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After the Defi heat wave, will cross-chain become a new hot spot?



The autumn wind came overnight, and the hearts of the people were cold. I don't know if it was the dealer's response to 94. When I woke up, the market price was as follows. New leeks and old leeks can't escape. (my heart is so cold)

"Mining, selling and withdrawing", "buying and selling to earn" and "FOMO down" are common states of people in the currency circle around me recently. Friends who always feel that they can’t catch up with hot spots are driven by a kind of FOMO every day. How long can liquidity mining last? At the beginning of liquidity mining, some people said that it would not last for two weeks. It looked so CX, and then watched the ten-fold coins one by one, and the hundred-fold coins broke out. Cool, but now the imitation disk is still flying.

In fact, it is not easy to make money in Defi. There are big bosses around you who open up new land every day, dig, sell and withdraw. You must have enough principal and operating threshold. It is like chicken blood 24 hours a day, and small funds are nothing. Participation is necessary, because the handling fees are not enough, and some people can make money in the secondary market, which is even more powerful. Courage + strategy is not easy. Whether you want it or not, Defi’s liquidity mining will definitely pass. After all, the imitation market of Chinese people has no bottom line. Staying away from the bubble and returning to the essence of development, Defi this time has also pushed cross-chain technology to the forefront. This article will focus on the current practice and development prospects of cross-chain technology.

Blockchain cross-border settlement network developer Velo Labs announced a strategic merger with DeFi platform EvryNet: On May 27th, blockchain-based cross-border settlement network developer Velo Labs announced a strategic merger with DeFi platform EvryNet, communicating to create CeDeFi future. It is reported that Velo Labs is developing a blockchain-based, compliance-first global settlement network to provide individuals and businesses with fast, secure and low-cost cross-border payments. EvryNet's decentralized application opens up a world of new assets, investment opportunities and innovative strategies for investors. (prnewswire) [2022/5/27 3:44:57]

In a narrow sense, cross-chain is a protocol that resolves the transfer, transfer, and exchange of assets and functional states on two or more different chains. In a narrow sense, a sidechain is a protocol that allows assets to be transferred from the main chain to other subsidiary blockchains, and can be safely returned to the main chain from other subsidiary blockchains.

In a broad sense, sidechains and cross-chains are specific solutions for interchain interoperability protocols, so we collectively refer to all sidechains and cross-chain protocols as cross-chain interoperability protocols.

The total lock-up volume of DeFi fell below 200 billion US dollars, a new low in the past three months: Jinse Finance reported that according to the data of DeFi Liama, the total lock-up volume of DeFi fell below 200 billion US dollars and fell to 197.7 billion US dollars, a drop of nearly 24 hours. 13.18%, creating a new low since October 12. [2022/1/23 9:07:15]

With the emergence of Polkdot, Cosmos, and other public chains such as Ren, MOV and other cross-chain protocols, cross-chain finally not only exists at the theoretical level, but has begun to enter the application practice, so that it can be truly applied.

Classification of cross-chain

There are currently three types of cross-chain protocols: centralized or multi-signature notary forms, side chain or relay forms, and cryptographic forms such as hash time locks.

Polkadot, as a cross-chain duo, naturally has attracted attention for its cross-chain solution.

DeFi insurance protocol Insur Ace launched stablecoin unanchoring insurance and multi-insurance combination insurance: On September 29, DeFi insurance agreement InsurAce officially launched stablecoin unanchoring insurance. The first product is the UST stablecoin unanchoring of Terra ecology. In addition, InsurAce also launched an insurance combination insurance based on the Terra ecological agreement Anchor Protocol, Mirror Finance and UST anchor insurance. Users can purchase a combination of insurance to protect multiple risks at once. The supporting insurance launched this time also includes smart contract vulnerability insurance packages based on Yearn Finance and Curve. InsurAce stated that it plans to launch more portfolio insurance in the future to meet the investment needs of DeFi users. [2021/9/29 17:15:40]

Polkadot uses a relay chain (RelayChain) to provide verification and routing functions for cross-chain communication in the entire system, while other parallel chains (ParaChain) in the system can forward cross-chain information to other parallel chains through the relay chain. To achieve the purpose of cross-chain.

BBEX Junior Zhang: Actively promote the development of DeFi but also objectively recognize the reality: Today, BBEX (BBEX) COO Junior Zhang was a guest on the "XBIT and his friends" column, discussing that DeFi may become the next generation after the public chain and DAPP Express your views on new industry hotspots. Junior Zhang believes that DeFi has brought forward a good idea for the future of finance, and it is worth actively trying. However, DeFi has not yet had a large systemic risk to test whether it is a system that can run smoothly. And when there are problems such as hacking and code security, there is no strong "referee" to correct errors. Finally, the threshold for participation is too high for ordinary users. This is a real problem that all decentralized ecology must face. [2020/6/18]

Polkadot's cross-chain process:

The first stage is the stage of the parachain, that is, the parachain will produce a block, and then the collector will transmit this block to our relay chain.

Bitcoin Whale Joe007: DeFi is a marketing strategy for Ethereum and has no practical utility at all: Well-known Bitcoin whale Joe007 said that from his point of view, the DeFi protocol is useless at all when it has "no practical utility in the real world" . “DeFi is just another marketing ploy by the snake oil salesmen behind Ethereum. Clearly they are trying to create another ICO-like craze. Same zero real utility in the real world.” (Bitcoinist) [2020] /4/25]

The second block is that after the relay chain receives the block, it will perform a lot of verifications, and finally form a candidate receipt, which is the candidate receipt, and finally submit the candidate receipt to the block.

The third part is a sub-protocol of availability, which mainly involves the design of the erasure code.

The fourth to sixth blocks are actually after the block has been produced, we will perform a lot of secondary verification, and some verifications by independent auditors like fisherman, and finally pass our grandpa to make the entire block The chain performs a determination of finality.

Needless to say, the advantages of Polkadot, here are the problems of Polkadot:

1) Polkadot's cross-chain protocol is based on a single source of trust (absolute trust in RelayChain), which means it is semi-centralized.

2)  Polkadot's cross-chain protocol is highly complex, and each verification stage may cause some problems

3) Polkadot's cross-chain protocol requires all cross-chain interoperability information to be forwarded through RelayChain, making RelayChain the bottleneck of the entire system.

RenVM is a feature-rich decentralized host that is trustless and permissionless.

RenVM uses a Byzantine BFT network to solve interoperability between blockchains. By combining consensus with a secure multi-party computation (MPC) algorithm, RenVM can instantiate decentralized, permissionless and trustless custodians

Unlike centralized custodians, tokens deposited into RenVM are stored in selected groups of the Ren community, rather than in the custodian's wallet. They are called “darknodes,” which refers to the network of thousands of computers that also guarantee the validity of transactions on Ren. RenVM will update the shard once a day, and randomly select a new person to manage the address to prevent the occurrence of joint evil

Using dark pools to host users' assets is a very innovative way, but it also brings other unknown problems.

MOV adopts the threshold multi-signature gateway mode for cross-chain


The core element of the cross-chain gateway Federation is to establish a decentralized federated gateway. The essence is to form a co-governance and co-management alliance gateway network system driven by the key participants in the big ecology with a reasonable economic model and business concerns. Overall safety and reliability, flexible management and decentralization of power. Open the free election and economic governance of the federation nodes of the gateway (with the help of the node plan already available in the public chain's own ecology), establish a complete identity verification and reputation risk assessment mechanism, and the replacement, rewards and punishments of nodes need to be disclosed under a set of governance consensus models It is transparently completed and has a perfect cycle design. The gateway federation node should be decoupled from the side chain consensus node to avoid the extreme situation of collective evil in the side chain. The architecture is decoupled, and it is easy to change the side chain and expand multi-assets.

At the same time, in the governance of the gateway, the introduction of the TSS threshold signature mechanism can make the governance of the gateway more secure and flexible. The advantages are as follows:

At present, MOV has access to Bitpie, Math, imToken and Cobo mainstream wallets as signers. It is the first time that TSS is used in practice and ensures the security and decentralization of the system.

The current cross-chain only focuses on the cross-chain of assets, that is, assets between multiple chains interact between each chain, but the technology stack between chains cannot be shared. With subsequent development, if it is possible to Layers of mutual verification, then Dapp can be very convenient to interoperate, thus bursting out greater imagination.


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