Harmony <--> ChainPort Integration (Interchain Bridge)

Funding Proposals Grants
1

Name of Project

Proposal overview

Hi Everyone!

TLDR: We are proposing to integrate Harmony into ChainPort, enabling to bridge assets and contractual state between Harmony and all other chains we support (and will continue on adding).

ChainPort is a cross-chain bridge putting emphasis on security and general interoperability between all blockchains.

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Launched on Mainnets just a few months ago around Mid-2021, we already have around 450M$ transaction volume to date, with a steadily growing userbase and transaction volume, with more projects onboarding weekly. our Max TVL to date was around 500M$, currently at around 170M$ due to markets’ volatility.

ChainPort App also puts a great emphasis on a clean and simple UX:

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We currently support 7 Chains, and continuously working to add support for more.
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We care a lot about security:

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We are also scheduled to start a ~400K$ worth full 4 week audit by the top audit company Trail Of Bits (planned to start end of May2022) - which will cover all parts of our code from backend to frontend to contracts, and of course if Harmony is integrated by then this would include the Harmony integration as well.

And we try to give added value beyond other bridges:

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Here are the current stats:

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Our roadmap to date:

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And looking forward to 2022 projected deliveries:

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Grant Value Proposition

This partnership grant will help us deliver the following capabilities for the Harmony Community:

  1. Expand Harmony ecosystem with Projects and Tokens from other chains:
    Enable projects from any and all other blockchains in ChainPort network to bridge with Harmony - thus enabling new traffic sources and communities to onboard the Harmony ecosystem. We’ve been getting more and more requests from projects on other chains who wish to port over to Harmony, and establish a Harmony community and liquidity/tradability for their tokens, as well as enable

  2. Connect and extend Harmony Projects and community with other chains:
    Enable Harmony projects and native Harmony tokens to bridge with any and all blockchains supported by ChainPort. Each such bridge will act to synergize and expand the community and market reach for these tokens, enabling them to trade across the interchain, tapping in to new traffic, communities and liquidity.

Proposal ask

For implementing each of the 2 major delivery points above, we ask for 100K$:

  • Expand Harmony ecosystem with Projects and Tokens from other chains : 100K$
  • Connect and extend Harmony Projects and community with other chains: 100K$

so a total of 200K$, which is expected to cover our initial Harmony implementation and integration costs.

Once ChainPort is integrated into Harmony, we may ask for an ongoing maintenance and support grant, and on our roadmap are more steps to generalize the bridge to enable more types of cross chain smart contract function calls, as well as to further decentralize the security structures by enabling quorums of parties and agents from each chain to act as additional validators on the minting and burning processes for tokens (and in the future for general purpose cross chain state transitions).

Metrics for success

We measure success with the following kpis:

  • Global TVL
  • TVL per source chain chain (e.g Harmony)
  • Global $ Volume ported
  • $ Volume ported per chain
  • Global Transaction Count
  • Transaction count per chain
  • Global trend in transaction count
  • trend in transaction count per chain
  • number of projects porting into the new chain (porting into Harmony in this case)
  • Liquidity added to the new chain (TVL locked on other chains ported into play in Harmony)

External links

Live App: app.chainport.io
Stats: app.chainport.io/stats
Deck: chainport.io/deck
Security: chainport.io/security
Audits: certik.org/projects/chainport
Docs: docs.chainport.io
ETH Side Analytics: Dune
BSC Side Analytics: Dune
Telegram Main Community: Telegram: Contact @chainport
Twitter: https://twitter.com/chain_port
Linkedin:https://www.linkedin.com/company/chainport/

3 Likes
3

Harmony on ChainPort = tapping into a $200M TVL from ethereum mainly!
Must be a good idea :slight_smile:

4

I am a big believer in Harmony. This integration could help many projects that I am in touch with to expose and expand their community to the harmony ecosystem , Looking forward for that !

5

That would be great! ChainPort is the best and most secure bridge in the crypto space right now,…it’s a no-brainer!

6

it seems like a good way to help gaming projects to tap into more scalable blockchains such as harmony

7

Thank you, ChainPort team. We are in the process of reviewing this proposal. @Jacksteroo and myself will be reaching out shortly.

8

This proposal fits best to a Port grant based on the guidelines at Apply for Grants or DAO. Instead of two tranches mentioned above, can we earmark it based on milestones?

$50K to Port over a feature-complete, audited and launched product on our Mainnet
Additional funds released for every TVL milestones achieved, sustained over 1 month per milestone:

  • $5M → +$35K
  • $10M → +$35K
  • $25M → +$35K
  • $50M → +$35K
  • $100M → +$35K

$25K to form a DAO (total now $250K) to have community proposals vote on which chain to expand from or with other chains

Can we agree to the above milestones?

1 Like
9
  • thanks for your proposal. if i may summarize: the chainport bridge tech is unique in terms of how you manage the bridge assets (cold+hot storage) with mpc custodians. how does this compare to other MPC bridges?
  • can you elaborate more on how you plan on spending these?
  • also, what is the port complexity to add another evm chain (like harmony) to your ecosystem with evm chains?
  • given that harmony ecosystem has several bridges (horizon, synapse, …) which already brings all most all the assets from ethereum, bsc, and other chains, how will chainport be able to bring additional value?
    thanks for your clarifications.
10

Thanks @Jacksteroo , we’re discussing internally and will get back to you ASAP

11

HI @ganesha , as for comparisons, we try to just compare to ourselves and make our security better and better. We’re going into a full TrailOfBits 4 week audit in about a month and we strive to offer higher and higher security.

Moreover, we’re inaugurating the ChainPort for Businesses offering which will provide more control and security for projects to port their tokens into other chains, while enabling co-custody of the frozen tokens on the source chain between the project and chainport, as well as MPC protection.

Furthermore, we’ll be adding a top tier lawfirm for disaster recovery scenarios to further ensure the security of TVL funds.

If you have specific MPC bridges in mind, we’ll be happy to provide comparative analysis. In any case, most of the tokens ported on chainport are utilizing chainport as their official bridge, so integration with chainport is the only way to access these tokens chains other than their origin chain.

In terms of tokenomics we have a lot of revenue share models for affiliation platforms, referrers, projects themselves etc… a lot of incentive structures for partnering with us, which is another strong factor in favor of projects choosing chainport as their official bridge.

Likewise, we will soon start offering yield strategies on the frozen assets, which can be another distinctive factor.

In regards to the spend, we have 2 verticals, one supporting porting TO Harmony from other source chains, and another porting FROM Harmony (as source chain) to other target chains.

For each of these, we have a discovery phase, scoping phase, implementation phase, testing phase, integration phase, marketing phase, ongoing support and development phase. From past experience the requested funds are what we expect to need on average for supporting each one of the 2 verticals over the first 2-3 years of the integration.

The complexity differs from chain to chain, as we need to analyze the security and anatomy of the chain and integrate it while keeping the baseline security in tact across the chainport network. Likewise, depending on the dynamics of each chain, there are differing ongoing costs to support projects porting in and out of each chain.

As mentioned above, assets ported with chainport are using it as their official bridge, and more are added weekly, and these are not available on other chains (see ChainPort for updated info). Moreover, the chainport app will allow self-service permissionless porting of projects from harmony to other chains, which is a huge benefit. Also, as bridges (Especially the big, “decentralized” ones) tend to get hacked, it’s always a good idea to have as many bridges in and out of Harmony, so if one burns there are still ways in and out of the chain.

12

Hi @Jacksteroo , in general we agree to your proposed milestones. We would like to have some more indications from projects who want to bridge with Harmony, so that we can ballpark in advance exactly how large the demand is for bridging with Harmony (as this will now directly affect the funding we receive for this). In this regard, please let relevant projects know that this option is materializing and if they can show their intent on this proposal thread or reach out to us directly that would be great, so we can have a more conclusive signal on the demand for this. Thanks!

13

The market sentiments have shifted dramatically. Any guess of a total volume is going to be a wild guess. We can work on a launch plan and a go-to-market strategy. This will be worth more than the grant program as it’ll create stickiness and sustainability.

14

OK @Jacksteroo , so lets set this as part of the milestones. Current sentiment is bad but these are cycles and will shift soon enough. We’re currently working to finalize the integration with Aurora (another grant we received). And if we want Harmony to be next it’s important we finalize the scope of the grant and the milestones (including the launch plan and go-to-market strategy).

BTW, we’re now in the midst of an 8 engineering-week audit by TrailOfBits, so this means by the time Harmony Integration is set, we’ll be more secure than ever before (this audit also includes the backend, devops and frontend of ChainPort, as opposed to previous audits which were done only on the contracts).

Thanks

1 Like