Thanks for the clarification sam. Pushing back slightly. How likely

Question

Thanks for the clarification sam. Pushing back slightly. How likely

is it that we will succeed in building a best in class bridging solution while delivering the trinity? Why cant we outsource this to a specialized provider?

#cryptocurrency #english #frax

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04.08.2022

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DeFiDegen.ETH (¤, ¤) Автор вопроса

Sam Kazemian ¤⛓️¤
We aren't building a bridge. Please don't get this...

Thanks Sam, that sounds comforting. Existing solutions for this are not adequate? Sounds like it would be a relatively small dev project? Just trying to get a feel for what kinda bridge we are building (wo giving away our secret sauce)

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04.08.2022

Sam Kazemian ¤⛓️¤

I know you brought up Chainlink's CCIP which we actually were talking to recently so there might be something promising there. The main innovation we need to tackle is having a secure "stablecoin exit to L1" mechanism where redemptions happen there. If we are the most secure and bridge-immune native stablecoin on many chains, that puts FRAX in a league of its own. There would be times where FRAX and the L1 token of a chain are the only 2 tokens worth any significant value if a bridge is hacked. For example, when Nomad was hacked, all the WBTC, WETH, USDC etc on Moonbeam went to 0. Pretty much everything went to 0 other than canonical FRAX and GLMR. We want to keep that up and provide a clear exit to L1 mechanism for canonical FRAX on every chain it is issued on. That way FRAX would become even safer than USDC, USDT, and DAI on other chains since they're not "real" liabilities of Circle, Tether, or Maker respectively.

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04.08.2022

DeFiDegen.ETH (¤, ¤) Автор вопроса

Sam Kazemian ¤⛓️¤
I know you brought up Chainlink's CCIP which we ac...

Yeah I totally agree w the multichain vision. Just wondering what is the best way to get there. My hypothesis would be that an outsourced solution would be quicker, cheaper and higher quality. And that would leave us with more bandwidth to work on the other core aspects of the trinity. Guess that is the gist of what i was trying to get across. Thanks for the clarifications, greatly appreciated as allways!

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04.08.2022

Sam Kazemian ¤⛓️¤

DeFiDegen.ETH (¤, ¤)
Yeah I totally agree w the multichain vision. Just...

I am skeptical the outsourced solution will get us more Nomads or Harmony bridges. I think @WethWood probably agrees.

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04.08.2022

DeFiDegen.ETH (¤, ¤) Автор вопроса

Sam Kazemian ¤⛓️¤
I am skeptical the outsourced solution will get us...

Could be. There has been a literal graveyard of faulty bridges

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04.08.2022

Westwood

DeFiDegen.ETH (¤, ¤)
Yeah I totally agree w the multichain vision. Just...

You can’t just outsource stuff in DeFi to people who don’t fully understand the complexities of what has already been built. The moat that most protocols have is time. Time to understand the intricacies of the code which only the founders/core team fully understand.

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04.08.2022

DeFiDegen.ETH (¤, ¤) Автор вопроса

Westwood
You can’t just outsource stuff in DeFi to people w...

Sure. But developing a properly functioning bridge aint easy imo. As in all areas in life, only with experience you can avoid some of the common pitfalls. Am not advocating to outsource to some random anon team.

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04.08.2022

Sam Kazemian ¤⛓️¤ · Accepted Answer

We aren't building a bridge. Please don't get this mixed up. Maybe my previous post wasn't as clear. We're not building a generalized bridge for people to use. We have no interest in trying to build something that (I personally) think is fundamentally insecure as a concept (and what Vitalik seems to agree with). We are simply building a way for FRAX to be redeemable on ETH L1. Almost like a rollup exit to L1 but just the protocol's own issued stablecoin.

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Thanks for the clarification sam. Pushing back slightly. How likely

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