EvoDefi's Cross-Chain Bridge Deep Dive
Despite common sentiment, communication from one blockchain to another with todays technology is inherently insecure. This is because blockchains, whilst mostly designed to be internally decentralised, did not anticipate communication outside of the chain itself, or at least it was not a priority. Bitcoin certainly had no initial plans for interchain communication, and larger projects like Polkadot require building complicated parachain bridges upon chain relays for interchain communication. Some of the most devastating attacks in the space have occurred when chains poorly string together decentralisation in ways the underlying chains were seriously not intended.
Whatever the future holds, with current blockchain technology, a purely decentralised solution for talking to existing chains is not practical. While future chains have some hope for ameliorating security holes at some point, EvoDefi intends to provide a safe, secure way for users to transact today.
We believe permissionless systems are a simpler, more secure, more practical solution for cross-chain bridges in the current ecosystem.
EvoDefi's most similar project, in a technical sense, would be the recently decomissioned Binance Bridge. This bridge was sorely missed as it provided a crossing between other bridges which are still not supported. EvoDefi picks up where Binance left off, and we want to bring those users back to the amazing world of trading and transacting permissionlessly away from the purview of centralised exchanges.
When a user transacts on our bridge, a contract is called that fires an event on the source chain. This is public, all incoming and outgoing transactions are freely auditable on each respective chain.
We run a private operator node which contains workers on various chains. These workers check the chain for any new transactions and if valid, create a new transaction signed by the operator. This ensures only the operator has control over token emissions. The operator calls the vault contract with a batch of new transactions and pays for gas.
EvoDefi uses a mix of hot and cold wallets to ensure against the loss and attacks so common with other bridges. On-chain funds are able to be monitored at their respective addresses:
- bsc: 0x9983d8cdeaf7872501628229d311e2f7df396add
- ... etc
Our operator also performs another important task. Sometimes, liquidity shifts in favor of a particular chain. For example, demand might move rapidly from a less popular chain to a more popular chain as more people want to exit. In order to prevent stalls, we have careful monitoring systems in place to detect lopsided liquidity on our various supported protocols. We have a centralised rebalancing system for moving these funds across chains on occasion to prevent capital lockups or bridge downtime.
Our cold storage represents the vast majority of our liquidity, and we believe a conservative approach is by far preferable to keeping funds entirely in hot wallets as some other bridges do. We continually perform internal audits to ensure our funds are accounted for and safe, whilst not drawing too much attention (known as a honeypot) to our cold wallets.
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