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Connext | ✖chain composability 🧱 Profile picture
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Aug 26 • 14 tweets • 6 min read
1/ Here is what @arbitrum Nova is and why you should get excited about it 🧵

#InfraFriday Image
2/ Arbitrum Nova is a new chain built w/ AnyTrust tech for low txs fees and a high level of security. Nova differs from @arbitrum One by not posting all tx data on chain, but to a Data Availability Committee.

3/ AnyTrust is a tech developed by @OffchainLabs (who built Arbitrum).
Nova security level sits between a sidechain and an optimistic rollup: with a set committee that operates the chain, the req is only for a small minority (2/20, for ex) to be honest. A sidechain would req 51%+
4/ Rather than posting all data to the @ethereum network, the committee certifies and validates batches of transactions and only posts the certifications to #Ethereum, resulting in significant cost savings for users.
5/ There’s no need to record all L2 tx data on the L1 chain, because nodes can rely on the committee to provide data if needed. Instead, it’s safe to simply record the hash of a tx batch on the L1, with huge savings vs how rollups work
6/ Still, withdrawals to L1 can be executed immediately, as soon as the committee vouches for them

As a security measure, If there is any issue with the committee, the chain fallbacks to a rollup-like architecture
7/ "Data will be posted on the L1 Ethereum chain, and withdrawals will have a delay period, just like on a standard rollup–until the committee resumes operation"

medium.com/offchainlabs/i…
8/ Abirtrum Nova launched recently, with a few millions already being deposited there and huge potential ahead
9/ The chain is built specifically for web3 games and social projects, and any dapp that requires high frequency and is ok with off chain data storage.

Chain/L2 specialization is something we are going to see more and more in the future

nova.arbitrum.io
10/ Another perfect ecosystem for Session Keys, a primitive that allows users to pre-approve a specific type of txs and then dApps to execute them whenever needed (ex: an onchain game where users don't having to re-approve every move). A much better UX!
11/ @Reddit has already announced they will move their Community Points / tokens on Nova

And a rich ecosystem is already spinning up, with @SushiSwap already deployed and leading the number of tx there

12/ You can now bridge from any chain that Connext supports to Arbitrum Nova, in a cheap, fast and secure way!
13/ With Nova now being connected on Connext, it means builders can easily create xApps, deploy them on Arbitrum Nova, and interact with any chain in a secure and flexible way, accessing liquidity and data on Arbitrum or any other L2.

blog.connext.network/how-to-build-c…
14/ BRIDGE, BUILD, Repeat.

bridge.connext.network/from-arbitrum-…

• • •

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More from @ConnextNetwork

Connext | ✖chain composability 🧱 Profile picture
Aug 23
1/ Earlier this year, we announced the Amarok network upgrade to overcome limitations in Connext v1. It introduces support for arbitrary message passing, enabling developers to integrate easily into our network to build fully expressive xchain (cross-chain) applications (xApps). Image
2/ The upgrade modularizes the bridging stack. Instead of 1 system powering all of the functionalities, developers instead call into a single function (xcall) that splits actions between a Liquidity Layer (Connext) & a Messaging Layer.
blog.connext.network/announcing-the…
3/ After intensive research into the tradeoffs of bridge security models, we chose to partner closely with Nomad, the team that invented the Optimistic Bridge model - a messaging system that relays data across chains using fraud proofs similar to optimistic rollups.
Read 15 tweets
Connext | ✖chain composability 🧱 Profile picture
Aug 3
1/ At approximately 9:32 pm UTC yesterday, an attacker began exploiting a bug in Nomad’s Ethereum smart contract, resulting in the theft of approximately $190M. Here’s what we know so far and what you can expect from us in the coming days:
2/ The vulnerability was caused by a bug introduced during a routine upgrade of the Nomad contracts. The bug unintentionally removed the requirement that a message be proven, allowing attackers to bypass proving the validity of messages to the contract’s process() function.
3/ The bug existed on all replicas across the 6 chains Nomad is deployed on but was outside the scope of Nomad’s fraud-proof mechanism. As such, it was unrelated to the Optimistic Bridge security model and unable to be stopped by Nomad’s watchers.
Read 11 tweets
Connext | ✖chain composability 🧱 Profile picture
Aug 2
We are aware of the exploit of the @nomadxyz_ contracts on Ethereum.

Users of Connext are not directly affected by this exploit.

However, madAssets held by users on Moonbeam, Milkomeda, and Evmos may now be unbacked by corresponding assets on Ethereum.

1/
To protect users and routers, the above chains were disabled as of approx 2 hours ago.

We are working with Nomad and others and will post updates once we know more about the situation.

2/
Nomad's team is made up of some of the most legit & skilled protocol devs in the space, some of whom have been working on bridges for half a decade.

Despite this + the phenomenal economic security that comes from Nomad's architecture, implementation bugs *can* always happen.

3/
Read 4 tweets
Connext | ✖chain composability 🧱 Profile picture
Jul 25
✖️💸🧱

We are witnessing the birth of new stablecoins from Defi's blue chip projects (@CurveFinance, @AaveAave, and others).

Who will gain a competitive advantage by issuing the first natively - secure - crosschain stablecoin?

#xmoneylego

1/
First: the design.

Learning from recent experiences, we can expect these stablecoins to probably stick to an over collateralized model to be able to maintain the peg.

2/
A basked of assets already used in those platforms will form the collateral to be able to mint the new stablecoin

3/
Read 12 tweets
Connext | ✖chain composability 🧱 Profile picture
Jul 11
WEN $NEXT - Update

Given recent market conditions and volatility, we have decided to delay our token distribution temporarily. Below you’ll find the reasons behind this decision and the next steps we are putting in place to transition Connext into a DAO.

blog.connext.network/wen-next-token…
1/ In late April, we announced plans to launch $NEXT, a network utility and governance token, in addition to our intent to transition to a DAO — decentralizing the majority of our operations.

blog.connext.network/whats-next-d30…
2/ Since that time, market conditions have shifted dramatically, bringing heightened volatility and an exodus of many smaller holders throughout the space. Historically, launching a token in this type of market has had a centralizing effect on ownership,
Read 10 tweets
Connext | ✖chain composability 🧱 Profile picture
May 28
1/ Our latest governance proposal to distribute 300k $OP to Connext Liquidity Providers raised some fair questions as we never thoroughly explained this concept before for Amarok.
Here is how Liquidity Provision will work in the next version of Connext

2/ For the current version of Connext, all liquidity providers are “active”, meaning they have to set up a router in order to provide liquidity and support the functioning of the network. These LPs currently earn 5bps on each transaction.

connext.network/routers
3/ The system is kept trustless thanks to a peer-to-peer atomic swap process. 1 Router locks its tokens on one chain, user on the other, and only after that they exchange tokens with each other.

This system has some limitations incl fragmented liquidity:
blog.connext.network/announcing-the…
Read 17 tweets

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