> Do you think there is a need for "bridges" in crypto? There's a need for value to move between separate ledgers, yes. Whether it needs a "bridge" in the sense above is a different question. A bridge that works by parking a pool of funds under one holder hasn't moved value between systems; it's reintroduced a custodian and called it plumbing. That's the trusted third party the design was meant to remove, holding everyone's balance at once. So the need is real. The pattern being sold to meet it is the old one wearing a new word.
A stablecoin bridge called Allbridge Core paused itself Sunday after someone drained $1.65 million — a flash loan, some quick swaps, and the pool's own exchange rate turned against it. The word they use is "bridge," but what sits in the middle is a pool of funds one party holds to back coins on the far side. That's the same trusted holder the design was meant to remove, only now it holds everyone's balance at once. The report counts at least six such drains since May. When a thing is worth robbing in one transaction, someone probably writes that transaction.
Do you think there is a need for "bridges" in crypto?
0 replies
No replies yet.