twelve 'Undred a Year!" Kipps tried to bridge that opening gulf. "Remember the Hurons, Sid?" "Rather," said Sid. "Remember that wreck?" "I can smell it now—sort of sour smell." Kipps was silent for a moment with reminiscent eyes on Sid's still troubled face. "I say, Sid, 'ow's Ann?" "She's all right," said Sid. "Where is she now?" "In a place ... Ashford." "Oh!" Sid's face had become a shade sulkier than before. "The fact is," he said, "we don't get on very well together. I don't hold with service. We're common people, I suppose, but I don't like it. I don't see why a sister of mine should wait at other people's tables. No. Not even if they got Twelve 'Undred a Year." Kipps tried to change the point of application. "Remember 'ow you came out once when we were racing here?... She didn't run bad for a girl." And his own words raised an image brighter than he could have supposed, so bright it seemed to breathe before him and did not fade altogether, even when he was back in Folkestone an hour or so later. [Pg 256] But Sid was not to be deflected from that other rankling theme by any reminiscences of Ann. "I wonder what you will do with all that money," he speculated. "I wonder if you will do any good at all. I wonder what you could do. You should hear Masterman. He'd tell you things. Suppose it came to me, what should I do? It's no good giving it back to the state as things are. Start an Owenite profit-sharing factory perhaps. Or a new Socialist paper. We want a new Socialist paper." He tried to drown his personal chagrin in elaborate exemplary suggestions.... §3 "I must be gettin' on to my motor," said Kipps at last, having to a large extent heard him out. "What! Got a motor?" "No!" said Kipps apologetically. "Only jobbed for the day." "'Ow much?" "Five pounds." "Keep five families for a week! Good Lord!" That seemed to crown Sid's disgust. Yet drawn by a sort of fascination he came with Kipps and assisted at the mounting of the motor. He was pleased to note it was not the most modern of motors, but that was the only grain of comfort. Kipps mounted at once, after one violent agitation of the little shop-door to set the bell a-jingle and warn his Uncle and Aunt. Sid assisted with the great furlined overcoat and examined the spectacles. [Pg 257] "Good-bye, o' chap!" said Kipps. "Good-bye, o' chap!" said Sid. The old people came out to say good-bye. Old Kipps was radiant with triumph. "'Pon my Sammy, Artie! I'm a goo' mind to come with you," he shouted, and then, "I got something you might take with you!" He dodged back into the shop and returned with the perforated engraving after Morland. "You stick to this, my boy," he said. "You get it repaired by someone who knows. It's the most vallyble thing I got you so far, you take my word." "Warrup!" said the motor, and tuff, tuff, tuff, and backed and snorted while old Kipps danced about on the pavement as if foreseeing complex catastrophes, and told the driver, "That's all right." He waved his stout stick to his receding nephew. Then he turned to Sid. "Now, if you could make something like that, young Pornick, you might blow a bit!" "I'll make a doocid sight better than that before I done," said Sid, hands deep in his pockets. "Not you," said old Kipps. The motor set up a prolonged sobbing moan and vanished around the corner. Sid stood motionless for a space, unheeding some further remark from old Kipps. The young mechanic had just discovered that to have manufactured seventeen bicycles, including orders in hand, is not so big a thing as he had supposed, and such discoveries try one's manhood.... [Pg 258] "Oh well!" said Sid at last, and turned his face towards his mother's cottage. She had got a hot teacake for him, and she was a little hurt that he was dark and preoccupied as he consumed it. He had always been such a boy for teacake, and then when one went out specially and got him one——! He did not tell her—he did not tell anyone—he had seen young Kipps. He did not want to talk about Kipps for a bit to anyone at all. About HackerNoon Book Series: We bring you the most important technical, scientific, and insightful public domain books. This book is part of the public domain. H. G. Wells (2012). Kipps The Story of a Simple Soul. Urbana, Illinois: Project Gutenberg. Retrieved October 2022, from https://www.gutenberg.org/files/39162/39162-h/39162-h.htm This eBook is for the use of anyone anywhere at no cost and with almost no restrictions whatsoever. You may copy it, give it away or re-use it under the terms of the Project Gutenberg License included with this eBook or online at www.gutenberg.org , located at https://www.gutenberg.org/policy/license.html

The Legend of The Bicycle Manufacturer 

The April selection of the latest news, tools and materials from the world of Solidity. News — Support of user-defined operators and other improvements. intellij-solidity 2.4.0 — Upload a folder to a Workspace, support of Trust Wallet and other improvements. Remix v0.32 — This release sets Shanghai as the default hardfork used by the Hardhat Network. Hardhat v2.14 truffle and — update Ganache to the most recent version which supports Shanghai and small fixes v5.8.3 v5.8.4 Week in Ethereum News: , , , , April 1 April 8 April 15 April 22 April 29 ERC — An interface for Nestable Non-Fungible Tokens with emphasis on parent token's control over the relationship. ERC-6059: Parent-Governed Nestable Non-Fungible Tokens — An interface for Multi-Asset tokens with context dependent asset type output controlled by owner's preference. ERC-5773: Context-Dependent Multi-Asset Tokens — Allows the requesting of resources from contracts. ERC-5219: Contract Resource Requests — An interface for Composable non-fungible tokens through fixed and slot parts equipping. ERC-6220: Composable NFTs utilizing Equippable Parts Tools — EVM contract size analyzer. See also 0xMob100/sporalyzer Introducing Sporalyzer: A Tool for Analyzing Contract Size — greybox fuzzer for analyzing contracts written in Solidity. See also . Diligence Fuzzing (Re-) Introducing Diligence Fuzzing — library designed to detect hazardous storage writes in Solidity contract. See also zeroknots/slotmachine SlotMachine(tool) & EVM Storage Management — The safelog library provides a foundry/hardhat like console logging interface whereby the individual log functions do not modify the state of memory Foundry Safer Log — Slither detectors to help with code review and audit process Slitherin by Pessimistic.io Articles Fuzz / Invariant Tests | The New Bare Minimum For Smart Contract Security Precision Loss Errors Allbridge Hack Analysis — Improper business logic Sentiment Hack Analysis — Reentrancy Attack MEV Bot hack analysis — MEV Boost Relay Attack 15/04/23 Hundred Finance Hack Post-Mortem Foundry Unit Tests Benchmarking Smart-Contract Fuzzers How to Prepare for a Smart Contract Audit Formal Verification & Symbolic Execution | The Security Silver Bullet? Audits and more Top 7 Smart Contract Auditors by Spearbit Polygon zkEVM Contracts Security Review by OpenZeppelin zkSync Fee Model and Token Bridge Audit by OpenZeppelin zkSync – L1 Diff Audit (February 2023) by Mixbytes Clearpool Security Audit Report by Spearbit Cron Finance Security Review by Spearbit SEAPORT security review by Trail of Bits MYSO Finance Security Assesment by Trail of Bits Balancer v2 Security Assesment by MixBytes CloudWalk Multisig Wallet Audit Report by ConsenSys Diligence EigenLabs — EigenLayer by Trust Satin.Exchange Code4rena reports Golom contest Canto Identity Protocol contest Neo Tokyo contest RabbitHole Quest Protocol contest Wenwin contest Tessera - Versus contest Mute Switch - Versus contest Reserve contest ParaSpace contest Videos ETHGlobal Tokyo — Peter Robinson described what Solidity Inline Assembly and Yul are, when they should be used, and the trade-offs between writing in pure Solidity, using Solidity with inline assembly, writing in Yul, or hand crafting byte code. Solidity Inline Assembly & Yul ERC 1271 & ERC 6492: Signatures for Contract Wallets / Account Abstraction Create a sandwich MEV flashbot: , , part 1 part 2 part 3 Although I'm currently working as a Lead Backend Engineer at Bumble, the content in this digest does not refer to my work or experience at Bumble. If you have any interesting or useful links to share, please contact me on or fill this twitter form ← Solidity digest / mar 2023

Solidity Digest Monthly / April 2023

Introduction, or running ahead of the locomotive So, the about the connection between two DAOs showed that the topic of NFTs has not faded in the hearts of readers. Therefore, today we will try to delve deeper into the and uncover the most interesting vector of Web 3.0: the market of programmable assets and, in particular, NFT 2.0. first article forest How to absorb NFT new formats? I understand that not everyone is interested in an academic format as it can be tedious, boring, and lengthy. However, if you are a true , I recommend the following research on the topic (just in case?): netstalker : , , Opportunities & Challenges; Non-Fungible Token (NFT) Overview Evaluation — The Interactive NFTs; NFT 2.0 : Unlocking NFT Liquidity; MetaFi NFTs; Wrapped . A Deep Dive into the Financialization of NFTs; NFTs & DeFi to Wrapped NFTs; A Beginner’s Guide NFT 2.0?; What is of NFT 2.0; A Brief Overview : New Era of NFTs. NFT 2.0 Certainly! Now that you understand that the topic was not created by me, but has been researched by me for the past three years, let's dive deeper. Shall we? Let's do it! Projects Here are some projects that I was able to study before writing this text: Abacus, Arcade, Bailout, Bend DAO, Cally, Cardinal, Charged Particles, Drops, DAO Envelop, Floor DAO, Fuku, Hook, JPEG’d, JpeX, Meta block,s Mimicr,  Mnemonichq, Mycelium, Nested, Nextround, NFT2point, NFTembe,  NFTfi, NFTftrade, NFTperp, NFTx, NIFTY, Options, OpenLand, Opensky, Optic.xyz, PartyBid, Putty, reNFT, Reservoir, Rmrk.app, Solv protocol, Spicy, Stater, SudoSwap, Swap.net, Taker, Themis, Theos, Triber3, TrustNFT, UpShot,  Vinci, YAWWW. "In total, over the course of three years, there have been more than 50 such projects. And I present this list to you for one purpose, so that you can finally understand that this is indeed a , not just a collection of thoughts on the subject. Well, knowing this, let's try to answer the first important question: "what types of NFT 2.0 are there?" Shall we try? Easily! trend NFT 2.0 types It seems that all the articles listed above lack depth and detail in terms of practicality, and therefore realism. Shall we try to fill this gap? Yes, of course! The following terms can be considered as general (collective): (sometimes mixed with NFT 1.5, such as financial NFTs); NFT 2.0 (although sometimes a subset called dNFTs is understood under this term); Interactive NFTs (there is also no standardized approach here); Smart NFTs ; NFTs Programmable There are also a number of rarer categories. There are also several other less common categories. Of course, this list will be open-ended, but here is a list that appears in the overwhelming majority of research, which tries to divide NFTs by functionality: Fractionalization (Fractional, Unic.ly, NFT20, etc.); Landing (TrustNFT, BendDAO, JPEG'd, etc.); Indexes (Envelop, NFTx, BridgeSplit, Index, etc.); Investment DAOs (The LAO, Flamingo, Palm, Pleasr, etc.); Marketplaces (OpenSea, Rarible, Gem, etc.); Derivatives (Envelop, Fuku, Putty, Nifty Options, etc.); Financial NFTs (Axie, Sandbox, StepN, etc.); Rental (Unitbox, Rentable, Prom, reNFT, etc.); Pricing (UpShot, Taker, SudoSwap, etc.); Analytics (Dune, NFTgo, Nansen, etc.) The problem with this approach is that it mixes NFT 1.0 (on OpenSea, for example), NFT 1.5 (NFTx), and NFT 2.0 (Envelop, JPEG'd, etc.) together. Moreover, there are many projects that will always be at the intersection of these categories: . example Let's try to categorize specifically NFT 2.0. Dynamic NFT (dNF) Example: . chain.link/education-hub/dynamic-nft-use-cases Many GameFi projects are developing this type of NFT (such as through controlled smart contract updates, through NFT rental cycles across different services, and so on), but the most interesting vector appears to be at Chainlink: verifiable data change is crucial for industries such as weather forecasting or insurance, and even more so if they are combined. SharkRace Unitbox Therefore, the essence of dynamic NFTs can be defined as follows: these are NFTs whose metadata can change depending on external (or occasionally internal) conditions. There are several types of dynamic NFTs: Sports-related: The Association; LaMelo Ball; Art-related: Jackson NFT; ; Ogcrystals ; Botanicatrees NFTofDAY; Game-related: Aavegotchi; SharkRace; Major League Baseball (MLB) Real-world sector: The Eternal Pump; Regenerative Resources (RRC); Gold Change NFT; Many others. However, a more nuanced categorization of dNFTs can be based on a deeper basis: , where metadata changes through an oracle (Chainlink and its analogs) dNFT , where metadata changes through joint creation and multisig signing (NFTof.day); cNFT , where metadata affects gameplay and changes on-chain rather than off-chain entities. gdNFT As for , these are so-called "community NFTs" that are created gradually and by different actors, and then changes are sent to the blockchain. This is a kind of synthetic act of creation. cNFT In this sense, the evolution from static NFTs (sNFT) to dynamic ones (dNFT) can be achieved in several ways: through cNFT; through changeable metadata (including with Verifiable Randomness Function (VRF)); by adjusting smart contract variables (SharkRace). So, a (dNFT), or a "living NFT", is an NFT that can change depending on external conditions. In the static NFT model, each NFT can be distinguished from another using a single token identifier and a unique contract address. Metadata, such as images, video files, or other data, can be attached to it, which means that you can own a token that represents a unique digital object. dynamic NFT If you want to learn more about dNFTs, I recommend this and this , or alternatively, this “ . Let's keep going! article supplement ” material Wrapped NFT (wNFT) Despite the fact that different projects call these NFTs differently, it is still worth acknowledging that they all have the same essence in the process: by wrapping interchangeable tokens and/or coins, as well as other NFTs, assets of a completely different order are created. And the term "wrapping" should be strictly technical and organizational, as we all know: wBTC as a custodial solution for transferring BTC to the Ethereum network; Wrapped assets of first-generation cross-chain bridges; Various derivatives created using this technology; Other assets. Among the projects that specifically create wNFTs, I would highlight: (2020 - idea, 2021 - MVP, 2022 - release); DAO Envelop (2020, 2021, 2022); Charge Particles (2021-2023). Solv Finance It should be noted that the emergence of these small projects has influenced much older and larger services, such as Rarible, which since June 2021 has from an NFT marketplace to a protocol; AAVE has tested its approach to programmable assets; and even in the Ethereum ecosystem, the standard was born. Not to mention much initiatives (but no less at the same time). requalified ERC-3525 smaller important Initially, is the process by which a token is locked on the blockchain through a smart contract, and its equivalent is "recreated" on the destination blockchain. is the replacement of one set of token interaction standards with another set. wrapping Token wrapping As for (wrapped NFTs), these are modernized NFTs with extended functional capabilities such as economic setting, on-chain royalties, rental mechanism, time/cost/event locking, protection against devaluation, and . wNFTs fraud protection system Hence, I call wNFTs - NFT 2.0, because this approach seeks to change the principles and rules of fundraising in particular and some other industries as a whole. An example of a general explanation. Approaches related to wrapping are generally similar, although details can always be distinguished: №01, №02, №03. And on these examples, we clearly do not finish, but we need to take one more step. Forward! example example example Financial NFT (fNFT) This passage discusses financial NFTs, which can be classified as both NFT 1.5 and 2.0 depending on their usage: If NFTs are used as collateral for services, then they fall under the 1.5 category, whereas if they are programmable to create innovative practices, then they are considered 2.0. NFTs are an improved version of NFTs with a new token standard that allows for multidimensional asset attributes to be expressed in token form. Financial Several projects have used NFTs in financial applications, such as for fixed-rate lending, for insurance token coverage, and NIFTEX for financing NFTs using ERC-20. The most well-known implementation of financial NFTs is probably the LP token of Uniswap v3, which allows for transferring NFTs with liquidity, high trading ranges, and uncollected fees, making it easier and also providing protection against vampire mining. 88mph Armor Finance pre-embedded encompasses fractionalization, lending markets, investment DAOs, derivatives, and pricing, among other things. This market is evolving rapidly and has a lot of potential. For instance, the growth of lending markets that utilize NFT mechanics has led Uniswap to enter into negotiations with leading NFT protocols for loans and credits in 2022. NFT x DeFi The reasons are: , the obvious conclusion is that evolution is inevitable. Firstly , we can move from a general statement to specifics: for example, the gradual growth of credit markets involving various NFT mechanics has led, in particular, to Uniswap starting negotiations with leading NFT protocols for loans/credit in 2022 (see ). Secondly link From here, we can discover an obvious discrepancy in indicators. What kind? I will show it now. Let's compare : Graph №01 Where we see a clear increase in the "Utility" category. And in this case, the priority remains explicitly with another category, namely, "PFP", which indicates a discrepancy between existing (widely accepted) and emerging (unnoticed) trends. The data can be verified at this link: . nftgo.io/analytics/market-overview But the question is becoming increasingly irrelevant. A lively and innovative sub-market, known as ( + ), emerged around NFT financing - regardless of how creators want to classify the nature of their projects. NFTFi Non-fungible-token Finance It is hardly surprising that such a market has emerged. In 2021, the trading volume on the NFT market was $17.6 billion. This is a staggering 27% of the sales volume in the world's traditional art markets ($65B) in the same year. You know what happened next. But there is something that not everyone pays attention to. For example, one can imagine that NFTFi is . It allows for more efficient forms of NFT trading - from swapping, hedging, fractionalization, and valuation - to full-fledged, automated rentals. simply DeFi applied to NFT Let's look at the largest sub-sectors in NFTFi: loans/credits. Financial applications and tools have emerged on the market that address NFT issues aimed at increasing and improving certainty in asset pricing, as well as improving the use of funds on NFT markets by combining NFTs and other finances to create a better user experience on the NFT market, collectively referred to as " ". liquidity dAPPs NFTfi Until 2022, almost nothing was heard about NFT lending/borrowing, but it gradually began to appear in conversations. There are two main ways of NFT lending/borrowing: P2P (peer to peer) and P2Pool (peer to pool). Representatives here include protocols such as and . They differ in transaction frequency, volume, and price discovery efficiency, but these are details. The main thing is that the overall market is still relatively small compared to the market for interchangeable tokens. And coins. NFTfi BendDAO Current NFT lending/borrowing remains in the realm of "blue chips"; as for low- and mid-level NFTs, they have not yet gained wide recognition in the market due and . to high price volatility the lack of oracles In short, NFTs are becoming suitable for various financial instruments such as collateral, staking, and leverage for exchange tokens or stocks. And? In the future, when the accumulation of historical trading prices gradually complements the NFT quotation mechanism, the NFT market will become more liquid than ever. \But a couple of important theses are still to come. NFT-based lending The Rocket LP DAO cryptocurrency lending platform once issued a loan secured by the brantly.eth domain name of the Ethereum Name Service (ENS). In turn, the press service of the NFT marketplace X2Y2 announced that from October 9, 2022, users could use their own NFT digital collectibles as collateral to borrow Ethereum (ETH) from other lenders. And do you know what all this is about? That the lending market in the DeFi segment will never be the same again. Interesting? Then here are three more articles: , , . one two three But this market is not the only one going through harsh turbulence. What else? You will find out now! Royalties 2.0 Creators of Ethereum-based NFT collections have earned over $1.8 billion in royalties. Impressive, right? By the time this article is published, the figure will likely be even higher. But if a billion dollars doesn't impress you, then there's not much that can. At the time when the staggering sum of $1,800,000,000 was reached, just 10 organizations accounted for 27% of all royalties earned, while 482 NFT collections accounted earned at that time. for 80% of all royalties Since then, much has changed. The DeGods ecosystem removed royalties from all of its affiliated NFT collections (DeGods, y00ts), even though DeGods founder Frank had defended royalties on Twitter and still believes that royalties are between operators and holders of NFT collections. the best mechanism for aligning incentives Fast-forward to 2023 and the showdown between . Interesting, right? OpenSea and Blur "Some marketplaces have also changed their royalty payouts (or removed them), for example, x2y2, while the largest marketplace, OpenSea, has not". First of all, now everyone is following suit. In addition, the largest Solana NFT marketplace, Magic Eden, made a controversial move by making all royalties on its platform completely optional. Magic Eden's latest move to eradicate royalties is especially noteworthy given that they announced MetaShield, a controversial tool aimed at improving royalty control, back in September 2022. Royalty supporters are worried that normalizing their removal will return the NFT space to the dark ages of traditional creator structures, as happened with Van Gogh. incentivization On the other hand, opponents of royalties claim that mechanisms for compulsory collection are impossible on a chain without serious compromises, which negate many of the advantages of blockchain. permissionless If you're interested, I recommend reading this . And as for us, let's move on! thread Fractionalization There are quite a few services here: Fractional.Art, Teller, and . But personally, I'm interested in why so many are focused on a special feature (fractionalizing indivisible assets), when in reality, it's just a small spectrum of the possibilities of NFT 2.0 as a whole. others Rent There are two fundamentally different vectors: Renting through (w)NFT; Renting actual NFTs. These processes are interconnected but can still be separated as distinct. Prom & Unitox, for example, offer similar but different approaches to solving the integration of these processes. In turn, BendDAO and JPED'd have implemented an efficient liquidity model called "peer-to-pool", which connects supply and demand in a customizable liquidity pool, eliminating the need to make bids and wait for requests. Another example is Cyan, the largest and brightest BNPL protocol. Additional information can be found , , or even . But the furthest in the connection of these mechanics is Unitbox - a project based on the DAO Envelop . here here here protocol And what about us? Let's try to combine all the ingredients together and the NFT 2.0 . taste dish NFT 2.0 as understood by ChatGPT Of course I couldn't help but give the floor to one of the protagonists of the start of 2023. Here's what he thinks of NFT 2.0. NFT 2.0" is not an established or standardized term within the NFT (Non-Fungible Token) space, and there is no widely accepted definition of what it encompasses. However, it generally refers to new and innovative developments in the NFT ecosystem that aim to improve the technology and user experience. Some possible features that could be included in an NFT 2.0 include: Interoperability: The ability for NFTs to interact with each other and other blockchain-based assets, allowing for more complex and integrated applications. Programmability: The ability for NFTs to have embedded functionality, enabling them to perform specific actions or operations when triggered. Sustainability: The ability for NFTs to have a smaller environmental impact, through the use of more energy-efficient or carbon-neutral technologies. Decentralization: The ability for NFTs to be more decentralized, removing the need for centralized authorities or intermediaries. Fractionalization: The ability for NFTs to be divided into smaller parts, allowing for greater accessibility and liquidity. Dynamic and Adaptive properties: The ability for NFTs to change or evolve over time, through smart contracts that allow for dynamic or adaptive properties. It's worth noting that these features are not exclusive to an "NFT 2.0" and many are already being developed and implemented by various NFT projects and platforms. NFT technology is still evolving rapidly, and new features and innovations are likely to emerge as the ecosystem continues to grow and mature. Problems Does this market have problems? Plenty. Firstly, there are standards: what we call them are not actually standards (take this or this , or many others). Secondly, there are no leaders, which is good for business, but for the user... they will have to make an effort not just to understand the trends, but also to "taste them" in practice. Finally, there is a lot of chaff in this market, connecting hype with hype (insignificant NFT collections with liquid markets... tokens that are of little use to anyone, for example). example one But none of these problems is evidence that the market will not continue to develop. Rather, they are a consequence of the of this sphere. evolution Outlook I can't tell you about all the vectors in this article, so I've chosen the ones that are closest to me. Unstoppable NFT Now there are already solutions ( ) where NFT connects with decentralized, tokenized storage, but it is much more interesting when the programmable NFT itself pays for storage of its metadata for IPFS/SWARM and other nodes. So far the solutions require oracle and centralization, but I believe the next 2-3 years will see a move towards decentralization. example ОТС Not using such solutions for trading is strange: the secondary market for tokens is highly in demand and reaches tens of billions of dollars, but there are -fledged solutions yet, and funds are quite conservative in their practices, so here too we will have to wait for at least 2-3, or even 4-5 years. OTC not so many full ZKP For me, this is probably the most promising direction, as bridge hacks (Wormhole, Allbridge, Binance Hub, etc.) and CEXs are all about liquidity centralization, and achieving its normal decentralization can be done through -NFTs, which require different approaches: both oracle software and oracle (humans), and improvements to existing concepts. cross verifiers Add in and you get a lot of interesting things. By the way, if this topic turns out to be in demand, I'll talk about it, but for now that's all. cross/multi-chain mechanics Bye!

NFT 2.0: the Era of Programmable Assets

Cross-chain bridges are applications that allow the transfer of tokens and other information between blockchains. Thanks to them, it becomes possible to conduct transactions in De-Fi space across multiple different networks. Bridges ensure the coordination of cryptographic algorithms that will be used in the transmission of information and the interaction of systems. In fact, the bridge is a set of tools: oracles, smart contracts, nodes that monitor the state of the system, generate changes within blockchains and process incoming transactions from other systems. We can give an analogy with states here: each state has its own language, its own laws, and borders. Similarly to different states, different chains may have distinct protocols, rules, and governance models, while the bridges create a reliable mechanism for them to interoperate. With the rapid development of DeFi market, the need need for a covenient solution to transfer the assets between chains became apparent. Bridges evolved from this need to unite the fragmented ecosystem of blockchains together. Types of bridges Before figuring out how to send the crypto to a different chains, let us take a moment to distinguish between the types of bridges. They can be centralized and decentralized. The classification depends on how the assets are transferred. The first variety differs in that it has pre-designated validators that control token deposits. They are responsible for verifying the lock, burn, and mint transaction on the bridge smart contracts. Now it's worth figuring out how a decentralized cross-chain bridge works. Under this structure, the validator there are independent entities. Analyzing the history of cross-chain transfers In the past, bridging protocols heavily relied on the mint-and-burn mechanism. However, it severely downgraded the user experience, requiring advanced knowledge in the DeFi field, and also introduced potential security risks related to minting contracts. A user journey in a simple transfer of USDC from Ethereum to Solana consisted of several steps and was quite convoluted. Once the transfer was initiated, the bridge contract locked the tokens on the source chain (Ethereum), and the bridge proceeded with minting the USDC tokens on Solana. However, the minting has led to the wrapped asset being created, which was a separate token from the native USDC issued by Circle on Solana. Besides the fact that it required the tokens to be unwrapped (swapping the wrapped token for the native one), it also fractionalized the liquidity since every bridge had its own version of the wrapped assets from every different chain that it originated from. Bridge teams partnered with DEXes to launch the liquidity mining programs, incentivizing retail investors to supply liquidity to the wrapped assets by creating a liquidity pair with the network’s native token. It consequently leads to numerous wrapped assets being traded, which could be difficult to keep track of. Notable examples of mint-and-burn-focused bridges include Portal Bridge, Multichain, and Allbridge Classic. However, in the last few years the landscape of cross-chain protocols began to change. The evolution of the bridging protocols With the advances in bridging protocols, the focus was shifted towards native swaps of assets, prioritizing user experience and moving away from wrapped assets. One of the examples of a cross-chain protocol for native transfers is . Built on LayerZero, the platform enables the transfer of native assets between a wide variety of blockchains. Stargate Another product that puts particular emphasise on native liquidity transfers is , the new flagman product created by the team behind Allbridge Classic. Let's look at it in more detail. Allbridge Core Allbridge Core is a cross-chain swap platform that allows you to exchange dollar-pegged tokens (also known as stablecoins). But the main advantage Allbridge Core is that it reduces perhaps the largest gap in the DeFi sector — the gap between EVM and non-EVM networks. The protocol already supports Solana, Ethereum, Tron and BNB Chain, with more networks on the horizon. In general, the platform offers a significant imporvements in user experience and makes cross-chain swaps as simple as one click of a button. On top of that, the user gain access to unique chains like Solana and Tron at very competetive swap fees. How it works Allbridge Core utilizes several messaging protocols to transfer the information between chains. One of them is Wormhole, a decentralized protocol operated by , which is also used by their . The other protocol being Allbridge’s own messaging, which supports the chains that Wormhole doesn’t (i.e. Tron). Jump Crypto Portal Bridge Allbridge Core has native for each supported token in each of the supported networks.Using the specified inter-network message protocol (Wormhole or Allbridge), virtual tokens are sent from the source network to the destination target network. liquidity pools Outgoing tokens are sent to the pool, where they are exchanged for virtual assets, which are a representation of the value of tokens within the protocol. The bridge smart contract on the target blockchain exchanges virtual assets for native ones from the liquidity pool and sends them to the user. Wrapping up Cross-chain transfer protocols are well suited for people who want to retain custody of their own assets and transfer funds in a decentralized way, as opposed to operating with centralized exchanges. However, we advise you to complete you due dilligence before using any of the DeFi services and investigate the products for security audits, team history, and other details. In conclusion, bridges allow you to seamlessly transfer funds between different chains and utilize the unique advantages every individual chain possesses. They act as stepping stone to connect the invididual islands of separated networks into a unified ecosystem, while contributing to the expansion of DeFi services across the space..

A Guide to Cross-Chain Bridges

An in-depth analysis of the protocol and data Only two weeks after its initial launch, Stargate, a cross-chain bridge, has already reached a $3.5 billion TVL(Total value locked) and became a star project in the market. In this article, we will briefly overview the technology and operating mechanism of Stargate, and then share our perspectives on Stargate’s future trends based on the recent market data collected. Note: Nothing in this article constitutes investment advice. Underlying protocol of Stargate: LayerZero Currently, the market mainly contains three types of cross-chain protocols: multi-signature notary scheme, relay, and atomic swaps (Hashed Time Lock Contract, HTLC). , also known as “third party verification,” refers to the process of verifying assets transfer through a third party — usually reputable institutions — and using technologies including multi-party signature to avoid security risks caused by over-centralization. In the current market, cross-chain bridges like , , and are adopting multi-signature notary schemes. Multi-signature notary Multichain Synapse AllBridge also known as “native authentication,” monitors the source chain’s information and packages the records containing the encryption certificate together with blocks of the source chain to the target chain. Currently, native cross-chain bridges of major blockchains in the market tend to adopt relay, including Near’s , Avalanche’s , Terra’s , etc. Relay, Rainbow Bridge Avalanche Bridge Terra Bridge which pairs cross-chain asset demanders and ensures the simultaneity and consistency of the asset release without trust cost to third-party witnesses. Currently, cross-chain bridges using HTLC include , , , etc. Atomic swaps implement the scheme of HTLC, cBridge Hop finance Meson Bear in mind the three schemes and let’s discuss more about Stargate. Stargate was constructed based on relay — specifically, its underlying protocol LayerZero belongs to relay. Before introducing Stargate, we can first take a look at LayerZero. As a protocol transferring cross-chain information, LayerZero is positioned to be similar to the TCP protocol of the Internet’s transport layer, upon which different dApps can be built. Its principles can be summarized as follows: after chain A’s client packages information to LayerZero’s endpoint, relayers and oracles independently provide proofs of the information as well as the block-update respectively. Specific steps are shown as follows: (Steps 1-3) UA (User Application, which can be interpreted as the contract of a dApp using Layer Zero protocol) packages and transmits the information along with the target chain ID on chain A to LayerZero’s chain A endpoint. (Steps 4-5) The endpoints on chain A send the information to the specified relayer and send the current block ID to the oracle. (Steps 6-7) The relayer receives the proof of the transaction from chain A (the “transaction” here refers to the generalized transaction in the blockchain), while the oracle obtains the blk_hdr (block header) of the block in chain A. (Step 8) After confirming that the block has been confirmed several times on chain A, the oracle sends the blk_hdr to chain B’s endpoint. (Steps 9-13) The endpoint on chain B uses the blk_hdr (block header) to make inquiries to the relayer and obtain information initiated by the UA on chain A with the transaction certificate. Throughout the process, the oracle of LayerZero uses Chainlink third-party service. The relayer is an off-chain service on which anyone can operate. As long as they are independent, the security of LayerZero can be guaranteed. The Chainlink oracle service adopted by LayerZero is already the most mature oracle on the market, which has low probability of colluding with the relayer. The LayerZero protocol allows smart contracts to communicate between blockchains, which can do much more than the asset transfer “cross-chain bridge”. In the future, we may be able to see dApps improving the capital efficiency to a great extent through functions like cross-chain lending, cross-chain aggregator as well as shared states. Users on any blockchain will be able to enjoy all blockchains’ ecology, and the developers won’t need to deploy the projects to each chain one by one. It is thus clear that the relayer is the “messenger” responsible for transmitting information, while the oracle is the of the relayer during the transmission. supervisor However, before the realization of all the above, let’s take a closer look at Stargate, the first dApp based on the LayerZero protocol. The “Liquidity Weapon” of Stargate：Delta Bridge The most outstanding feature of Stargate is as a whole. Specifically, Stargate users can provide liquidity on only one blockchain, and Stargate’s Delta Bridge algorithm will dynamically allocate the liquidity to other blockchains, while at the same time ensure and properties. These three properties are described by Stargate as a in its . Their meanings are as follows: its usage of LayerZero’s ability to transmit information. This helps to connect each blockchain’s funding liquidity, so as to improve the capital efficiency of the system instant guaranteed finality native asset transaction triple dilemma white paper : In previous cross-chain bridges, the following situations may occur: two users of chain A and chain B may transfer money to chain C at the same time, with the existing liquidity of chain C only able to support one transfer. However, chain A and chain B may not be aware of each other’s transfer demand, and thus may both believe that the liquidity of chain C can be distributed to their users. As a result, chain B will only discover the fact that the liquidity has already been exhausted by chain A when chain B’s request is sent to chain C, where it will be rejected. And this is simply because chain B’s speed of confirming new blocks is slower than chain A’s. Instant guaranteed finality After the transaction request is successfully submitted on the source chain, it must be guaranteed to arrive on the target chain as well. To ensure immediate consistency, some cross-chain bridges will issue when the liquidity is insufficient. Take Multichain’s solution as an example: if the liquidity of the target chain is not sufficient when the user transfers USDC, Multichain will first issue 1:1 anyUSDC to the user, and perform 1:1 exchange of anyUSCD for USDC when the liquidity of the latter is sufficient. This is a paradigm of sacrificing “native asset transaction” for “instant guaranteed finality”, because it requires user’s additional layer of trust to Multichain, as well as the opportunity cost of abandoning the use of USDC to participate in DeFi when acquiring anyUSDC. Native asset transaction: whether assets received are native. bonds When instant guaranteed finality and native asset transaction are ensured, a liquidity pool must be built between every two blockchains if a more complex dynamic liquidity allocation algorithm is not involved. Thus, the number of pools to be built is directly proportional to the square of number of blockchains, which undoubtedly reduces the capital efficiency. Unified liquidity: whether the liquidity on each chain can be uniformly used. Stargate claims that its Delta Bridge possesses all the above properties without the need of making any trade-off between them. Stargate only provides one liquidity pool for each chain, and then virtually allocates the liquidity in the pool to other chains based on the pre-set weight. The allocation aligns with the following principles: 1.If there is a liquidity gap in any channel on chain A, the new liquidity will give priority to fill the gap (the _channel_here refers to the provided by chain A to another chain). virtual liquidity pool 2.If there is any surplus after filling the gap, the surplus will be allocated to each channel based on the pre-set weight. However, note that the second principle is difficult to implement — if the user needs to transfer an asset on chain A to chain B, this request will only involve the communication between the two chains with other chains unaware of the information that “chain A has liquidity surplus at the moment”. If this information is broadcasted directly to all chains, it would cause tremendous waste of the chain resources. Therefore, to temporarily record the liquidity surplus of chain A to be allocated to other chains on its own. This will not be cleared until there is a transfer request from the user between chain A and another chain. Delta Bridge has designed a scheme cache cache The figure above shows the status of parameters on each chain when a user transfers money from chain X to chain Y. The following parameters are stored on each chain: lp_x (Liquidity provided): the number of assets pledged by the user on chain X; a_x (Asset): the number of assets owned by the liquidity pool of chain X at the moment; b_xy (Balance): the liquidity allocated by chain X to chain Y lkb_yx (Last known balance): the currently known liquidity chain Y allocated to chain X. Note that this information needs to be transferred from chain Y to chain X and stored on the latter; c_xy (Credit): the assignable amount of liquidity informed by chain X to chain Y when the next transfer from chain X to chain Y occurs, which can be referred to as the “cache” mentioned above. For a transfer from chain X to chain Y, Delta Bridge only transmits two numerical information through LayerZero: “volume of this transaction” and “cache”, with all other parameters automatically updated through Delta Bridge. Those who are interested in the detailed steps of the algorithms can probe into the . Delta Bridge itself is an “update mechanism for each parameter” designed to meet the “two principles” mentioned above. Stargate white paper So, can Stargate lead the new direction of cross-chain bridges with its sophisticated algorithms and schemes? Let’s take a look at the on-chain data and DeFi users’ choices. On-chain data: can Stargate maintain a 20% APY ? Delta Bridge’s schemes allow users to pledge a certain kind of stable currency only on a certain chain, and the early additional $STG (Stargate’s token) subsidy once made the annual pledge yield of a single type of stable currency reach 20%. This highly convenient mechanism with high rates of return quickly drew the attention of countless DeFi users and helped Stargate’s TVL reach $3.5 billion. As of the time of this writing, the APY of each Stargate’s farm is still around 17%~20%, as shown in the figure: Take USDC on Ethereum as an example. Its liquidity is $675.5 million and its APY is 17.38%. From here, we can calculate the amount of reward allocated by the liquidity pool each day as follows: On the other hand, we hope to calculate the daily transaction volume and daily transaction count of Stargate, so as to estimate the daily revenue of cross-chain bridges. Although Stargate does not have its own transaction browser, its official document exhibits , which allows us to count the transactions interacted with it on the blockchain and thus calculate the transaction volume and transaction count. the Router address on each chain We accomplished this task with the help of the retrieval function on the database of Dune Analytic . Since different blockchains do not have a shared database and Dune does not include all blockchains’ databases, we decided to only use the data on Ethereum. The amount and number of daily transactions by Stargate from Ethereum are as follows, and the code is : open-source on Dune Analytic As is shown in the number of transactions, Stargate’s daily transaction volume is not large — on Ethereum, the number of daily transfers out is only maintained at an average of around 120. Even if we put this volume on all seven chains supported by Stargate, the 840 daily transaction volume is still far less than that of other cross-chain bridges in the market: about and about . We further discovered that the number of users adopting “Swap” in the Stargate contracts is far less than that of users using “Add Liquidity”, meaning that more users are just the DeFi miners who want head mining rather than people with real demands for cross-chain transfers. 12000 daily transactions on Multichain 2400 on cBridge These signs indicate that few users really use Stargate as a cross-chain solution, and the new technology of Delta Bridge is not the supporting factor of Stargate’s high TVL. On the other hand, Stargate presented a real-time Gas Estimator on its official website, as shown below: The estimates of gas fees obtained by Gas Estimator vary greatly at different times. Among these different fees, the gas fee of the Ethereum-to-other-chains transactions fluctuates between 20USD and 100 USD. Suppose Stargate can earn a 50-USD fee for each cross-chain transaction from Ethereum to other chains, and according to the histogram, the number of daily transactions is about 120, the daily profit of cross-chain handling fee obtained by Stargate cross-chain bridge on Ethereum would be: Compared to the mining rewards sent out by Stargate on Ethereum, this profit is next to nothing. In fact, the ratio of commission profit to daily mining reward is: In other words, 98.1% of the mining rewards are gained through the Stargate subsidy. It is therefore reasonable to doubt that a high APR of more than 15% is unsustainable. If Stargate cannot attract enough users and maintain at least a few thousand transactions before the end of the generous subsidy stage, the users may not be persuaded to stick to Stargate in the long run. Security concerns under the relay scheme In addition to the possible loss of users caused by the unsustainability of high yield, Stargate also faces the risk from a ground level — the security concerns under the relay scheme. On March 28, 2022, the LayerZero team updated the verification contract for cross-chain use. Through the comparison of the codes, Cobo security team found that this update was a repair to the previous major security vulnerabilities: Cobo announced that the possibility of other vulnerabilities still exists although LayerZero has fixed the current vulnerabilities. As the first “superstructure” to ever use the LayerZero protocol as of March 28th, Stargate may face unimaginable consequences if its huge amount of funds in the liquidity pool were transferred by hackers. the code which revealed the vulnerability was the core verification part of the MRT transaction and the basis of the normal operation of LayerZero and its upper protocols. Ronin, the side chain of Axie Infinity at the other end of the blockchain world, was not so lucky. On March 29, 2022, Ronin’s cross-chain bridges were attacked by hackers, resulting in . At present, Ronin’s chains are composed of nine verification nodes which require five of the nine verifiers’ signatures to identify deposits or withdrawals. The hackers managed to control four validators of Ronin and one third-party validator run by Axie DAO. a cumulative loss of $620 million As we can see, in the “relay” scheme, the existence of the relayer may bring potential security vulnerabilities. In the “witness” scheme represented by Ronin, even more security vulnerabilities exist — a fact that has been confirmed by the frequent hacking incidents in Multichain, O3 Swap, and Wormhole in the past two years. Meanwhile, few security problems appear in cross-chain bridges with HTLC schemes such as cBridge, Hop finance and Meson. The fundamental reason HTLC schemes have fewer security problems compared to the previous two schemes is that users do not have trust costs to third parties, including large enterprises, developers, institutions, and exchanges. We hope to see more innovations like the HTLC scheme in the blockchain world to address the root cause of these trust issues. In this era where fierce competition between multi-blockchains increases, cross-chain bridges have become an essential infrastructure. In the future, we hope to see more healthy competition between cross-chain bridges, putting the security of users’ assets first rather than simply pursuing a temporary hotspot in the market, as countless previous projects have proved to us that only those who are most in line with the spirit of decentralization can be prosperous in the long run in the blockchain world where is the totem. code is law Also Published Here Twitter @crosschaingeek Medium @crosschaingeek

Everything You Need to Know About Stargate and Beyond

is a blockchain platform that seeks to bring scalability and security. Its mainnet runs Ethereum applications, allowing users experience a two-second transaction finality. $ONE is its native token. Harmony has been fronted as the go-to platform for collectibles, assets, governance, and identity. It also comes with secure bridges that make it easy to process cross-chain asset transfers with Binance, Ethereum, and several other chains. Harmony Harmony supports both promising and existing projects from various startups. Products that fall under the following categories can apply for : Harmony Ecosystem Fund/Grants . A project running on the Ethereum main net, a project running on xDAI/ Polygon, or a full prototype on Harmony testnet. Those that have a working product . Those who intend to convert 10,000+ users to the blockchain, are coding a demo in the next six weeks, and want to recruit developers to build. Those that have a promising idea . Coders of mobile/web/backends, those that enjoy drawing/making videos/writing, and those that enjoy giving product feedback. Those that want to learn and help Harmony approved 21 proposals to be part of its $300M Ecosystem Fund in January 2022. Let us go through each project based on various categories: DeFi Ethereum Push Notification Service (EPNS) (@epnsproject) EPNS is a decentralized Web 3 protocol for blockchain-based communication and for notifications that are platform-independent, chain agnostic, and incentivized. This protocol allows any dApp, backend, or smart contract to send off-chain or on-chain notifications tied to wallet addresses. AnChain.AI (@anchainai) AnChain is known as the “Guardian of the Digital Asset Class.” Its protocol was designed from scratch to become the leading smart contract analytics and data platform. The protocol has different features such as machine learning-based risk profiling and wallet behavior, AI-powered auto-tracing, and smart contract auditing. Perpetual Protocol (@perpprotocol) Perpetual Protocol is a platform that lets users trade a wide range of assets. With this DEX, users can trade futures to decide to go long or short on xDai and Ethereum with up to 10x leverage. Trading is non-custodial, which means that traders retain possession of their assets. Unite Finance (@ finance_unite) Unite Finance is the first algorithmic stablecoin to be created on the Harmony Mainnet. It is pegged at 1 $ONE via seigniorage. Various underlying mechanisms ensure a peg of ONE:UNITE is achieved. Once this is achieved, it is maintained, and then $UNITE mirrored as a liquid asset to $ONE. Openfabric AI (@openfabricai) Openfabric AI is a decentralized AI platform. Through it, data providers, AI innovators, infrastructure providers, and businesses will collaborate and facilitate the creation and use of new intelligent services and algorithms. DEXSWAP Project This AMM is a decentralized protocol optimizer for various exchanges. DexSwap has many goals, including reshaping the DeFi landscape by reducing entry barriers, offering lower fees on the Harmony network, and offering multiple pools dedicated to the Harmony Protocol ecosystem. ScaleSwap (@Scaleswapio) ScaleSwap claims to be the ‘world’s first truly fair IDO launchpad.’ The protocol provides early access to investment opportunities previously reserved to a select few. Users can access the most exclusive tokens before anyone else and make the blockchain a better space. Payments Allbridge (@Allbridge_io) Allbridge is a secure, fast, and affordable way to transfer assets across various blockchains. Users can move liquidity between non-EVM (Terra, Solana), EVM (Ethereum, BSC, Polygon), and L2 blockchains. Abracadabra.Money (@MIM_Spell) Abracadabra is a protocol that enables users to provide collateral in the form of various interest-bearing crypto assets such as yvUSDC, yvUSDT, XSUSHI, and yvYFI. Users can then borrow Magic Internet Money ($MIM), a stable coin that you can swap for any traditional stable coin. Klever (@Klever_io) Klever is a crypto wallet ecosystem that serves over 2.5 million users globally. There are more than 500,000 monthly active users on the Klever App, Klever OS, and Klever Swap from over 190 countries, and it is available in 30 different languages. Trustee_Wallet (@trustee_wallet) Trustee Wallet is an anonymous, multi-currency wallet. It allows users to send and receive virtual assets with their MasterCard/VISA cards. Users don’t go through AML/KYC and don’t incur transaction fees; they only pay miners’ fees. Gaming CyberGothica (@cyber_gothica) CyberGothica is an upcoming play-to-earn MMORPG game based on the Solana blockchain. Those who hold its NFT can participate in various activities such as the arena, tournaments, or try to bet on PvP matches. Warriors in this game are displayed on a special leaderboard, and the better you play, the more valuable these characters become. Freyala (@freyalacrypto) Freyala is a low-cost and fast token created on the Harmony blockchain. $XYA is an HRC-20 token centered around integrating cryptocurrency in decentralized applications and gamified NFTs. The whole idea behind the project is to build a user-friendly means of utilizing crypto. Tower of Babel Tower of Babel is a decentralized marketing gamified platform. It comprises a network of mirror sites and a smart contract that makes it easy to build a single building, labeled the Tower of Babel. NFT DeFimons (@thedefimons) DeFimons is a play-to-earn MMORPG with a marketplace and a DEX that will launch on Harmony Protocol. Yokorobi, the game’s first town, has already been deployed. KangaFinance (@kangafinance) KangaFinance is a lending protocol, a DEX, NFT marketplace, and a yield farming engine. StoreyTheApp (@storeytheapp) This platform is a social network for fashion. The app seeks to make second-hand fashion inventory transparent and circular. The platform also has a Storey Token & NFT digitization. NiftyRow (@niftyrow) NiftyRow is an NFT marketplace for African arts. The marketplace supports both visual & audio arts, including contemporary digital and fine arts. BlockPerksNFT (@blockperksnft) BlockPerksNFT is a unique marketplace with various features such as branded/personalized social tokens, token gated communities, exclusive NFT drops, and metaverse applications. SlothFi (@slothfi) SlothFi is a protocol that seeks to bring an entire ecosystem of dApps to Harmony Blockchain. These apps include the $SLOTH token, Lazybones app, and Avocado NFT Marketplace to find rising projects. Envelop Project (@envelop_project) Envelop Project is a flexible cross-chain toolset that can give any NFT new functionality, comes with an anti-fraud system, and protects it from devaluation. Wrapping Up Since Harmony was founded in 2018, it has supported different projects on various fronts. With these approved proposals in 2022, we expect to see a diverse range of blockchain products that will advance this space. We can only wait and see how these products will compete with others from various ecosystem funds. Also Published Here

Harmony Ecosystem Fund Approved 21 New Grants in January

In the old movie "District 13" dystopian Paris was divided into isolated blocks with huge walls. Each quarter had its own course of life which was totally different from neighboring. In some way it reminds the current state of things in the blockchain industry: there are a lot of networks, each of them, like Ethereum, Solana, and Cardano could have different protocols, qualities, and dApps. But each blockchain could have its own advantages which users of other blockchains would like to try to. So, there is a fast-emerging . For example, you plan to invest in a liquidity pool on a different blockchain, move assets from a sidechain to the mainnet, or transfer crypto to a friend/seller who uses a different network. How to do this? need in and coins across various blockchains transferring tokens There are four usual : ways to transfer tokens Sell and buy. Synthetic asset. acid Atomic swap. . Cross-chain token bridge Let's take a closer look at each method of token transfer. 1) Sell A and buy B on a crypto exchange The simplest method that comes into mind is to use a crypto exchange. But it really takes a lot of time and effort. For example, we want to exchange ETH for MATIC. For this you have to: Deposit ETHs from an ERC-20 wallet to the crypto exchange. Buy MATIC, if there is a matching direct coin pair. If not – we will have to sell ETH for stable coins first, and after that – buy MATIC. Withdraw our MATICs to a wallet on Polygon. Pros of using exchanges It's the simplest method, the first which comes into mind. If you use a trusted exchange, it's quite reliable. Cons of using exchanges KYC – often you have to provide personal data to use exchanges. Takes a lot of time and action. You can lose quite a sum on exchange commissions. Sometimes it's hard to find the needed coin pair, especially for new tokens. You will have to conduct a double conversion. The exchange could not support blockchain B, so there is a chance you will not be able to move the native token B. For example, now it's impossible to move MATIC from Binance to Polygon network. Most exchanges require KYC. 2) Atomic swap – let's eradicate exchanges from the equation What are Atomic Swaps? Atomic swaps help to quickly exchange two separate coins running on different blockchains. It applies time-locked smart contracts to allow users to exchange currencies straight from their crypto wallets. How does it work? Let's put it very simply and imagine that Rick wants to exchange a pizza for a burger, and be 100% sure that there will be no fraud. For this, he puts the pizza into transparent box A, and his friend Morty, who finally has agreed to share food, puts the burger into transparent box B. Both boxes are locked with the same cipher, issued by Rick. If he uses the cipher, it will become known to Morty. The exchange has happened, each party has the needed box and can ensure that there is the food they expected. After that Rick uses his cipher to open box B, which automatically provides Morty the code to open his box A and enjoy the pizza. Of course, it's a very simplified explanation and the hard reality of atomic swaps is far more complicated (just kidding, atomic swaps make our life better). In the "blockchainian" language boxes are called HTLC – Hashed Timelock Contract, burgers and pizzas represent coins, and cipher is used for Preimage – the key that simultaneously unlocks the smart contract for both parties. One of the main features of atomic swaps is that if one of the parties doesn't approve the transaction during a certain amount of time – the whole deal is canceled, so the risks are low. Actually, the term "atomic" is responsible for that – it means that the deal can be done only on defined terms or there is no deal at all. 0 or 1, nothing more. Pros of atomic swaps You have complete control over your digital assets during a transaction. pizza The HashLock and TimeLock technologies in HTCL smart contracts provide reliable security and assurance to traders. Each side has the promise of receiving their assets back in case of delays or conflicts. Low or even zero operating costs and fees compared to using centralized exchanges. No need to engage with centralized intermediaries. Everything according to DeFi values 🙂 Cons of atomic swaps Atomic swaps are only useful for swapping when both sides have already agreed on the assets and price. As a result, they have a relatively limited range of applications. Such a method cannot be used to create cross-chain collateralized derivatives, automated market-makers, and other similar products. Both currencies that are being exchanged must have the same hash algorithm and support specific types of smart contracts. Some technical skills are still needed to conduct an atomic swap. Atomic swaps require significant time to work properly. Both parties could purposely act slowly, monitoring market conditions to see if the swap remains profitable. A market fluctuation could make the swap unattractive to one party, who may then cancel the swap. Atomic swaps have more restrictive trade conditions than exchange platforms. They require parties to interact without direct communication. Platforms, for example, can perform trades with a click, while atomic swaps require the exchange of data and information. Few wallets support atomic swaps. 3) Synthetic assets. Let's make a clone and freeze the original? What is a synthetic asset? Smart contracts allow the creation of digital assets which price is pegged to the price of another asset: a cryptocurrency, stock, or US Dollar. So, you will not have the original asset itself, but an analog that has the same value. Such assets are called synthesized. In terms of transferring tokens, synthetic assets allow buying the representation of the native token of blockchain A on blockchain B, and its price will be the same as the original one. For example, you want to "transfer" Solana tokens to Ethereum. For this, you use a derivatives liquidity protocol to issue a synthesized SOL token on the Ethereum blockchain. The price of this token is tied to the price of SOL, but it could be freely used in the ERC-20 network. Pros of synthetic assets Anyone with access to open-source protocols can create blockchain-based synthetic assets. Synthetic assets are blockchain assets like ERC-20 tokens; you can send and receive them between standard cryptocurrency wallets. You can create synthetic representations not only of blockchain assets, but also equities, silver/gold, and other assets without having to hold them. Cons of synthetic assets For the most part, synthetic assets are developed on the Ethereum blockchain, so you can't issue them on most others. You can't simply exchange a synthetic asset for the underlying. If you have synthetic BTC but desire real BTC, you must find a counter-party ready to execute that exchange with you. And one could still ask for a fee. Synthetics are not able to interact with other chains. Unless paired with another interoperability solution, a synthetic that has been issued on one blockchain can only interact with contracts and assets of only this network. During periods of high market volatility, liquidity mechanisms for synthetic assets could fail and it will be hard to sell them. This is dangerous because excessive market volatility is exactly when you want your assets to be the most stable. 4) Blockchain bridges – the future of interconnected blockchain world What is a Blockchain Bridge? If we use a metaphor from fantasy fiction, the blockchain bridge is kind of a portal between parallel worlds. It allows you to easily transfer tokens, coins, and NFTs from one blockchain to another. Both can have different rules, governance models, and protocols, but the bridge provides a dependable way for interoperation. For now, the is the best way found to solve the issue of interoperability between blockchains. It allows to seamlessly transfer tokens from one blockchain to another and make use of dApps hosted on other networks. Imagine that you have ETH, but you want to invest it into a new and very profitable DeFi service on Solana. You can't interact with Solana dApps using Ethereum tokens, but token bridges solve this problem. blockchain bridge In short, blockchain bridges allow users to access the benefits of other blockchains without sacrificing the advantages of the host chain. How do blockchain bridges work? Actually, the assets are not transferred from blockchain "A" to blockchain "B", as you could think. Instead, it uses the "lock and mint" process. The bridge locks the assets in a smart contract on blockchain A and mints an equal amount of assets on blockchain B. When the user wants to redeem the tokens, the same amount of them are burned on blockchain B and the original tokens are unlocked. It prevents the assets from using on both chains at the same time. Another way that a token can be transferred via the token bridge is by using liquidity pools. User locks native X tokens on Polygon liquidity pool. The user receives native X tokens on Solana, that are sent from the liquidity pool of X tokens on Solana. It works like a usual swap, but pools are on different blockchains and the token is the same. It could sound a bit complicated, but from a user's point of view, it's very simple. For example, helps to transfer both native and wrapped tokens just in a few minutes: Allbridge.io Pros of blockchain bridges The cost of transferring tokens usually is very low. The speed of transactions is as fast – transactions take as much time as a regular token transfer would take. Bridges are very flexible and can be connected between lots of different blockchains. Cons of blockchain bridges Since you lock your assets in the contract, you must trust the creators of it. Even if the code is open source and the bridge is decentralized, there is always a chance of a hack. When the market is volatile, there is a possibility, that the price of the original token and the wrapped token can differ. If the blockchain, you are sending your tokens to, doesn't have a developed DeFi ecosystem, you may not be able to use it in dApps. So, what method is the best to transfer tokens between blockchains? Surely, everybody will choose his or her own way, depending on goals, time, and budget. However, the most accessible and modern way is to use our . It combines the best from the transfer methods we mentioned above and allows you to access the advantages of other blockchains in a few clicks. blockchain bridge

Transferring Tokens Across Blockchains: The Definitive Guide to Bridges, Atomic Swaps, and More

In my personal experience, the topic of reviewing event logs has received a fair amount grunts, groans, and questions such as “You honestly expect us to review of that data?!” or “We have so many systems! Where would we even begin?” or “We already have enough on our plate to worry about!”. Fortunately, the times have changed, and log aggregation has matured over a relatively short amount of time. Its existence alone however is not the complete answer to log auditing woes. all To start, let’s cover the ‘why’. What is the purpose of undertaking another tedious task and writing out an elaborate SOP? Well, from a practical perspective, incident detection. According to FireEye/Mandiant’s , the global median for detection time of their clients in 2017 was an astounding 101 days. Think about your most important systems and they type of data they process. What kind of information could your organization be bleeding in that timeframe? What if you could have been tipped off to that login from a high risk country, or repeated failed login at your critical servers? M-Trends 2018 report Second, most compliance initiatives request that your organization performs some form of auditing on your event logs. The infamous NIST 800–53, commonly cited across SOX, HIPAA, PCI/DSS, and of course FISMA, request that your organization define a timeframe in which you review your logs. See most controls that are prefaced with an “AU”. Straight forward enough in theory, but let’s examine the practical pieces of the puzzle. Choosing Your Software For starters, the idea of connecting into every system week after week to examine countless event codes across your entire network is not feasible. Having access to a plethora of information is great, but potentially useless without something to parse out the noise. If your organization does not currently have a log aggregation solution, get one set up ASAP. The power and insight into a well-structured log aggregation implementation is invaluable to any organization; if not for security reasons, then for operational troubleshooting. There are quite a few options to choose from, ranging between commercial to open source. is a clear contender for the top spot, and you can get started with a free 500MB license. Splunk was an early product to the game, and has been extensively covered by numerous cybersecurity outlets. If you are looking for a product with support, this is presently the best route to go. If you are even more cost conscious and feeling adventurous, take a look into the open-sourced . This option combines Elasticsearch, Logstash and Kibana into a robust and cost-effective alternative to the commercial products. An alternate option in the free-to-cheap realm is , which comes highly regarded across the community. Splunk ELK Stack Graylog The choice is yours, but at this point in the game there is no reason to not have one. Configuring Your Indexes Now that you have a place to put your logs, which systems will you pull from and how will you structure them? This one is tough, as guidance typically is not clear. Do you pull logs from all of your servers and workstations? If your resources for storage are unlimited, sure! Unfortunately, this is likely never the case. The rule of thumb here is to collect enough logs from your critical systems and infrastructure to accomplish successful reconstruction of events on your network. To start, some events you will want to correlate are: Domain Controller security logs, including authentication events. DNS queries (specifically A record lookups, if possible). DHCP lease events. PowerShell usage. Process Creation events. Any logging from systems used to remotely connect into your network. Web server logs from IIS, Apache, or your webserver of choice. Administrative events from your networking equipment, including wireless connection events. The key is to keep your indexes clean. Think of your indexes as a collection of buckets for your logs. Combining your inputs is the equivalent of mixing your car’s oil collection pan with the water you just pulled from the well. Things swirl around, mix up, and get messy. In the end no one has any idea what is in there, but everyone knows it is useless. Selecting Your Artifacts With that being said, it’s time to think about the most efficient use of the data being aggregated. I don’t know about you, but going into your log aggregator of choice with a list of event codes sounds pretty daunting, and likely will lead to the process getting lost in the fray as other “more important” operational tasks take priority. The answer is to assemble a carefully curated dashboard with key artifacts ready for review. Tools such as Splunk have some excellent built-in visualization capabilities to digest the information as easily as possible (pie charts, tables, etc). A great reference point to get started with is article on the topic of detecting penetration testers on your network. A good penetration test will simulate the actions of an intruder in a controlled fashion, and hone in on some key criteria to detect lateral movement in your network. This includes: this SANS Reading Room User account lockouts. Failed VPN login attempts. Failed Windows logins. Modifications to sensitive groups (Domain Admins especially). Crawling on C$ and ADMIN$ shares. Log file deletion. These are all common actions a threat may take to work their way through your network, and should absolutely be raising some eyebrows with your ops teams. I urge you to take a look at the cited reference below, and think to how you can apply these items to your own infrastructure. SANS is a fantastic resource for everything Incident Response and Cybersecurity, and will very likely be a part of your research journeys. Implementing The Process Here’s the fun part (sarcasm, obviously); it’s time to document the process. The unfortunate truth for us tech minded folks is that unless there is a documented policy and procedure, there might as well be no process at all. When an auditor inevitably gives your office a ring and requests a kickoff meeting, you will need to prove the work that was done. Outline the policy describing what requirements are being fulfilled here. If you made it this far into the article, you likely have a business reason for why this process must be performed, and it should be clearly noted. From there, outline the procedure explaining: Who is responsible for performing the task. How frequently the task is going to be performed. What artifacts are going to be evaluated. Describe your escalation process if something looks suspicious, such as who you will contact. How you will document that the process was performed. When it comes to tracking your actions, don’t think too hard on it. Leverage your existing ticket tracking or change management system (you do have one… right?) or establish a tracking form/spreadsheet to document your findings. Finally, do your peer review and get the sign-off needed to make it official. Meeting security requirements in your network can be a tough task, and ambiguously worded guidance doesn’t make things much easier. Hopefully this article has provided you with a place to start when making your organization safer and more compliant in the realm of event log auditing. Having that level of transparency and insight into your network may be the most valuable defense against the ever-changing threat landscape. Thanks for reading! My goal is to help individuals and organizations tackle complex cybersecurity challenges, and bridge policy into operations. Comments or critiques? Reach me on , , email — jeremy.trinka[at]gmail[dot]com, or reply below. LinkedIn Twitter

Event Log Auditing, Demystified

The response to our previous post, , was extraordinary - we’ve fielded dozens of calls from enterprises asking us for repatriation advice. We have aggregated those responses into this new post, where we dig a little deeper into the costs and savings associated with repatriation to make it easier for you to put together your own analysis. Migration of data is a daunting task for many. In practice, they target new data to come to MinIO and take their sweet time to migrate old data from the cloud or leave it in place and not grow. How to Repatriate From AWS S3 to MinIO Repatriation Overview To repatriate data from AWS S3, you will follow these general guidelines: Determine the specific buckets and objects that need to be repatriated from AWS S3. Make sure you understand business needs and compliance requirements on a bucket-by-bucket basis. Review Data Requirements: You’ve already decided to repatriate to MinIO, now you can choose to run MinIO in an on-premises data center or at another cloud provider or colocation facility. Using the requirements from #1, you will select hardware or instances for forecasted storage, transfer and availability needs. Identify Repatriation Destination: Plan and execute the transfer of data from AWS S3 to MinIO. Simply use MinIO's built-in Batch Replication or mirror using the MinIO Client (see for details). There are several additional methods you can use for data transfer, such as using AWS DataSync, AWS Snowball or , or directly using AWS APIs. Data Transfer: How to Repatriate From AWS S3 to MinIO TD SYNNEX data migration Ensure that appropriate access controls and permissions are set up for the repatriated data on a per-bucket basis. This includes IAM and bucket policies for managing user access, authentication, and authorization to ensure the security of the data. Data Access and Permissions: It is critical to preserve the object lock retention and legal hold policies after the migration. The target object store has to interpret the rules in the same way as Amazon S3. If you are unsure, ask for the on the target object store implementation. Object Locks: Cohasset Associates Compliance Assessment Define and implement a data lifecycle management strategy for the repatriated data. This includes defining retention policies, backup and recovery procedures, and data archiving practices on a per-bucket basis. Data Lifecycle Management: Validate the transferred data to ensure its integrity and completeness. Perform necessary checks and tests to ensure that the data has been successfully transferred without any corruption or loss. After the transfer, the object name, ETag and metadata, checksum and the number of objects all match between the source and destination. Data Validation: The good news is that if you follow cloud-native principles to build your applications, then all you will have to do is reconfigure them for the new MinIO endpoint. However, if your applications and workflows were designed to work with the AWS ecosystem, make the necessary updates to accommodate the repatriated data. This may involve updating configurations, reconfiguring integrations or in some cases modifying code. Update Applications and Workflows: Continuously monitor and optimize the repatriated data environment to ensure optimal performance, cost-efficiency, and adherence to data management best practices. Monitor and Optimize: Repatriation Steps There are many factors to consider when budgeting and planning for cloud repatriation. Fortunately, our engineers have done this with many customers and we’ve developed a detailed plan for you. We have customers that have repatriated everything from a handful of workloads to hundreds of petabytes. The biggest planning task is to think through choices around networking, leased bandwidth, server hardware, archiving costs for the data not selected to be repatriated, and the human cost of managing and maintaining your own cloud infrastructure. Estimate these costs and plan for them. Cloud repatriation costs will include data egress fees for moving the data from the cloud back to the data center. These fees are intentionally high enough to compel cloud lock-in. Take note of these high egress fees - they substantiate the economic argument to leave the public cloud because, as the amount of data you manage grows, the egress fees increase. Therefore, if you’re going to repatriate, it pays to take action sooner rather than later. We’re going to focus on data and metadata that must be moved – this is eighty percent of the work required to repatriate. Metadata includes bucket properties and policies (access management based on access/secret key, lifecycle management, encryption, anonymous public access, object locking and versioning). Let’s focus on data (objects) for now. For each namespace you want to migrate, take inventory of the buckets and objects you want to move. It is likely that your DevOps team already knows which buckets hold important current data. You can also use . At a high level, this will look something like: Amazon S3 Inventory Namespace Total Buckets Total Object Count Total Object Size (GB) Daily Total Upload (TB) Daily Total Download (TB) ns-001 166 47,751,258 980,014.48 50.04 14.80 ns-002 44 24,320,810 615,033.35 23.84 675.81 ns-002 648 88,207,041 601,298.91 328.25 620.93 ns-001 240 68,394,231 128,042.16 62.48 12.45 The next step is to list, by namespace, each bucket and its properties for every bucket you’re going to migrate. Note the application(s) that store and read data in that bucket. Based on usage, classify each bucket as hot, warm or cold tier data. In an abridged version, this will look something like Bucket Name Properties App(s) Hot/Warm/Cold Tier A Copy and paste JSON here Spark, Iceberg, Dremio Hot B Copy and paste JSON here Elastic Warm C Copy and paste JSON here Elastic (snapshots) Cold You have some decisions to make about data lifecycle management at this point and pay close attention because here’s a great way to save money on AWS fees. Categorize objects in each bucket as hot, warm or cold based on how frequently they are accessed. A great place to save money is to migrate cold tier buckets directly to S3 Glacier – there’s no reason to incur egress fees to download just to upload again. Depending on the amount of data you’re repatriating, you have a few options to choose how to migrate. We recommend that you load and work with new data on the new MinIO cluster while copying hot and warm data to the new cluster over time. The amount of time and bandwidth needed to copy objects will, of course, depend on the number and size of the objects you’re copying. Here’s where it will be very helpful to calculate the total data that you’re going to repatriate from AWS S3. Look at your inventory and total the size of all the buckets that are classified as hot and warm. Total Hot and Warm Tier Data = 1,534,096.7 GB Available bandwidth = 10 Gbps Minimum Transfer Time required (total object size / available bandwidth) = 14.2 days Calculate data egress fees based on the above total. I’m using , but your organization may qualify for a discount from AWS. I’m also using 10 Gbps as the connection bandwidth, but you may have more or less at your disposal. Finally, I’m working from the assumption that one-third of S3 data will merely be shifted to S3 Glacier Deep Archive. list price Total Data Tiered to S3 Glacier = 767,048.337 GB S3 to S3 Glacier transfer fees ($0.05/1000 objects) = $3,773.11 S3 Glacier Deep Archive monthly storage fee = $760 Don’t forget to budget for S3 Glacier Deep Archive usage moving forward. Total Data to be Transferred = 1,534,096.7 GB First 10 TB at $0.09/GB = $900 Next 40 TB at $0.085/GB = $3,400 Next 100 TB at $0.07/GB = $70,000 Additional over 150 TB at $0.05/GB = $69,205 Total Egress Fees = $143,504 For the sake of simplicity, the above calculation includes neither the fee for per object operations ($0.40/1m) nor the cost of LISTing ($5/1m). For very large repatriation projects, we can also compress objects before sending them across the network, saving you some of the cost of egress fees. Another option is to use AWS Snowball to transfer objects. Snowball devices are each 80TB, so we know up front that we need 20 of them for our repatriation effort. The per-device fee includes 10 days of use, plus 2 days for shipping. Additional days are available for $30/device. 20 Snowball Devices Service Fee ($300 ea) = $6,000 R/T shipping (3-5 days at $400/device) = $8,000 S3 data out ($0.02/GB) = $30,682 Total Snowball Fees = $38,981.93 AWS will charge you standard request, storage, and data transfer rates to read from and write to AWS services including and . There are further considerations when working with . For S3 export jobs, data transferred to your Snow Family device from S3 are billed at standard S3 charges for operations such as LIST, GET, and others. You are also charged standard rates for Amazon CloudWatch Logs, Amazon CloudWatch Metrics, and Amazon CloudWatch Events. Amazon S3 AWS Key Management Service (KMS) Amazon S3 storage classes Now we know how long it will take to migrate this massive amount of data and the cost. Make a business decision as to which method meets your needs based on the combination of timing and fees. At this point, we also know the requirements for the hardware needed to run MinIO on-prem or at a colocation facility. Take the requirement above for 1.5PB of storage, estimate data growth, and consult our page and . Recommended Hardware & Configuration Selecting the Best Hardware for Your MinIO Deployment The first step is to recreate your S3 buckets in MinIO. You’re going to have to do this regardless of how you choose to migrate objects. While both S3 and MinIO store objects using server-side encryption, you don’t have to worry about migrating encryption keys. You can connect to your KMS of choice using . This way, new keys will be automatically generated for you as encrypted tenants and buckets are created in MinIO. MinIO KES to manage encryption keys You have multiple options to copy objects: Batch Replication and . My previous blog post, included detailed instructions for both methods. You can copy objects directly from S3 to on-prem MinIO, or use a temporary MinIO cluster running on EC2 to query S3 and then mirror to on-prem MinIO. mc mirror How to Repatriate From AWS S3 to MinIO Typically, customers use tools we wrote combined with AWS Snowball or TD SYNNEX’s data migration hardware and services to move larger amounts of data (over 1 PB). MinIO recently partnered with Western Digital and TD SYNNEX to field a Snowball alternative. Customers can schedule windows to take delivery of the Western Digital hardware and pay for what they need during the rental period. More importantly, the service is not tied to a specific cloud - meaning the business can use the service to move data into, out of, and across clouds - all using the ubiquitous S3 protocol. Additional details on the service can be found on the page on the TD SYNNEX site. Data Migration Service Bucket metadata, including policies and bucket properties, can be read using and then set up in MinIO. When you sign up for MinIO SUBNET, our engineers will work with you to migrate these settings from AWS S3: access management based on access key/secret key, lifecycle management policies, encryption, anonymous public access, immutability and versioning. One note about versioning, AWS version ID isn’t usually preserved when data is migrated because each version ID is an internal UUID. This is largely not a problem for customers because objects are typically called by name. However, if AWS version ID is required, then we have an extension that will preserve it in MinIO and we’ll help you enable it. get-bucket S3 API calls Pay particular attention to . S3 isn’t going to be the only part of AWS’s infrastructure that you leave behind. You will have a lot of service accounts for applications to use when accessing S3 buckets. This would be a good time to list and audit all of your service accounts. Then you can decide whether or not to recreate them in your identity provider. If you choose to automate, then use Amazon Cognito to share IAM information with external OpenID Connect IDPs and AD/LDAP. IAM and bucket policies Pay particular attention to Data Lifecycle Management, such as object retention, object locking and archive/tiering. Run a on each bucket to obtain a human-readable JSON list of lifecycle rules. You can easily recreate AWS S3 settings using MinIO Console or MinIO Client (mc). Use commands such as and to pinpoint objects that require special security and governance treatment. get-bucket-lifecycle-configuration get-object-legal-hold get-object-lock-configuration While we’re on the subject of lifecycle, let’s talk about backup and disaster recovery for a moment. Do you want an additional MinIO cluster to replicate to, for backup and disaster recovery? After objects are copied from AWS S3 to MinIO, it’s important to validate data integrity. The easiest way to do this is to use the MinIO Client to run against old buckets in S3 and new buckets on MinIO. This will compute the difference between the buckets and return a list of only those objects that are missing or different. This command takes the arguments of the source and target buckets. For your convenience, you may want to create for S3 and MinIO so you don’t have to keep typing out full addresses and credentials. For example: mc diff aliases mc diff s3/bucket1 minio/bucket1 The great news is that all you have to do is point existing apps at the new MinIO endpoint. Configurations can be rewritten app by app over a period of time. Migrating data in object storage is less disruptive than a filesystem, just change the URL to read/write from a new cluster. Note that if you previously relied on AWS services to support your applications, those won’t be present in your data center, so you’ll have to replace them with their open-source equivalent and rewrite some code. For example, Athena can be replaced with Spark SQL, Apache Hive and Presto, Kinesis with Apache Kafka, and AWS Glue with Apache Airflow. If your S3 migration is part of a larger effort to move an entire application on-prem, then chances are you used to call downstream services when new data arrived. If this is the case, then do not fear - MinIO supports as well. The most straightforward migration here would be to implement a custom webhook to receive the notification. However, if you need a destination that is more durable and resilient, then use messaging services such as Kafka or RabbitMQ. We also support sending events to databases such as PostgreSQL and MySQL. S3 event notifications event notification Now that you’ve completed repatriating, it’s time to turn your attention to storage operation, monitoring and optimization. The good news is that no optimization is needed for MinIO – we’ve built optimization right into the software so you know you’re getting the best performance for your hardware. You’ll want to start monitoring your new MinIO cluster to assess resource utilization and performance on an ongoing basis. MinIO exposes via a Prometheus endpoint that you can consume in your . For more on monitoring, please see and . metrics monitoring and alerting platform of choice Multi-Cloud Monitoring and Alerting with Prometheus and Grafana Metrics with MinIO using OpenTelemetry, Flask, and Prometheus With , we have your back when it comes to with MinIO. Subscribers gain access to built-in automated troubleshooting tools to keep their clusters running smoothly. They also get unlimited, direct-to-engineer support in real-time via our support portal. We also help you future-proof your object storage investment with an annual architecture review. SUBNET Day 2 operations Migrate and Save It’s far from a secret that the days of writing blank checks to cloud providers are gone. Many businesses are currently evaluating their cloud spend to find potential savings. Now you have everything you need to start your migration from AWS S3 to MinIO, including concrete technical steps and a financial framework. If you get excited about the prospect of repatriation cost savings, then please reach out to us at . hello@min.io Also appears . here

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