warp.green announced the beta release of their messaging protocol on mainnet today. The first two applications leveraging this protocol are the ERC-20 Bridge and CAT Bridge, combining into what’s known colloquially as the ETH-XCH bridge.
Read more about the bridge design in the previous sneak peek post.
Along with the launch, we also found out more about the bridge itself, including who the validators are, and what actions have been taken to ensure a secure bridge.
Warped assets are the new wrapped assets
On the list of supported assets, you’ll notice that wrapped assets are referred to as “warped” assets to identify any asset that was wrapped through the warp.green bridges — clever. I consider these two terms interchangeable.
Note that ETH and USDC being wrapped as a CAT will have different asset IDs depending on whether it comes through ETH or Base. These may initially lead to fragmented liquidity but I would expect an efficient market to quickly emerge between these two assets through market making bots. In fact, the fungibility of wmilliETH/wmilliETH.b and wUSDT/wUSDC/wUSDC.b can lead to a lot of on-chain activity of bots looking to arbitrage price discrepancies between *all* pair combinations.
Who are the Validators?
The validator status page tracks the online status of each of the 11 validators. Successful operation of the bridge requires a supermajority of validators to sign (7 of 11). Here is the validator list which includes some notable teams from the Chia ecosystem:
- TibetSwap / FireAcademy (yakuhito)
- dexie team (Bufflehead)
- SpaceTime Team
- SpaceScan.io Team
- Chain HQ Team
- Ozone Wallet Team
- XCHscan.com (tjump)
- Primer Security (M.G.)
- MIDL.DEV Team
- GIRITEC.COM
- Goby Team
By design, Chia Network Inc. is not a validator and is not involved with the day-to-day operation of the bridge. Over time, I hope to learn more about some of the lesser known validators that were accepted through the core team’s application and interview process.
Audit results: Is the bridge safe?
Any bridge will come with risks as transparently disclosed in the warp.green docs, including smart contract risks and validator compromises. The team did get both the Ethereum Solidity smart contracts audited by professional auditors, and the Chialisp reviewed by Chia Network Inc. engineers.
The Ethereum-side audit of warp.green was done by Hacken. An initial audit report was delivered May 15, 2024 and identified 7 findings, of which 6 were resolved or mitigated. The final report was delivered May 21, 2024 summarizing the audit scoring it a perfect 10/10 on all aspects of security, code quality, test coverage, and documentation quality.
The sole finding that was “accepted” is around the bridge being incompatible with ERC-20 tokens that have Fee-On-Transfer or Rebasing. These are tokens whose smart contract enforces a fee when sending the token, or have contract controls to change the token balance of users. These types of tokens are not common and are unlikely to be tokens that users would want to bridge across anyway. The warp.green UI won’t display incompatible tokens though anyone can manually attempt to bridge these at their own risk.
How do I start using the bridge?
Head over to warp.green/bridge to connect your ETH and Chia wallets to follow instructions on how to bridge assets between the two chains.
You can also interact with assets others have wrapped in the standard places you would expect such as dexie or TibetSwap. In fact, the first wmilliETH Offers are already available and the first completed offer has already been settled on chain.
I’ve also added a filter to XCH.trade to show only warped assets, although some of these won’t show up until a liquidity pool exists on TibetSwap.
Links and Asset IDs
Ethereum Warped milliETH
- Ticker: wmilliETH
- Asset ID:
4cb15a8ecc85068fb1f98c09a5e489d1ad61b2af79690ce00f9fc4803c8b597f - dexie: wmilliETH/XCH
- Spacescan: wmilliETH
Base Warped milliETH
- Ticker: wmilliETH.b
- Asset ID:
f322a205c034fe28681829fa5a2e483ac421f0952eb1292945c8db06e0a471a6 - dexie: wmilliETH.b/XCH
- Spacescan: wmilliETH.b
Ethereum Warped USDC
- Ticker: wUSDC
- Asset ID:
bbb51b246fbec1da1305be31dcf17151ccd0b8231a1ec306d7ce9f5b8c742b9e - dexie: wUSDC/XCH
- Spacescan: wUSDC
Base Warped USDC
- Ticker: wUSDC.b
- Asset ID:
fa4a180ac326e67ea289b869e3448256f6af05721f7cf934cb9901baa6b7a99d - dexie: wUSDC.b/XCH
- Spacescan: wUSDC.b
[…] the introduction of the warp.green bridge last month, assets can be now be bridged (warped) between Ethereum, Base, and Chia. The two most […]