The New Era in Web3 Interoperability

Transcript

[Music] hello everyone I hope uh that this weather actually is uh pretty nice for you guys to enjoy the conversation about interoperability and bridges so uh just few words about myself I'm a co-founder in cbdo of cross curve uh which is a flagship product of Ava cross chain protocol cross curve is a uh cross-chain deck um and um I'm also a founder of uh largest in the space sea level Community called crypto Executives uh so today I want to discuss a little bit few problems that we see in defi one of them is uh fragmented

liquidity so the projects and blockchains that exist currently they actually have their liquidity fragmented among them so it's very hard for users to actually move liquidity in between chains even now and um lack of cross chain um Bridges and cross-chain Bridge security is another huge problem in defi because like to be honest $2 billion were stolen from the bridges within the last few years I'll be touching on that later also isolated user base that's one of the problems as well because each blockchain has its own user base so the projects do not really try even to go to other chain users and Market to them

because it's kind of different technology it's different kind of users they're all going like they are very isolated we want to change that as well and um complexity so like almost 10 times uh more text volumes are compared to the Dex volumes so people prefer to use centralized exchanges because it's just simpler I mean you go there you need to buy a Tok you to swap the token you don't really need to think which chain the token is traded or which chain the token is operating in you just go and buy do it in one click you receive it you swap you trade you hold

it it's it's really up to you so we want to change that and uh but let's go back a little bit to the bridges and cross chain security and why it's important so with orange uh you can see the cross Chain Bridge hacks and it's like the scale is in billions of dollars so you can see that in 2021 it was there was a hack of $600 million it's a was a ronin Bridge hack in 2022 there were like already one plus billion were stolen from several Bridge hacks like Harmony protocol like B&B chain like B&B protocol uh there

were a number of others that were actually attacked so usually there are like two vectors of attacks on the bridges it's like smart contract you can see Wormhole $320 million lost Nomad Bridge 190 BNB Bridge hack was initially 600 million and then they reduced it to 100 million losses but also a consensus a multi hack so this includes ronning bridge this includes Harmony bridge this includes also the largest in the space multi-chain Bridge which was up like uh in tvl of few billion dollars and it was also attacked from the multis side so how the bridges are actually secured so

there are different approaches there is a multi-chain approach which basically works on a direct onetoone transfer which was attacked from the um consensus protocol side despite they were claiming to have 21 validators torque chain it utilizes the mint and burn mechanics of their own token um our AA version one um our own Bridge the most decentralized Bridge we were utilizing like 150 validators to request the transaction so this is um basically amm type Bridges and like binance is centralized exchange you can also move the funds in between the chains if you want to uh so centralized uh cross chain data

protocols work through centralized entities so when multichain was claiming to have 21 validators actually you know even looking through the validator names you can see Ahmed with a smile and um to me it was not very trustworthy despite they had like billions dollars in tvl so what happened later it's that they got hacked they say or the founder got hacked um or founder just took the money out of protocol and that was the end of multichain uh the centralized cross chain protocol um it's actually the protocol where Founders and team cannot retrieve the money from the protocol it's actually

trustless solution supposed to be protected by large number of the centralized validators um however we believe that in current market it's almost impossible to compete with layer zero which raised 200 to $300 million at 3 billion valuation you cannot compete with axlr you cannot compete with chain link ccip you cannot compete with Wormhole which is backed by um jump yeah so when they got hacked for $320 million the next day jump just paid it back in salana right so and um to be honest when you cannot

compete with them and bridges are efficient as efficient as uh uh the amount of liquidity that they have what we believe we need to create a solution where we actually create a consensus of all those major Bridges so even if layer zero is hacked the the guys who are actually providing liquidity for our protocol and most importantly big whales that are moving liquidity between chains like they are secured if two Bridges out of these five are hacked they also will be secured which is almost impossible to be layer zero and Wormhole hacked in one day so that's why we believe that it's very important for the cross-chain

security to implement our solution uh which is basically a solution of official Bridge of curve curve Finance is largest Dex in the world so you know so that's why we also uh created a flagship product called cross curve curve has $2 billion in liquidity with this solution protected by security of AA consensus protocol we bring in um we we create a unified cross chain Market from different blockchains together it's $2 billion so user experience will be like oneclick Solution that's what they

want they don't want to go in different Bridges change and we enable low slippage cross chain swaps of any assets liquid Stak tokens they're very hyped up who heard here about liquid steak tokens guys anyone so but who heard how easy you can swap easy liquid stake tokens between the chains like if you minted the S on arbitrum how easy it is to move it to polygon like you you don't think about it yet right what about pair of s e to e right curve pair you you can't really move it so that's what we we we don't only move the assets we also move LP payers LP payers of curve can be eight

stable coins right eight stable coins in one pool they can be exchanged to one another and we can move it between the chains so cross-chain listing for projects like who knows the project that was listed on let's say pancake swap right in BNB chain so where they will be traded only BNB against which currency or against which token usdt that's it no one else with usdc can buy it no one else with di can buy it we allow cross chain listing for projects that can be bought from any chain with any asset that curve supports so um what we believe that will happen is

that yeah guys guys I have problem with slides all right let me just continue without it uh so um what we believe that this solution can bring to the decentralized uh world right um in in my opinion the dexes currently are only 10% of centralized exchanges so when you let the cross chain Dex to flourish with liquidity to flourish with security of interchain communication to flourish with efficiency to allow for oneclick solution to allow for the projects to be listed on any chain against any token and being traded against any other token

in any other chain like Trader can buy the token of the project that lists against usdc in polygon with w e in E from ethereum chain with wbtc from Avalanche and we be completely okay so this creates a cross-chain tax environment which as per for example like major VCS that we are in in in in talks with uh potentially could be the cross-chain solution of the next Bull Run so um in in and and those problems with $2 billion of lost liquidity like some people think liquidity it's not money it

is it is money right so $2 billion were stolen from BR Bridges our primary concern is to make it secured if we can make it secured by yes I know it's stuck so if if um the $2 billion um in in liquidity in the cross curve solution creates efficiency then AA as a consensus protocol that Aggregates Axel layer zero and um chain link and all the major bridges in one solution including even potentially the um Ava cross chain protocol in the

future which is secured by 150 validators so all this creates a like a space in a decentralized environment where the bridges are actually secured so $2 billion will not be stolen in the future that's what we can guarantee I would say with some certainty because if our bridge is secured and protected by the properly done audits with a properly done security uh checks and at the same time the consensus level of the of the decision making of the data protocol is is cons uh is aggregated on the consensus level from layer zero Stargate

XLR and Wormhole and C chain link ccip and other major Bridges then you create an unhackable Bridge right so uh um apologies for the slides uh I think the tech just failed but um I want to conclude on one important uh aspect uh how I can see the future right so the future I see that the people do not rush to centralized exchanges for making swaps that especially the large whales and liquidity providers that moves millions and tens of millions of dollars and maybe hundreds of millions of

dollars they can go on chain and do it securely and quickly within one click so which project and which Bridge they will use they will use the most trusted and the most secured bridge for that so when I was speaking with uh big hedge funds with hundreds of millions of dollars under management they were telling me that the one problem they have all faced is a security of the bridges security of centralized exchanges they all lost money all of them on FTX or nearly lost money because they were moving funds they were retrieving it after that but

they were moving funds through FTX so FTX failed what can happen to the multichain multichain also fail right so if you create the cross chain Dex that is secured that's what going to be used by the uh by the future uh decentralized I think it's started to work now so yeah I talked a little bit about the future you this is decentralized and efficient this is the vision and obviously if anyone would like to connect me on telegram that's my telegram um email as well and again thank you for listening to New Era of cross chain

interoperability um really happy hearing all of you guys here and uh thanks a lot thank you so much far us such an amazing speech