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Aug 18 โ€ข 9 tweets โ€ข 3 min read
๐Ÿ“™ ๐–๐ž๐ž๐ค #๐Ÿ’ ๐จ๐Ÿ ๐๐ข๐œ๐จ๐ง๐จ๐ฆ๐ฒ ๐…๐€๐๐ฌ

What makes Hyphen more secure than other EVM bridges?

Hyphen was designed with security baked into its design. Here are the top 3 reasons that make Hyphen more secure๐Ÿงต๐Ÿ‘‡
2/

โœ…Multiple smart contract audits:

Hyphen pool contracts have been audited twice.

โœ”๏ธAudit by @HalbornSecurity๐Ÿ‘‡
โ€ฆmy-assets.ams3.digitaloceanspaces.com/Hyphen_Smart_Cโ€ฆ

โœ”๏ธAudit by @code4rena๐Ÿ‘‡
code4rena.com/reports/2022-0โ€ฆ
3/

โœ…Crypto-economic security:

Cryptographic proofs are checked to prevent double-spending.

Additionally, Hyphen implements a dynamic mechanism that makes the transfer fee variable.

It depends on:
- total liquidity supplied by LPs
- available liquidity in the pools.
4/

There is an equilibrium transfer fee, F(e), which is currently set as 0.1% and is charged when a cross-chain transfer brings the destination pool to a state where L = SL.
5/

โœ…Decentralized rebalancing:

Hyphen pools are designed in such a way that it incentivizes bridgoors to rebalance the pools in case of an imbalance in liquidity.

It maintains an Incentive Pool which is gradually filled as the pool becomes empty due to more one-sided demand.
6/

When a user makes a transfer and deposits in a pool that is low in available liquidity (hence a high Incentive Pool), some part of the Incentive Pool is given as a reward in the deposit transaction hence incentivizing the user to do this transfer.
7/

When this reward given on the source chain becomes more than the transfer fee on the destination chain, this transfer becomes profitable for the user.

Learn more about Hyphen's dynamic fee and self-rebalancing model, here ๐Ÿ‘‡
notion.so/biconomy/Self-โ€ฆ
8/

โœ…Single-asset liquidity pools

Since Hyphen's liquidity pools are single asset pools, they are resistant to impermanent loss and therefore, a good (and safe) way for LPs to earn a fee on their positions
9/

Learn more about integrating #Hyphen in your dApp to enable๐Ÿช„๐ˆ๐๐’๐“๐€๐๐“๐Ÿช„cross-chain transfers, here๐Ÿ‘‡

docs.biconomy.io/products/hypheโ€ฆ

Have any more questions about Hyphen?

Reach out to us, here:๐Ÿ‘‡

Telegram: t.me/biconomy

Discord: discord.com/channels/69240โ€ฆ

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More from @biconomy

Aug 17
To incentivise & simplify onboarding, @dYdX offer gasless deposits powered by Biconomy.

Read on to know how this helped them add 23,000 new users & save them $738K in gas fees!๐Ÿ‘‡
/2 The dAppโ€ฆ

@dYdX is a fully decentralized trading perpetual exchange. Backed by some of the world's largest VCs such asย a16z Crypto
/3 The Challengeโ€ฆ

With thousands of unique users in 2021, dYdX feared that traders were burdened with gas fees when making deposits to their new accounts.
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Aug 17
What is the most exciting thing about #Web3 to you?

Decentralization? Open access? Ownership?

For us, at @biconomy the most interesting lego of Web3 is --โœจ๐‚๐ซ๐จ๐ฌ๐ฌ-๐œ๐ก๐š๐ข๐ง ๐‚๐จ๐ฆ๐ฉ๐จ๐ฌ๐š๐›๐ข๐ฅ๐ข๐ญ๐ฒโœจ

Why does it excite us so?

A๐Ÿงต๐Ÿ‘‡
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Composability accelerates digital innovation in Web3 much more rapidly than Web2 could ever achieve:

Unlike Web2, developers don't have to wait for a code to be unveiled after reaching maturity.
3/

Thanks to the smart contracts being composable, developers can build on top of apps (even nascent ones) because code is open and verifiable and trust is not required.
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Aug 15
๐Ÿ“ฐBICO Weekly Degen Digest is reporting LIVE on a deranged week!

If you thought all those events with 3AC and Terra were crazy, this week just proved that the ceiling is still too high.

๐‚๐ซ๐ฒ๐ฉ๐ญ๐จ ๐Œ๐š๐ซ๐ค๐ž๐ญ:๐Ÿงต๐Ÿ‘‡ Image
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#Crypto assets are pushed even harder this week as the market continues its recovery.

$ETH continues to grow stronger. The merge drew in even closer with the Goreli testnet's success last Wednesday.
3/

@VitalikButerin indicated Sep. 15th ๐Ÿ‘€ as the expected merge date, when the terminal total difficulty hits 58750000000000000000000๐Ÿ‘‡

Read 20 tweets
Aug 6
๐Ÿ‘‹Hello Biconauts,

This weekโ€™s glossary covers EIP-4337, a proposal meant to handle a top preoccupation of the #Ethereum community: ๐€๐œ๐œ๐จ๐ฎ๐ง๐ญ ๐€๐›๐ฌ๐ญ๐ซ๐š๐œ๐ญ๐ข๐จ๐ง.

Weโ€™ll go over why the proposal was necessary and what solution it offers.๐Ÿงต๐Ÿ‘‡
2/

First, a quick note: #accountabstraction allows a contract to become the top-level account that handles fees and starts the execution of the transaction.
3/

Ethereum developers have been preoccupied with account abstraction for a while.

The goal is to use #EVM code not just for implementing the logic of applications but also for the verification logic of individual wallets โ€“ nonces, signatures, etc.
Read 9 tweets
Aug 5
Bull or bear, the Biconomy juggernaut has been growing leaps & bounds every month!

July was no different! So let's look at our July metrics!๐Ÿ‘‡
Gasless โ›ฝ๏ธ

Gasless saw continued growth thanks to a number of new integrations with even higher gas savings for dApps!

Total Transactions: 1,172,799 (+32% MoM)

Gas savings $$ for dApps: $19,434.71 (+5% MoM)

Unique users: 209,196 (+18% MoM)
200K new unique users used Biconomy just in the last month ๐Ÿคฏ

Also, we officially surpassed 20 MILLION transactions and 2 million NEW web3 users!
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Aug 5
Whatโ€™s a Relayer Network?

1/9

Make a guess... Who are the unsung heroes of #Web3?

Not your micro-cap gaming tokens or๐Ÿ’ฉcoins for sure.

We'd like to think that Relayer Networks are the invisible MVPs of Web3 ๐Ÿ’ช๐Ÿผ

What are Relayer Networks exactly?

Let's dig in!

A ๐Ÿงต๐Ÿ‘‡๐Ÿผ
2/9

A Relayer takes individual orders and organizes them into an order book.

It's similar to what exchange does.

Except, a Relayer is NOT an exchange.

A Relayer helps users create, sign, or find orders to fill without holding any tokens.

Yes๐Ÿ˜ฏ, just WOW.
3/9

2 key definitions๐Ÿ‘‡๐Ÿผ

A 'Relayer Network' is a way to send meta-transactions to an EVM-compatible chain using a third party's infrastructure.

A 'Meta Transaction' has data created and signed off-chain by one person and executed by another person who pays the gas fees.
Read 9 tweets

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