{"id":22515,"date":"2023-07-25T18:07:33","date_gmt":"2023-07-25T18:07:33","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/alchemix-connext-adopt-xerc20-token-standard-for-bridge-security\/"},"modified":"2023-07-25T18:07:33","modified_gmt":"2023-07-25T18:07:33","slug":"alchemix-connext-adopt-xerc20-token-standard-for-bridge-security","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/alchemix-connext-adopt-xerc20-token-standard-for-bridge-security\/","title":{"rendered":"Alchemix, Connext adopt xERC20 token standard for bridge security"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2022\/07\/1659008185853-064fb9f1-ab0f-4255-8caa-eef57de9cf51-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2022\/07\/1659008185853-064fb9f1-ab0f-4255-8caa-eef57de9cf51-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2022\/07\/1659008185853-064fb9f1-ab0f-4255-8caa-eef57de9cf51-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2022\/07\/1659008185853-064fb9f1-ab0f-4255-8caa-eef57de9cf51-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li dir=\"ltr\">Alchemix and Connext say the new token standard will benefit token issuers.<\/li>\n<li dir=\"ltr\">DeFi bridges suffered exploits that saw over $2 billion stolen in 2022.<\/li>\n<li dir=\"ltr\">Multichain bridge, which recently announced it was ending operations, is among those to be drained this year.<\/li>\n<\/ul>\n<p dir=\"ltr\">DeFi protocol Alchemix and cross-chain bridge Connext have partnered in an effort that aims to introduce robust security to crypto bridges.<\/p>\n<p dir=\"ltr\">As announced by Alchemix, the two platforms are working together on a new Ethereum token standard dubbed xERC-20. The platforms <a href=\"https:\/\/twitter.com\/ConnextNetwork\/status\/1683504352139288578\" rel=\"noopener noreferrer\" target=\"_blank\">revealed<\/a> the move on Monday.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">We\u2019re extremely excited to embrace the <a href=\"https:\/\/twitter.com\/hashtag\/xERC20?src=hash&amp;ref_src=twsrc%5Etfw\">#xERC20<\/a> token standard that encourages open competition &amp; innovation. Reduced liquidity costs for token issuers + granular security \ud83d\ude4c.<a href=\"https:\/\/twitter.com\/AlchemixFi?ref_src=twsrc%5Etfw\">@AlchemixFi<\/a> is the 1st adopter via <a href=\"https:\/\/twitter.com\/ConnextNetwork?ref_src=twsrc%5Etfw\">@ConnextNetwork<\/a>, with more trailblazers to follow!<\/p>\n<p>1\/9 <a href=\"https:\/\/t.co\/ujUCVjhTY9\">pic.twitter.com\/ujUCVjhTY9<\/a><\/p>\n<p>\u2014 Connext (@ConnextNetwork) <a href=\"https:\/\/twitter.com\/ConnextNetwork\/status\/1683504352139288578?ref_src=twsrc%5Etfw\">July 24, 2023<\/a><\/p>\n<\/blockquote>\n<h2 dir=\"ltr\">xERC20 token standard increases DeFi bridge security<\/h2>\n<p dir=\"ltr\">Per Alchemix and Connext, the new token standard empowers token issuers in several ways, including in bridge management, setting of mint limits, and allowing certain bridges to access identical token mints.<\/p>\n<p dir=\"ltr\">\u201c<em>It\u2019s a bridge-agnostic public good and requires minimal or no custom work for most ecosystems to support<\/em>,\u201d Connext noted.<\/p>\n<p dir=\"ltr\">\u201c<em>We\u2019re wholeheartedly embracing xERC20 at Connext because we envision a secure and innovative future for tokens and blockchain communication. As the HTTP of Web3, we\u2019re all about making blockchain apps more user-friendly &amp; minimizing security risks<\/em>,\u201d the protocol added in details shared on X.<\/p>\n<p dir=\"ltr\">According to the team, projects that deploy the new xERC20 token standard with Connext benefit from increased security against potential DeFi exploits. There\u2019s also 1:1 token transfers between chains with zero slippage.<\/p>\n<p dir=\"ltr\">The integration comes not long after the Multichain Bridge was breached in an attack that saw it lose close to $130 million. The protocol recently <a href=\"https:\/\/coinjournal.net\/news\/cross-chain-bridge-protocol-multichain-ceases-operations\/\">announced<\/a> it was halting operations.\u00a0<\/p>\n<p>Chainalysis <a href=\"https:\/\/blog.chainalysis.com\/reports\/cross-chain-bridge-hacks-2022\/\" rel=\"noopener noreferrer\" target=\"_blank\"><u>reported<\/u><\/a> that token bridge exploits saw more than $2 billion in crypto assets stolen in 2022. This year has continued to see such vulnerability, with millions siphoned from platforms as the sector grapples with increased hacks.<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><a href=\"https:\/\/coinjournal.net\/news\/alchemix-connext-eye-bridge-security-with-xerc20-token-standard\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News ) Alchemix and Connext say the new token standard will benefit token issuers. DeFi bridges suffered exploits that saw over $2 billion stolen in 2022. Multichain bridge, which recently announced it was ending operations, is among those to be drained this year. DeFi protocol [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":22516,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/22515"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=22515"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/22515\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/22516"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=22515"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=22515"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=22515"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}