In recent years, the development of DeFi and the popularity of NFTs have brought huge traffic to the Ethereum Blockchain, and at the same time further exposed the problems existing within Ethereum itself.
Due to the pain points of high Ethereum gas fees and slow speed that cannot be resolved in the short term, the battle for the public chain has already begun. We have seen the rise of many innovative public chains, such as Solana and Avalanche, as well as L2 side chains like Polygon and ImmutableX that focus on fast transactions. Mainnet ecosystems like Binance’s BSC and KuCoin’s KCC have also started to grab market share from Ethereum.
However, these emerging public chains and L2 side chains use different underlying technologies from Ethereum, which makes it difficult for assets on these chains to flow freely. Even if some chains have compatible protocols, they still cannot meet the urgent need for cross-chain asset flow. In this context, various cross-chain bridges have been developed. It can be said that the World War of the public chain has not yet ended, while the War era of cross-chain bridges has arrived.
A cross-chain bridge, as the name suggests, is a way to transfer digital assets or data between blockchains. Two chains can have different protocols, rules, and governance models, and cross-chain bridges provide a compatible way for them to safely interoperate with each other. While cross-chain bridges can solve the problem of asset isolation, the issue of security vulnerabilities caused by contract bugs cannot be ignored. In fact, whoever can guarantee the security of cross-chain operations will become the dominant player in the War era of cross-chain bridges.
In 2022 alone, there have been dozens of cross-chain bridge security incidents. Some of the most well-known include: Wormhole losing over $320 million due to a contract vulnerability, Ronin Bridge suffering a loss of over $620 million due to a private key leak, cBridge causing customers to be directed to malicious smart contracts due to BGP hijacking, and BNBChain’s BSC Token Hub vulnerability resulting in a loss of over $560 million. It is therefore urgent to address the issue of cross-chain bridge security.
Of course, there are still reliable cross-chain bridges on the market. Hackers are like spears, while the security protocols of cross-chain bridges are like shields. As long as the shield is strong enough, the spear will be powerless. Today, we have a better way!
Introducing a cross-chain bridge that has never had a security incident in its five years of operation, namely SWFT Bridgers (or “Bridgers”).
Bridgers aims to be the cross-chain bridge that supports all chains. SWFT, is a product of the Silicon Valley tech circle. According to research, Bridgers has open-sourced its contract and currently supports 11 major public and side chains, including Solana, Avalanche, and Polygon. It has also quietly been implanted in OKX’s Web3 wallet, the popular iToken wallet, KuCoin Wallet, and the TokenPocket wallet. If you frequently trade tokens, you know that the review process for these top wallets before implantation follows extremely strict protocols. The fact that these mainstream exchanges’ wallets are partnering with SWFT speaks to the quality and reliability of SWFT’s cross-chain technology.
If you are considering a long term or frequent trading or cross-chain usage, then the highly secure SWFT is definitely the top choice in the industry. In addition to its excellent cross-chain functionality, SWFT’s native token, SWFTC, was recently announced as the first cross-chain token to be listed on COINBASE Exchange, which speaks for itself. Perhaps the war of cross-chain bridges will continue, but a dominant player has already emerged!
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