In the rapidly changing blockchain space, various ecosystems are actively pursuing improved interoperability. One such standout is Klaytn, a blockchain platform developed by Ground X, celebrated for its user-friendly experiences and enterprise solutions. As the need for seamless cross-chain transactions grows, several bridge solutions have emerged to connect Klaytn with other blockchains. This article delves into key bridge projects such as Synapse, SiX Bridge, XY Finance etc., highlighting their roles in fostering interoperability within the blockchain space.
What is Bridging?
The term “crypto bridging” refers to the sophisticated process of interconnecting multiple blockchain networks to enable the frictionless transfer of digital assets. This groundbreaking concept eliminates the necessity for third-party exchanges or services, empowering users to seamlessly move their cryptocurrency assets from one network to another.
Blockchain bridges serve as virtual connectors, facilitating the exchange of data, coins, tokens, and various information between disparate blockchain ecosystems. Their primary purpose is to overcome the inherent lack of interoperability within the blockchain space. These bridges act as tools that allow users to port assets from one blockchain to another, addressing a critical pain point in the realm of decentralized technologies. For example, if a user leverages a bridge to send a KLAY token from Klaytn to an Ethereum wallet, the recipient wallet will receive a token that has been “wrapped” by the bridge—converted into an ERC-20 token on the Ethereum blockchain.
However, the transformative power of crypto bridging comes with its own set of security challenges, as demonstrated by the $326 million exploit on the Wormhole bridge in February 2022. Hence, it becomes significant to do a thorough research before moving forward given the uncertain nature of the crypto space.
The TVL on Klaytn is $161,646,508, indicating the total value of assets currently bridged to the Klaytn ecosystem.
The total volume of assets transferred in the last 24 hours is $2,542,722, with $645,680 moving into Klaytn and $1,897,041 moving out.
Over the last 24 hours (22 December, 2023), there have been 849,036 transactions on the Klaytn blockchain.
Token Variety: A diverse range of 106 tokens are bridged, including major cryptocurrencies like KLAY, ETH, WBTC, XRP, USDT, and more.
KLAY: Priced at $0.236224, with recent activity involving 1,722,514.972957 KLAY ($407,562.090148).
The Klaytn blockchain bridge serves as a vital component in ensuring interoperability, liquidity, and accessibility within the broader blockchain space. Users can seamlessly move assets across different chains, contributing to the growth and versatility of the Klaytn ecosystem.
How to Bridge to Klaytn Ecosystem from Other Blockchains
Synapse stands out as a preeminent, secure, and adaptable cross-chain communication network, facilitating the seamless transfer of assets across diverse blockchains. It serves not just as a messaging framework but also provides a secure consensus method for cross-chain transactions, empowering the development of truly native cross-chain applications.
Versatility: Synapse’s cross-chain messaging contracts can be deployed across any blockchain, offering a versatile solution for developers.
Security Assurance: Synapse adopts an Optimistic security model, ensuring the trustworthiness and integrity of cross-chain messages.
Data Flexibility: Developers can send arbitrary data, including contract calls, NFTs, snapshots, and more across chains, providing ample flexibility.
Synapse Bridge: Positioned atop the cross-chain infrastructure, Synapse Bridge emerges as a widely utilized method for cross-chain asset transfers. It ensures low-cost, rapid, and secure bridging, contributing to the depth of liquidity in cross-chain AMM pools.
Total Value Locked: $107,122,072
Total Bridge Volume: $43,404,659,647
Total Transaction Count: 9,798,498
Broad Integration: Synapse seamlessly integrates with major Layer 1 and Layer 2 networks, including Ethereum, Arbitrum, Avalanche, BNB Chain, Klaytn, ensuring a smooth cross-chain experience.
Operational Mechanism: Smart contracts on one chain utilize the Synapse Messaging Router to dispatch messages to the destination chain. A corresponding Messaging Router then directs the message to the destination contract, with optimistic verification ensuring security and trustlessness.
Quick Guide: Transferring Tokens from Synapse Protocol to Klaytn
Go to the Synapse Protocol platform and connect your Web 3.0 wallet (e.g., MetaMask).
Choose Klaytn as the target network within your connected wallet.
Pick the token (e.g., WETH, KUSDT) and specify the amount for transfer.
Review crucial transaction details, including token type, quantity, and fees.
Approve the transfer through your Web 3.0 wallet and confirm the transaction.
Keep an eye on the transaction status provided by Synapse.
SiX Bridge is another noteworthy project dedicated to cross-chain interoperability, serving as a link between Klaytn and other major blockchain networks. SIX Network has introduced the SIX Protocol to make NFTs more accessible for businesses. The SIX Bridge facilitates the transfer of SIX tokens between blockchains, ensuring a 1:1 ratio for efficient utilization.
SIX tokens are distributed across multiple blockchains, including SIX Protocol, BNB Smart Chain, Stellar, and Klaytn. Users can bridge these tokens with a 1:1 ratio, and the bridging period is noted to be up to 30 minutes.
An important upgrade to the bridge feature occurred in March 2023, allowing users to easily bridge their SIX Tokens to the SIX Protocol chain and prepare for participation in the Individual Node program. This upgrade facilitates smooth transactions between various protocol chains, simplifying the process for users to transfer SIX Tokens
User Guide Steps (Example – Stellar to SIX Protocol)
Open bridge.six.network on the browser and select “bridge.”
Choose the desired network (e.g., Stellar).
Follow specific steps, including entering the user’s email, selecting the SIX amount, providing the depositing address, agreeing to terms, and confirming the transaction.
Unique steps are outlined for bridging from Stellar, Klaytn, BNB Smart Chain, and SIX Protocol to various destinations.
XY Finance operates as a cross-chain interoperability protocol, consolidating decentralized exchanges (DEXs) and bridges. Its primary aim is to streamline cross-chain swapping with a user-centric approach. XY Finance pledges to address three critical aspects—Rate, Speed, and Security—all simultaneously. Users can opt for split or batch trading, optimizing rates for the most favorable deals. The native token, $XY, assumes a central role in governance, voting, and staking within the XY Finance ecosystem.
Supported Chains: The platform accommodates transactions across 20 blockchain networks.
Integration with DEXs & Bridges: XY Finance integrates with 273 DEXs and bridges, ensuring a broad spectrum of usability.
Token Support: Over 120,000 tokens are supported, providing users with extensive choices.
Accelerated Integration: Developers can smoothly integrate XY Finance into their Decentralized Applications (DApps).
Widget Integration: A customizable widget is available for easy embedding into DApps, attracting users from different chains.
Ultra-Modern APIs: Composable APIs are provided, granting developers straightforward access to full cross-chain functionalities and optimized web3 execution services.
Enable Two-Factor Authentication (2FA) for added security.
Explore XY Finance dashboard for portfolio and transaction insights.
Check the list of supported chains for cross-chain swaps.
Discover integrated DEXs and bridges for seamless asset exchange.
Connect your wallet from supported options.
Add tokens to your XY Finance wallet.
Review wallet balances and asset performance.
All Bridge: Bridging Assets for Expanded Possibilities
True to its name, All Bridge is a comprehensive solution designed to bridge assets and data across different blockchains. With support for Klaytn, All Bridge facilitates seamless asset transfers, unlocking new possibilities for collaboration and innovation between disparate blockchain ecosystems.
Operating on a decentralized and secure mechanism, Allbridge provides specialized solutions (Core for stablecoin swaps, Classic for versatile token transfers) with a focus on security, flexibility, and user-friendly integration. The company ensures transparency through consistent reporting and partnerships with leading blockchain projects.
Purpose: Facilitates seamless cross-chain stablecoin swaps between EVM and non-EVM blockchains.
Total Transfers: 125,036
Unique Wallets: 81,108
Native stablecoin bridging with 11 liquidity pools.
Average APR of 35.49%.
SDK and Widget for streamlined integration.
Functionality: Versatile bridging solution for transferring any token across supported blockchains.
Bridge Fee: $0
Cross-chain transfers between EVM and non-EVM chains.
Celer Network focuses on enhancing blockchain scalability and interoperability by providing a layer-2 scaling platform. Integration with Klaytn allows Celer Network to enable faster and more cost-effective transactions on the Klaytn blockchain, ultimately enhancing the overall user experience. It stands as a blockchain interoperability protocol, allowing users seamless access to various blockchain features such as tokens, DeFi, GameFi, NFTs, and governance across multiple chains. It aims to deliver a user-friendly experience, enabling users to access a diverse range of blockchain functionalities with a simple one-click operation, all from a single chain. Cstack is the designated architecture for the platform, which is constructed atop both present and forthcoming blockchain networks.
Celer Inter-chain Message SDK: Developers can leverage the Celer Inter-chain Message SDK to build inter-chain-native dApps. This SDK facilitates efficient liquidity utilization, coherent application logic, and shared states.
State Guardian Network (SGN): Celer State Guardian Network: The protocol extends its capabilities through the State Guardian Network, powered by validators and stakers, contributing to the security and reliability of cross-chain interactions.
Cross-Chain Token Bridging: cBridge provides a top-tier cross-chain token bridging experience, ensuring deep liquidity for users.
NFT Bridge Support: Supports the cross-chain transfer of NFTs through two modes: Pegged NFT Bridge and Multi-Chain Native (MCN) NFT Bridge.
NFT Bridge Fees:
Base Fee: Covers the gas cost for minting NFTs on the destination chain.
Msg Passing Fee: Paid to the Celer Inter-chain Message (IM) framework for relaying messages across chains, with the fee proportional to the message size.
Utilizing the Celer Network for blockchain bridging
Ensure your wallet supports Celer Network and is configured accordingly.
Connect your wallet to Celer Network, designating it as your chosen layer-2 solution.
Initiate a transaction to deposit assets into Celer Network, mirroring them from the source blockchain.
Use Celer’s features to execute a cross-chain transaction through smart contracts or protocols.
Monitor the transaction status within Celer Network, awaiting confirmation.
After confirmation, withdraw assets from Celer Network to the destination blockchain.
Verify successful asset arrival on the destination blockchain by checking transaction details.
Follow security best practices, including contract verification and secure key management.
Orbit Bridge: Facilitating Seamless Cross-Chain Communication
Orbit Bridge is a decentralized system specifically designed to facilitate the seamless transfer of assets between diverse blockchains. Its foundational architecture incorporates a governance model featuring two pivotal roles: Operators and Validators. The bridging protocols implemented by Orbit Bridge leverage a Multi-signature (Multi-sig) based transaction consensus method, underscoring the significance of collaboration and efficiency in the processing of transactions.
Key Components and Features:
Transparency and Trustlessness:
Consensus and validation processes take place on the Orbit Chain.
These processes are transparent and trustless, enhancing the overall security and reliability of the system.
Tasked with verifying transactions generated by each chain.
Operate through a separate private channel and a blockchain without central authority.
Each piece of data signed by Validators is meticulously assembled and executed by forming a transaction on the chain.
Efficiency: The collaborative synergy between Operators and Validators ensures the expeditious processing of transactions.
Security: The utilization of a multi-sig based consensus and the implementation of decentralized validation significantly enhance the overall security of the system.
Transparency: All processes unfold on the Orbit Chain, guaranteeing transparency and trustlessness.
Guidelines for Using Orbit Bridge: Seamless Asset Bridging Across Blockchains
Visit the official Orbit Bridge platform or interface.
Ensure you have a compatible cryptocurrency wallet (e.g., MetaMask, Trust Wallet).
Connect your wallet to the Orbit Bridge platform.
Explore the Orbit Bridge dashboard to find the available options.
Choose the type of bridging functionality you want to perform. This could include depositing assets, swapping tokens, or other relevant options.
Indicate the source blockchain where your assets currently reside.
Specify the destination blockchain where you want to transfer your assets.
Initiate the deposit or swap function on the source chain through the Orbit Bridge interface.
Verification results are recorded on the Orbit Chain to reach consensus.
Ensure that the transaction is successfully completed and reflected on the destination blockchain.
As the demand for interoperability in the blockchain space grows, bridge solutions connecting Klaytn with other blockchains have become instrumental. Projects such as Synapse, SiX Bridge, XY Finance, All Bridge, Celer Network, and Orbit Bridge play pivotal roles in promoting seamless asset transfers and collaboration. These bridges contribute to creating a more interconnected and accessible future for decentralized technologies, allowing users and developers to explore new opportunities and contribute to the overall growth of the blockchain space.