Name of Project
Cross-Chain Bridge (BRIDGE)
Proposal overview
[Describe in less than 2,000 words on how this will benefit the blockchain ecosystem. Be specific about the goals and outcome of the proposal, with go-to-market and/or user-acquisition strategies if possible.
Cross-Chain Bridge
The second version of the Cross-Chain Bridge is security-focused with the aim of ever-improving its decentralization, Cross-Chain Bridge supports EVM compatible chains by providing a bridging solution that uses liquidity pools.
The goal is to allow almost any token to be bridged between the supported networks (currently: ETH, BSC, Polygon, AVAX & FTM - next: e.g. ONE). For tokens that have the same contract address on different networks, the bridge is permissionless and projects can self-list their token - just like on a DEX. For different contract addresses across networks, a token mapping needs to be added to the Bridge to enable bridging.
Apart from the liquidity pools, the Cross-Chain Bridge offers an innovative fee-participation DeFi or yield farming system to attract the liquidity needed for its bridging transactions. The majority of the protocol incentive or bridging fees collected is circulated back to the communities and liquidity providers - into the Liquidity Mining Pools and Reward Pools. For certain tokens, Farms exist that act as an additional incentive to provide liquidity and eventually grant access to the higher reward-paying Reward Pools compared to the Liquidity Mining Pools. Farms get a certain part of the minted BRIDGE tokens.
How our bridge improves bridging security for Harmony projects and users:
Most bridges work with a minter/burn functionality in which a project has to grant the bridge a minter role of its token. This bears the high risk that a hacker can potentially mint unlimited amounts of tokens, making the token unusable. The Cross-Chain Bridge works differently: with Liquidity Pools combined with DeFi. If the Cross-Chain Bridge would experience an exploit - although we try everything in our power to minimize that risk with audits, etc. - a project listed on the Cross-Chain Bridge is never exposed to an unlimited token minting risk. The maximum a project could lose in a hack would be the amount that is in the token’s Liquidity Pool (provided by a project or its community, respectively).
NFT Bridge
Due to the high demand, in addition to the Token Bridge, the bridging for NFTs has also been implemented in the Cross-Chain Bridge v2.0. With this we reached a new level of interoperability by integrating not only fungible tokens, but also NFTs - allowing this important new asset class to become more fluid.
NFT Collection Creators are asked to submit a form from our site to be reviewed (scam protection) and whitelisted. After reviewing a project a representative from Cross-Chain Bridge will initiate the onboarding process.
The listing of the collection is free of charge.
At a later stage, the protocol incentive or NFT bridging fee will be a fixed amount (to be determined; later with governance) - as the fee cannot be a % of the value, as the value of an NFT cannot be taken from an exchange.
How the NFT Bridging works: A user deposits an NFT into a Smart Contract of Network A. The NFT gets locked. Afterwards, the user has to get signatures from the oracles who will confirm that the deposit was made in network A. With these signatures, the user can call the same contract in network B where a duplicate NFT will be minted and sent to the user. If the user wants the original on network A back, the user needs to send the duplicate NFT to the bridge (where it gets burned), ask the oracles again for signatures to confirm that it happened and then call the contract in network A where the original will be released.
How the Cross-Chain Bridge benefits the Harmony Chain?
Creating a liquidity bridge for Harmony users and projects allows for a much-improved security experience moving between chains. It opens up more projects to going cross-chain not only for tokens but for NFT and the big wave of incoming GameFi projects. Our goals for launching on Harmony are as follows:
- $500k Stable Coin liquidity
- Introduce 10 project into the Harmony ecosystem
- Onboard 4 NFT/GameFi projects
- Increase our TVL by $2M
In cooperation with Harmony, our go to market strategy would involve a shared marketing blog and tweets with Harmony and Cross-Chain Bridge. Connecting with other projects in the Harmony ecosystem and announcing partnerships to support them going cross-chain. Announcing to our existing projects that Harmony support is live and onboarding projects will token allocation into Harmony.
We also have a head of marketing that would create a campaign to drive the most success out of the grant support/Harmony launch.
What stage of the product or idea are you (and your team) at? Is it live on Harmony and/or another chain? How many active users do you currently have, or aim to acquire? How much funding do you need? What are your milestones? What help do you need, or what gaps are there in your team?]
V2 of our Bridge launched in November 2021. Since launching we have added 5 chains to our bridge: Eth, BSC, Polygon, AVAX & FTM.
We currently have 25k users, we aim to increase this number 10x by the end of the year.
We are applying with the main goal of Harmony’s support to connect us to your network and projects, with introductions and shared marketing. We are asking for $10,000 toward Harmony supported pools on the Bridge and fees for setting up the new network.
Proposal ask
$10,000
Metrics for success
Bridge users: from 25k > 35k (8-12 week period)
TVL: From $35m > $38M (8-12 week period)
Stable coin pools: From $1.6M > $2m (2-4 week period)
New Projects: 10 additional project that can bridge to and from Harmony
to see weekly updates on this channel to keep the community posted on this proposal’s progress!