The last several weeks weren’t easy for ChainSwap. Looking back, we understand that there are things we could have done differently. We did an internal reflection and tried to find where we got wrong in our development process, and how we can improve.
Here are the main points:
It is with deepest regret that we must announce that on Saturday July 10th 2021 at 20:47 UTC, the ChainSwap protocol experienced a vulnerability exploit that impacted $ASAP tokens on both the Ethereum and Binance Smart Chain networks. Hackers were able to drain tokens from the minter as well as from the Bridge Contract. Trading of the $ASAP token on centralized and decentralized exchanges was largely impacted.
ChainSwap team apologizes for this situation that undoubtedly impacts our users and supporters. …
On July 11, 2021, the cross-chain bridge project Chainswap was exploited, which resulted in a total loss of 20 assets on the bridge with a combined value of $4 million. ChainSwap team has now prepared and executed a compensation plan in consensus with the affected projects.
The attacked contract code:
On July 2nd at 04:30 AM UTC we noticed an anomaly on the bridge, some users reported that their coins were actively withdrawn from wallets that interacted with ChainSwap.
Upon discovery ChainSwap team immediately froze the bridge, shut down all nodes and a fix was deployed within 30 minutes. Local police authorities, Huobi & OkeX which the attacker interacted with to withdraw/deposit funds got immediately contacted. …
Galaxy is boundless,we are glad to join the ecosystem.With the NFT-as-a-service (NaaS) infrastructure powered by Project Galaxy, ChainSwap now launches the Diamond Hand Campaign to reward all the users who HODL $ASAP with a luxurious yet glorious NFT.
We are pleased to announce a partnership between ChainSwap and Solo.top, which leverages the DeFi smart protocol to give users a secure and highly profitable lossless mining experience with a single coin. Our partnership will provide users with a smoother cross-chain experience for their assets, allowing them to capture the value added by assets on different chains.
We are excited to work with the Solo.top team and look forward to helping them in the short and long term. As part of the partnership, both parties will work together to explore strategic cross-chain applications in asset cross-chain, liquidity mining and more.
This article aims to explain the liquidity bridge token economics and cover the cross-chain liquidity arbitrage system for major assets.
ChainSwap Liquidity Bridge is a dynamic feature that will allow the bridging of mainstream assets (USDT, USDC, DAI..) across all major chains supported by ChainSwap.
On the cross-chain problems of mainstream coins:
As we know, most of the mainstream coins are already issued tokens, such as USDT. Let’s take USDT as an example. If we want to realize the multi-chain bridge of USDT through Chainswap, we must consider the following issues (the situation with other mainstream coins is similar, so here we take USDT as an example to open up discussion and facilitate everyone’s understanding).
1. Where does the mainstream coin liquidity on the bridge come from
So the first question is, where does the USDT on each chain come from? If user A wants…
Today we are announcing that ChainSwap is joining forces with Impossible Finance — innovative DeFi platform that creates inclusive financial instruments for everyone. ChainSwap will become the cross-chain bridge partner for Impossible hub.
Impossible Finance leverages DeFi protocols to democratize access to financial products that were previously only available to institutions and accredited investors. Partnership with ChainSwap will provide Impossible’s users access to a wider selection of assets.
As a part of the partnership, Impossible will integrate ChainSwap’s one click deployment functionality to easily onboard projects with crosschain bridge. We will also be exploring strategic cross-chain applications together.
We are continuing to announce our partnerships with the leading players in the decentralized finance space — this week we’re excited to team up with DAFI, a demand-pegged inflation protocol that introduces synthetic smart tokens into each blockchain network.
Ahead of its upcoming launch on Binance Smart Chain, DAFI will integrate with ChainSwap and use its protocol to bridge assets cross-chain from ETH to BSC. We are planning to explore further cross-chain applications together.
DAFI is an innovative DeFi protocol that enables every decentralized network to maximize reward distributions based on their demand, creating limitless applications that support reduced inflation…
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