Review and Rating
The protocol is a cutting-edge cross-chain solution designed to provide a robust infrastructure for seamless communication and data transfer across different blockchain networks. Currently running in beta version, the platform is focused on ensuring security and eliminating vulnerabilities before the full version is deployed. While no instances of protocol breaches have been reported, the team has carried out extensive code audits and built security solutions to mitigate potential weaknesses in Smart contracts. Further audit processes are being carried out to ensure a safe launch and deployment of the mainnet.
At present, the number of independent nodes on the platform has not been disclosed, making it difficult to determine the level of decentralization and support. However, the platform will be launched using the Proof of Authority consensus mode (PoA) on 7 chains with 40 nodes, and in Proof of Stake (PoS) with 300-400 validators. The cross-chain protocol has a strong development team with over 30 members working tirelessly to ensure the platform is robust and efficient.
The protocol is built up of several components, each contributing to its overall functionality. Its architecture comprises of an Oracle Network, Multichain Gasless, Cross-chain DAO, and a Cross-chain Data Protocol (CDP), which seamlessly links each component together. The platform uses the Roll-DPoS consensus algorithm, a variation of Delegated Proof of Stake (DPoS), to ensure the security and efficiency of the network.
The protocol incorporates a DAO governance model, through its cross-chain DAO protocol, allowing for transparent decision-making and community involvement. With its impressive architecture, advanced features, and strong development team, the protocol is set to revolutionize the way blockchain networks communicate and operate.
The blockchain interoperability platform under discussion is a unique end-to-end system that aims to enrich numerous and different blockchain ecosystems via liquidity, community, and the technical integration of various DeFi protocols. The primary objective of the project is to solve the challenge of interoperability across different blockchains, which has become a critical issue in the blockchain industry. The platform faces a growing list of competitors, including Poly Network, Thor Chain, Polygon, REN, Near Rainbow Bridge, Chainswap, and Axelar, but it distinguishes itself by adopting an architecture that scales consensus to an acceptable degree of decentralization with over 1,000 participants.
One of the platform's key strengths is its technological advantage, which it leverages to master the B2B model and grow its partner list to increase its total value locked (TVL). It also presents a simplistic user experience on all platforms, which makes it easy for new users to onboard and interact with the system. These factors contribute to the platform's ability to compete effectively in the market.
According to DefiLlama's estimation in 2022, the total addressed market size for the platform is a significant $112B in bridge transaction volume across all bridges. This indicates the potential for growth and expansion in the future.
The platform has already gained a significant number of users, with 150,000 joining the alpha testing phase and 53,000 completing all the tasks. The platform also enjoys a strong social media following, with 56,500 Twitter followers, 253,195 Telegram followers across groups and channels, and 7,514 Discord followers, with over 43,000 followers on Medium. This level of community support and engagement bodes well for the platform's future growth and success.
Furthermore, the platform has a beautifully designed website that provides an easy-to-interact interface for its users, aligning with its vision of easy onboarding for new users. The project has a roadmap available that clearly outlines its plans and expected window for completion, which helps to build investor confidence.
As of the first quarter, the platform has completed its security audits of the mainnet release, and it has integrated eight chains in its PoA mode launch. This indicates that the project is right on schedule and progressing as planned. Overall, the platform's technological advantage, B2B model, TVL growth, community engagement, and on-schedule development are some of the factors that position it for success in the blockchain interoperability space.
The cross-chain protocol project is designed to provide interoperability solutions for various blockchain ecosystems. As a registered entity, it has a clear business model that indicates its revenue generation strategy, which involves charging fees on different activities performed by users on its platform. While the project is not registered with any securities and exchange commission (SEC), it has KYC/AML procedures outlined for prospective users, which may pose a thing of concern for users who value the privacy and security of their investment.
The platform has grown a significant list of investors, including Mapleblock Capital, Algorand Foundation, and NEAR Foundation, who have funded its operations. However, no information is provided on its profits or losses, making it challenging to assess its financial health.
Despite this, the core team appears to be experienced and well-qualified, with diverse skills and backgrounds in blockchain, software development, and marketing. They have continued to participate in competitions and conferences, building a reputation following good performances, demonstrating their technical proficiency in the field and the ability to build the cross-chain protocol they have envisioned.
The cross-chain protocol project has undergone about 4 seeding rounds, and from these, it has raised cumulatively over USD 13 million.
The tokenomics show there would be a total supply of 1,000,000,000 tokens, which are currently valued at $0.06. The token has a potential for returns as it was valued at $0.02 at the pre-seed round, which ever since has seen a steady rise in its value and is currently at a 200%.
The design of the cross-chain protocol ensures that a user can interact with multiple chains without having to switch between networks. However, the shareholder's list or token ownership by address isn’t available, but the token platform can be interacted with on the official website.