Co-Authored by: DappRadar&Connext (@michael-dappradar and @Khlilo )
Introduction
When searching for an alternative to our previous Multichain bridge, we wanted a safe and simple solution. Why simple? Because simple and elegant solutions are typically also safer, less code that can fail, and that was paramount for us.
Our goal was to avoid the issues we had with Multichain and to build a new bridge between Ethereum and BNB Chain that is safer than before.
Why Connext?
The Connext bridge solution consists of 2 smart contracts:
- Lockbox - Holders lock $RADAR and receive xERC20 ($xRADAR)
- xERC20 - Aka. $xRADAR. Connext has mint/burn permissions for this token which is used to burn on one chain and mint on the other.
We chose Connext because it ticked all our boxes and it also supports our existing $RADAR ERC20 token. No need to migrate our whole user base to a new token, like other bridge solutions require.
On top of that the xERC20 ($xRADAR) smart contract, allows setting mint/burn limits per bridge. Meaning, we can greatly mitigate the impact of a hack by simply setting a low limit for each bridge. Currently we only allow Connext but in the near future we can allow more bridges, each with their own (low) daily limits.
The Connext team has given us all the support we could have wished for, to have a smooth launch. Thank you ser!
All of the above made our decision easy to choose Connext as our bridge standard and solution.
DAO Proposal
As we continue to transition into our DAO model, it is vital for all decisions that relate to integrating RADAR be communicated openly with the RADAR holders.
The goal here was to ensure that all time holders, especially those who were holding RADAR on the BNB chain; were sufficiently informed on the process of managing the inaccessible RADAR and accessing the requirements of a new bridge partner which we outlined in detail in our DCP-15.
Audits
We did our own audit with https://credshields.com/ after we added some additional security mechanisms to the smart contracts (Lockbox and xERC20).
Final deployment with reference to date
These are our deployed smart contract:
xERC20: https://etherscan.io/address/0x202426c15a18a0e0fe3294415e66421891e2eb7c#code
Lockbox: https://etherscan.io/address/0xFf6792A39F44FB67B4796906a5Cb77C677328858#code
Our bridge went live on 04 October 2023 and can be used via: Send RADAR from Ethereum to BNB Chain with Connext
How this will help with decentralization and the growth of $RADAR
We are happy to have rebuilt the bridge between our Ethereum and BNB Chain users. In the near future we will launch $RADAR on more chains - of course using the xERC20 standard from Connext, so that we can support even more ecosystems safely and easily.
Future developments
Moving forward, we will actively monitor the bridges functionalities and work with the Connext team on any potential improvements. We encourage the community to share their experiences in the relevant channels
This exercise has been a test into how the engineering team works and communicates within the DAO format. We were even able to garner the first community-initiate proposal in DCP-17 suggesting the usage of Hats.Finance for a bounty-based audit. Although, it didn’t reach Quorum, these are initiatives that we will encourage in the future.
The team will progressively share more on the Engineering process relating to DAO and RADAR as we prepare to function within the DAO Workstream for Engineering.
More about Connext and xERC20 standard
Connext is an open protocol that allows developers to build applications that can live on every chain and be used with every token, all at once. Since its creation in 2017, the project’s mission has been to make Web3 accessible to everyday users by abstracting away the complexity of interacting with underlying blockchains.
Connext is more than a bridge; it is a growing ecosystem of primitives that builders can seamlessly compose to create groundbreaking apps and experiences with features and standards such as xCall, Chain Abstraction Toolkit, xGovernance and xERC20 that DappRadar recently integrated via Connext!
xERC20 is a mechanism that powers projects to natively bring their token to every supported chain. It eliminates the need for providing huge liquidity to bridges and offers the best available security by being able to use battle-tested canonical bridges in the background.
The novel token standard powers crosschain tokens that can be seamlessly transferred across blockchains with no slippage and without making compromises on security.
For more information on how to get started with xERC20 implementation, head to xERC20 - Connext Network