About OFR Insight Sharing
OFR Insight Sharing is a weekly program session presented by Old Fashion Research, joined by other crypto practitioners of multiple notable institutions and media presses. Every week, researchers of OFR Fund will share their research results in the crypto industry for the past week. Recaps take a look back at the sharing sessions and expose a larger audience to the most discussed topics recently.
This week, we are pleased to feature Brandon Truong, Head of Product @ ZetaChain, to share his introduction on ZetaChain - achieving omnichain interoperability.
The topics of this week’s OFR Insight Sharing include:
Web3 interoperability challenge
Cross-chain communication trends & solution comparison matrix
How ZetaChain is enabling a new paradigm of dApp development & UX
Progression of multichain
New Layer 1s and Layer 2s (closed systems)
Pairwise bridges with varying security models
Cross-chain bridge aggregators
Current multichain solutions are,
High-risk: Bridges often lock assets that are risked of exploits, and have varying trust models (often centralized, not trustless)
Fragmented: Separate products for every chain or asset pair, frustrating UX, siloed users and assets, and complexity beyond comprehension
Restrictive: With no standard for cross-chain, devs roll their own trust models/solutions or accept being bounded to certain chains/functionality
As of now, there are more than 100 public blockchains, 50+ bridge projects, more than 1000s of wrapped assets, and over $1 billion lost in bridge exploits.
**Many think that interoperability is simply cross-chain swaps and pairwise bridges, support for multiple chains, and all kinds of wrapped tokens.
But interoperability can be
Pay from & receive into any wallet/network/asset
No more wrapped tokens nor related bridge hacks
Chain-agnostic NFTs + Fungible Tokens (ERC20s, etc.)
Abstraction of network/chain to end-users
DeFi, Games, Marketplaces, and more operate across
Different chains seamlessly (not separately)
Omnichain portfolio management and accounting
And much, much more
Thus, Zetachain will empower the progression of multichain with
Cross-chain messaging with native value transfer
Omnichain Smart Contracts
Zetachain is the only public, decentralized blockchain and smart contract platform built for omnichain interoperability.
Zetachain is a truly interoperable L1 with,
PoS, Tendermint Consensus
Chain and layer-agnostic
Unified liquidity, no wrapping
Omnichain Smart Contracts
Hyper-connected node architecture
Nodes observe and reach consensus connected chains’ transactions
Nodes built on battle-tested Cosmos SDK, Tendermint Consensus
UTXO-like cross-chain transactions enable safe, chain-agnostic message passing and value transfer
EVM-compatible smart contracts on ZetaVM can read from and write to external chains.
Externally Managed Assets
Secured with TSS, ZetaChain can sign and verify transactions on any connected chain
ZetaChain contracts can thus manage vaults/assets on multiple chains like a normal L1 contract can on a single chain
This brings omnichain smart contract logic to all chains, even non-smart-contract chains like Bitcoin, Dogecoin
Cold-wallet level security with hot-wallet level functionality, on every chain
Decentralized PoS network
Leaderless TSS keygen and keysign
Extensive defense against arbitrary and infinite minting via oracle checks
Funds at rest are never at risk
ZETA intermediary token minimizes attack surface and simplifies apps
Security example (AMM)
Continuous total supply checks to prevent infinite minting
Only ZETA being transferred at a point in time is ever at risk
A simpler, powerful dev experience
Simple, intuitive cross-chain messaging API
Docs, SDKs, tooling, and examples that minimize developer time-to-deploy
EVM-compatible omnichain smart contracts let existing developer skills translate 1:1
Adding cross-chain to an existing dApp is as simple as: send, receive, handle-revert
So, how does ZetaChain compare to Cosmos, Polkadot, THORChain, Bridges/Messaging?
A new era of interoperability
Cross-chain messaging enables 1-to-1 chain interactions for existing contracts, but more complex apps are complicated and/or impossible
Chain-agnostic, interoperable smart contracts let you manage native assets and data from a single space, enabling a higher level of interoperability
What are the opportunities ZetaChain can bring to you?
Omnichain DAOs: governance, asset management, clubs, that span all chains
Omnichain NFTs: art projects, memberships, marketplaces, proof of ownership that can span all chains
Omnichain DeFi: Curve, Aave, Compound, Yearn can be implemented on zEVM and taken cross-chain easily
Omnichain Identity: universal usernames/domains, decentralized multichain wallets, multichain portfolio management.
And much more.**
If you want to build on ZetaChain, please contact email@example.com to talk through ideas and opportunities.
Special thanks to Brandon for presenting the content. Neither OFR Insight Sharing provides financial advice, nor researchers represent the final statement of OFR Fund.
ALL RIGHTS RESERVED TO Old Fashion Research
Old Fashion Research (OFR) is a multi-strategy blockchain investment fund founded in late 2021 by former executive and investment teams from the leading cryptocurrency exchange in the world.
OFR adopts a multi-strategy approach to capture the underlying value of Web3.0 and to build a full-cycle ecosystem to support new-generation crypto native entrepreneurs. OFR incubates promising startups, follows up with traditional venture capital investment and scaling support, and finally supports the projects if they wish to exit through a merger or acquisition.