Today I want to get your feedback on the idea of the great migration. What that basically means is that we are becoming multi chain species. The ETH is great for security but let’s be honest, the gas fees are killing the innovation vibe. Even simple DEX operations quite often cost the daily wage of an average human worker.
However, we see the solution in sight and its called L2 & L1 Scaling. In our case we have set eyes on Polygon which is where our first supported project DeFi Options decided to live (and farm hopefully xD).
The reason why we want to pursue the idea is to bring a bit of life into the project. Checking up daily on a a project and doing some actions is a great way how to get engaged and attract new members.
This doesn’t have to mean that our liquidity pool is going to completely move from Uniswap to QuickSwap, Pangolin or PancakeSwap. In fact we are more interested just to have an infrastructure working group which pursues establishing bridging between different chains.
How the success looks like?
In my view success means that on any given day an average Shiner has a reason to check on ShineDAO web app and potentially perform some fun or useful activity. That can be yield farming, proposing new tasks, staking or even playing some luck or skill based games. Unfortunately, due to the high gas cost this is hardly viable on the main net.
Attention is a scarce resource, in the digital as well as the DeFi world. By providing some services that are useful in some sense to the user we capturing the attention of the people and aligning interests of all the shiners and all the projects that we support.
Example idea for some fun activity that we could do on a cheaper chain would be an idea of a knowledge quiz. Every day we could have incentivized learning about the projects that we support and if you are right you can get rewarded.
Let me know what do you think! Especially valuable feedback would be from the people who are already living the multi-chain life
Bridging to run also on polygon sounds good. but i’ve been in so many bridge discussions across chains right now and the only thing i kind of like his how renVM does it. I suspect that I’ll probably continue to have these discussions as long as we live
I deff do not want to reinvent anything and if we could leverage that or build/fork off of renVM or anything else with good ideas, the better. We could even have/run our own validator set just for our community to handle bridge across many chains in the future.
its a closed source x of y multisig bridge, they could use a 2hr-24hr twap oracle from a dex token pair instead of chainlink but i doubt it would happen anytime soon (or maybe they don’t want to take tx risk bridging small cap tokens since i think tx fees are paid in those tokens [going by some of the complaints ive heard about how much it costs for some people briding back in forth and how much they were charged in usdt for the tx when bridging usdt])…
seems interesting, doesn’t seem to show how any arbitrary token can be bridged though in their docs (unless i missed it) unless you are referencing their code that we as a community can use to run our own fork of relay nodes?
compared to cBridge: "cBridge consists of multiple “relay nodes” that have abundant liquidity on multiple chains. When you need to transfer some assets from chain A to chain B, your assets will first be sent to a relay node on chain A. Since the relay node also has liquidity on chain B, it will further send assets of equivalent value to your destination on chain B.
The above multi-hop transfer is secured by the Hashed Time Lock contract. You do not need to have any trust on the relay node and your funds are safe even if the relay node is malicious.
cBridge is completely non-custodian, meaning that the user’s assets in cBridge are entrusted in the smart contract and are completely under the user’s own control. Except for the user who owns the account’s private key, other third parties cannot control or transfer the user’s assets."
I don’t think that neither anyswap nor cBridge provide custom token support. In a way this is a very difficult problem as some tokens have additional beheviours compared to just bare bones ERC20.
It seems for me that one potential solution to this conundrum would be just to have a single highly liquid asset which is going to hop trough the bridges. In fact, I think that the perfect candidate for this would be FRAX. However, its not the strategy that they are pursuing.
I’d favor even full migration to new chain let it be Polygon, Fantom or some other. ETH was great to start, but with $20 just for single transfer, you just HODL your tokens and that’s it. I’m in some projects on Matic, Fantom and the movement, staking, sharing, gaining, providing liqiudity and everything is just like daily business with fees like $0.02 or something like that.