This Cross-Chain DEX Could Make Wrapped Tokens a Thing of the Past
Wrapped tokens have become increasingly popular because they allow traders and investors to utilize their crypto-assets on different blockchain networks. For instance, Wrapped Bitcoin, which now accounts for roughly 1% of all Bitcoin in circulation, may be used on the Ethereum (ETH) blockchain to engage in various types of decentralized finance (DeFi) transactions. However, it […]
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Although cross-chain bridges have proven useful so far, the time has come to look beyond these semi-archaic solutions. When suer funds are at stake, it is safe to say the approach may not be ideal. Portal puts an end to wrapped tokens and third-party custody through its multi-chain atomic swap-based approach. Cross-chain Bridges Fail To […]
Wrapped tokens are being widely adopted because they enable crypto traders to leverage their assets on multiple blockchains or distributed ledger technology (DLT) platforms. For instance, Wrapped Bitcoin (WBTC), which are BTC tokens that have been “wrapped” into another token format, may be used on the Ethereum blockchain to conduct transactions involving smart contracts. But it might now be possible to completely eliminate these so-called Wrapped tokens from cryptocurrency trading. With this new approach, platform developers could significantly lower the time, effort, and costs associated....
Cosmos is now building a cross-chain DEX for IBC-enabled blockchains, dubbed Gravity The self-described “Internet of blockchains,” Cosmos, has launched its Inter-Blockchain Communication standard, or IBC, enabling crypto assets to be transferred easily between independent blockchains.Comos’ IBC went live on March 29, enabling token transfers between Cosmos and other IBC-compatible blockchains.The feature, which has been in development for five years, was voted in via community governance with 112 million votes supporting the activation and 75 million opposed.Over a two-week period, a....
Cross-chain bridges can unlock tremendous potential in the crypto world. But, unfortunately, this technology has certain issues and the wrapped tokens they use. Portal wants to change that narrative by removing the need for wrapped assets or third-party custody of user assets. Cross-Chain Bridges Are A Security Risk Those are the findings of Ethereum co-founder Vitalik Buterin, uttered last month. There is a good reason why Buterin uses harsh language, as cross-chain bridges are prone to 51% attacks. When such an attack occurs, hackers and other culprits control the system and can defraud....
Ethereum's co-founder cites "fundamental security limits of bridges" as the key reason for his disapproval. In a Reddit post on Friday, Vitalik Buterin, the co-founder of Ethereum (ETH), outlined critical security concerns surrounding cross-chain bridges in the blockchain ecosystem. As told by Buterin, storing native assets directly-chain (Ethereum on Ethereum, Solana on Solana, etc.) provides a certain degree of immunity against 51% attacks. Even if hackers manage to censor or reverse transactions, they cannot propose blocks to take away one's crypto.The rule also applies to the Ethereum....