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Joined May 2021
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🚨🚨 BIG UPDATE 🚨🚨 Movr Network is now Socket 🔌 We are rebranding to Socket to reflect our long-term vision. We are excited to present Socket and our vision for the coming future. Read More 👇 bit.ly/3sdFhvD
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We are excited to announce the integration of @AcrossProtocol on @BungeeExchange 🤝 Bungee users now get to enjoy the FASTEST routes to L2s via Across 🌉 Here are some reasons for you to be excited 👇
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Bridging is often considered to be a simple token transfer while a lot happens under the hood In this season, let's look behind-the-scenes of bridging starting with the @0xPolygon PoS bridge which has one of the highest TVL in the bridging space! medium.com/socketdottech/bui…
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Bridges are built over the underlying infrastructure called channels and thus a bridge is just an end point application The application in case of the PoS bridge follows the famous Lock-n-Mint mechanism to accomplish token transfers
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The Lock 🔒 In order to reduce the supply of the token on the source chain, tokens are locked from the user on an escrow contract which then sends an approval message as a receipt of the transaction
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Message/Data passing ✉️ Once the approval reaches the manager contract, it emits an encoded message containing - Source token being locked - Destination address - Deposit data of amount approved
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The Mint 💎 Validators fetch the message and pass it to the block producers Once the blocks are mined, the messages reach the manager contract on destination where it is decoded and the final minting is performed
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Read the recap of Season 1, if you want to know more about how channels & contract calls work
With bridges under constant spotlight, it is about time you master the art of bridging! 🤓 ⛩️ '𝐁𝐫𝐞𝐚𝐤𝐢𝐧𝐠 𝐁𝐫𝐢𝐝𝐠𝐞𝐬' Season 1 TLDR: - What is a bridge? 🌉 - Why mapping is important? 🗺️ - Why channels are the secret sauce? 🧑‍🍳 medium.com/socketdottech/bre…
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In-wallet bridging on @0xsequence is a delightful experience for any user! Proud to power the next-gen multichain wallets 🔌⚡️
Replying to @0xsequence
You don't need to open different tabs to review every single detail. Instead, you can use the in-wallet bridge in your Sequence Wallet for easy and detailed bridging, powered by @socketdottech Bridge now across @Ethereum, @BNBCHAIN and @0xPolygon sequence.app/bridge
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@socketdottech will win ❤️
aggregator+wallet wars going to be 🔥
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Ecosystem meltdowns are no longer isolated events! Irrespective of whether you were using @terra_money, last week's depeg of $UST created tremors across multiple other L1s Here is how the multichain world affects you today👇
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GIF
⭐ Oracle failure @Chainlink's "decentralized" oracles decided to stop updating the price of Luna below $0.1! This allowed users of @Blizzfinance on #Avalanche to lend $LUNA & borrow 10x more
Chainlink pausing the LUNA oracle allowed several attackers to deposit millions of LUNA which is still worth $0.10 according to the Chainlink oracle to borrow all the collateral. The protocol has been drained before we could pause due to our timelock.
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⭐ Hardcoding foreign assets If you are lazy to use oracles, you could always hardcode stablecoin prices right? Well @kava_platform trusted UST and did exactly this resulting in a loss of ~$300m in TVL in a few days
Replying to @DeFi_Made_Here
16/ @kava_platform hardcoded $ust to $1. Users were able to mint $USDX (native stablecoin from the Kava chain) against UST at 99% LTV without risk of liquidation. After that $USDX was sold for other assets on Kava Swap.
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⭐ Exposure to centralization When $LUNA's mcap fell drastically, TFL took control of the chain for safety reasons This left Ethereum connected to a relatively centralized blockchain and susceptible to large attacks
If someone has a couple hundred million in UST (which is just 1% of supply a few days ago) they can mint enough LUNA to hijack the Terra chain wholesale, half that to halt. Likely this number plummets as LUNA hyperinflates. No need to buy LUNA or bribe validators.
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⭐ Control over asset rights TFL which had earlier brought UST onto @ethereum & now plans to withdraw it back to Terra Since the proposal is governed by $LUNA holders, it rises questions on who actually holds ownership over bridged assets?
Replying to @terra_money
5/ TFL will port the remainder of the UST deployed as liquidity incentives on Ethereum (371 million UST) over the past few months back to Terra and burn it all using the burn module pending the result of the governance proposal.
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With the rise of alt L1s & L2s, it has not only created more fragmentation but also a ton of interdependence! It thus becomes important as users & developers to be aware of the risks exposed to as we navigate this new multi-chain world medium.com/socketdottech/ret…
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⚔️ Bridging 101 Once you have gained mastery over the primitives, its time to look at working of bridges & behind-the-scenes magic of what powers them medium.com/socketdottech/bre…
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⚔️ Cross-chain Nativity With great power comes great responsibility & so the final task is to control your own cross-chain powers & prepare for the 'Bridge Wars' medium.com/socketdottech/ret…
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