Understanding deBridge: How the new generation of cross-chain technology will set off a cross-chain revolution in the DeFi market

The rigid demand and current situation of cross-chain bridges

In the rapidly developing field of decentralized finance (DeFi), it has become crucial to efficiently and securely transfer value and information between multiple blockchains. The emergence of cross-chain bridges is to meet this critical demand and become an important infrastructure in the DeFi world. However, there are few solutions that can truly eliminate the bottlenecks and risks associated with traditional liquidity pools.

With the recent launch of LayerZero, although its strategies such as "insulting airdrops" and mandatory donations have been controversial, we have to face the rigid demand for cross-chain interoperability for the current Web3 multi-chain landscape.

How to implement cross-chain bridges

Cross-chain bridges usually implement cross-chain functions through the following two main methods:

· Asset packaging:Lock assets on chain A and cast corresponding packaged assets on chain B to ensure seamless compatibility and circulation.

· Liquidity pool swap: Commonly seen in assets traded on different chains but in compatible environments (such as EVM compatible). This requires liquidity to be provided between chains.

Most cross-chain bridges utilize multiple verification nodes for transaction verification to help prevent single points of failure. However, the main challenge lies in private key management. Traditional bridges often face problems with asset encapsulation and slow transaction speeds, resulting in poor user experience. In the rapidly developing DeFi market, is there a bridge that can complete asset transfers at lightning speed and solve these pain points?

The Birth of deBridge

deBridge was born to solve these pain points. Known for being the fastest cross-chain bridge on the market, deBridge innovatively introduced the 0-TVL approach, using cross-chain logic with off-chain verification and on-chain calls. The deBridge cross-chain message protocol consists of more than a dozen verification nodes that verify and confirm the correct sending of cross-chain messages, and smart contracts are deployed on each supported chain.

deBridge's innovative 0-TVL cross-chain

deBridge Finance received a $5.5 million seed round led by ParaFi Capital in September 2021, including investors such as Animoca Brands, GSR and IOSG Ventures. The project was submitted in the Chainlink Global Hackathon in the summer of 2021 and won first place among more than 150 teams worldwide. deBridge has gained a large number of loyal supporters, won the third phase of Jupiter's LFG Launchpad, and plans to launch on LFG in the future.

How deBridge's 0-TVL cross-chain works

· User initiates cross-chain transaction intention:The user initiates a cross-chain transaction request on deBridge, which will be broadcast to the deBridge liquidity network off-chain.

· Market makers provide quotes:deBridge's liquidity network consists of many professional market makers, who will competitively fulfill the user's cross-chain transaction intention.

· Market makers execute transactions:Market makers respond to users' cross-chain transaction requests off-chain and send the corresponding assets to the user's address on the target chain.

· Transaction completed:The user receives the corresponding assets on the target chain, completing the cross-chain transfer.

This design eliminates the need for users to lock assets in an on-chain liquidity pool, reducing the associated risks and lock-up period. In essence, it transforms the liquidity pool model into an OTC counterparty model with market makers, where execution remains on-chain, but order matching is done off-chain.

DeBridge Advantages

DeBridge has significant advantages in speed, capital efficiency, and user-first. 0-TVL's intent-based approach enables cross-chain transactions to be completed in seconds or even milliseconds (for L2). Unlike traditional AMM and liquidity pool models, which incur slippage and MEV losses as order size increases, deBridge can settle orders almost instantly with a spread of 4-8bps.

This provides users with a seamless experience, avoiding long waits, wrapped assets, and uncertain outcomes on the target chain. With deBridge, any team can create a global entry point for their application without compromising on user experience, thanks to nearly instant settlement, deep liquidity, and efficiency.

Milestones Achievements

As of June, deBridge has achieved over $3 billion in settlement volume, over $10 million in protocol revenue, completed over 3 million cross-chain transfers, and has 460,000 unique transaction addresses. These achievements far exceed their early funding, indicating that their product is stable and profitable.

Debridge Cross-Chain Data Browser

Empowering the Community

In April, deBridge announced the launch of a points system as the primary way to transfer power to the community. The points mechanism is a very powerful distribution channel that allows anyone to actively contribute and participate in future governance. Early supporters, long-term loyal users, and deep ecological partners will be rewarded for their contributions to the deBridge mission.

The rule for generating points is simple: for every $1 paid in fees, users will receive 100 points. Unlike other projects, deBridge's points system is long-term. 20% of the DRB token economic model is used for the community. Long-term rewards for loyal users are conducive to the long-term development of the product.

In the points ranking, it can be seen that Jupiter, a deep partner of Debridge, is currently ranked third. Jupiter has also integrated debridge in its products, which means that all Jupiter users will get points when using debridge's cross-chain services on the platform. Jupiter gets debridge's referral points because of the cross-chain behavior of a large number of active users. This is another way to get debridge points-the referral system.

The invitation mechanism provides a competitive advantage for groups with strong communities and loyal users: invite a user and you will get 25% of the points he generates. This applies not only to individuals and groups, but also to all debridge integrators.

Supporting multiple chains

DeBridge has a long-term vision in both products and communities. Recently, SolanaFloor, a data research organization on Solana, said that in the past week, the funds flowing into Solana through deBridge were 65 million US dollars, while Wormhole, which is also a bridge, was only more than 10 million US dollars. In terms of capital transaction volume, deBridge has become the largest bridge on Solana, attracting excellent Solana ecological partners such as Jupiter, Zeta Markets, Birdeye, Banana Gun and Solflare Wallet.

For blockchain, having strong cross-chain bridge support will bring potential users and liquidity. This is why the Arbitrum Foundation has provided a grant of 1,000,000 ARB to fully subsidize all users who cross-chain to ARB through deBridge. Such a huge subsidy also indirectly illustrates the substantial growth that deBridge has brought to the blockchain.

Currently, deBridge supports 15 chains, 10 of which are integrated through the IaaS service they launched. IaaS enables cross-chain messaging, asset custody, and value exchange through subscriptions, enhancing the interoperability of the EVM or SVM ecosystem. This brings great advantages to the ecology and users on the chain and creates more possibilities.

Data source

Past security incidents of cross-chain bridges

Several well-known security incidents have highlighted the huge challenges facing cross-chain bridges:

· Ronin Bridge attack (March 2022):Ronin Bridge is a side chain of Axie Infinity, which was hacked due to a verification node vulnerability and lost approximately US$624 million.

· Poly Network attack (August 2021):Poly Network was hacked due to a smart contract vulnerability and lost US$610 million, although most of the funds were later recovered.

· Wormhole attack (February 2022): Wormhole lost approximately $320 million due to a smart contract vulnerability connecting Ethereum and Solana.

· Thorchain attack (July and October 2021): Thorchain lost $8 million and $13 million in two attacks due to code vulnerabilities.

· Horizon Bridge attack (June 2022):Horizon Bridge lost about $100 million due to a vulnerability connecting Ethereum and Harmony.

These incidents remind developers and users to be extra cautious when using and designing cross-chain bridges. In contrast, deBridge has maintained 100% normal operation since its launch, without any security incidents. Its products have been audited by multiple security auditing agencies, and a $200,000 Bug Bounty Program has been set up to ensure the pursuit of safer products from more dimensions.

Join the deBridge community

When you join the deBridge community and become a member, you will feel the cohesion of the community and the team. Time and the market will test out valuable products, and users can test out products with the best experience and the most respect for users. This is a team of more than 20 members, who are experienced and have achieved many results in both the crypto industry and the traditional industry, in technology, operations and marketing.

In the community, you can directly find any core team member to communicate your feedback and experience on the product. User-first will win user loyalty. This is a product worthy of long-term attention. Once you use it, you will be surprised by its silky fast process. We believe that deBridge will attract more DeFi users and continue to innovate.

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