Allbridge: The New Chapter
Disclaimer: we would like to preface this article by saying that bridge functions and the roadmap are both subject to certain changes which may occur throughout the development process
Almost a year went by since we officially launched back in July 2021. As our anniversary date is getting closer, we decided to share with you our plans for the second year of the Allbridge journey.
Since the mainnet launch, over $6.2 billion was bridged through our bridge. We have integrated a total of 14 different networks, with more integrations on the way. We aim to add at least 5 new blockchains by the end of 2022.
Over the course of the previous months, we were carefully studying the market. And now, we are finally prepared to unveil what we have been working on behind the scenes!
Introducing the new bridge architecture
In our time working on Allbridge, we have gained tremendous experience in providing cross-chain integrations. Wrapped assets were always a sore point in the user journey, burdening them with the need to do some extra steps before they could interact with the new chain.
This is why we are happy to reveal our new bridge architecture, which encompasses all of our acquired experience, providing cross-chain transfers of the native tokens in one click while remaining simple and intuitive. This architecture would also offer API/SDK, so if a project is looking for seamless cross-chain transfers, they will be able to utilize our solution.
The new bridge will support only the stablecoin transfers, as they occupy the largest share of our current bridging volume. We will focus on the select few chains and assets, covering the most popular bridge directions. Users will also have the opportunity to provide liquidity, enabling access to native assets on different chains in exchange for LP rewards.
Decentralized and non-custodial solution
The bridge’s contracts will be non-upgradeable, preventing malicious intrusions into the transfer flow. The absence of admin access would ensure that the new bridge is non-custodial, which is in great demand in the current market. Our end goal is to build a product following the original ideals instilled by the crypto founders.
The new architecture will be audited to elevate the bridge security further. After the bridge logic is tested and verified, we will launch the product, disabling the ability to alter the contracts. The future migration of the bridge contracts will be akin to Uniswap; thus, if there is a need to upgrade the contracts, users would have to personally migrate the liquidity to the new bridge version.
Cross-chain messaging protocol
The new bridge will be built on top of the messaging protocol, acting as a trustless relayer in the provision of the bridge services.
Another opportunity we want to potentially explore is adding zero-knowledge transfers. Under the ZK technology, nodes will not be able to distinguish between the transactions they are processing, allowing users to avoid the risk of frontrunning and improve the privacy of their transactions.
More versatility in cross-chain transfers
While developing the new bridge, our work on the Allbridge V1 continues. Tezos, Waves, Klaytn, and several other chains will be integrated with the existing bridge and offer more opportunities for cross-chain exploration.
ABR token will retain its utility and will be used in the governance and rewards systems within the new bridge, allowing token holders to benefit from two projects simultaneously.
As the new bridge will be stablecoin-oriented, the existing bridge will remain a versatile tool, enabling token transfers of stable and non-stablecoins between various supported chains.
Within the next few weeks, we are planning to release the MVP of the new bridge architecture for internal usage. Once the prototype is thoroughly tested, the work on the bridge will begin. We target early autumn to release the product beta.
We hope you are excited to see what the future holds for Allbridge! We will share more updates throughout the summer as we bring our vision of the new and evolved bridge to life.