Innovation breakthrough, copy destruction! The dilemma of cross-chain assets

With the maturity of the Defi market, decentralized cross-chain asset trading has become a necessary market operation. The team with a keen sense of smell has built one project after another, looking forward to seizing the next wave of Defi dividends. But is the market really that simple? And how does HurricaneSwap stand out among them?

BSC’s Black May

May 2021 is undoubtedly the biggest crisis encountered by BSC. Although various project parties have done their best to actively take countermeasures, since May, the BSC ecological project has lost more than 1.57 due to “hacker” attacks one hundred million dollars.

On May 28, the amount of losses of the DEX project JulSwap is temporarily unknown; on May 28, the DEX project Burgerswap lost US$3.3 million; on May 26, the machine gun pool project merlinlab lost US$6.8 million; on May 24, the machine gun pool project AutoShark lost US$750,000; on May 23, the index project DeFi100 lost US$32 million; on May 20, the machine gun pool project PancakeBunny lost US$45 million; on May 16, the machine gun pool project BearnFi lost US$18 million; on May 7, The machine gun pool project Value DeFi lost $11 million; on May 5, the machine gun pool project Value DeFi lost $10 million; on May 2, the synthetic asset agreement SPartan Protocol lost $30.5 million. Since May, the BSC ecological project has lost more than 157 million dollars.

BSC concentrated on thunderstorms in May, sparking various speculations: was it coincidence or inevitable? Was it theft or was it targeted by hackers? In contrast to Ethereum, there are very few defi projects that have happened recently, and they are rare.

Why the theft of coins is only concentrated on BSC?

Innovation breakthrough, copy destruction!

If the project on the BSC was stolen because the hackers were too powerful, this is not rigorous. From the very beginning, BSC has the original sin. The original sin is that BSC borrowed too much logic and foundation from ETHEREUM, so that it is too similar to ETHEREUM. As a result, hackers can try all the attack methods originally tried on ETHEREUM on BSC once.

This is the first “destruction”.

On the basis of the similarity of the public chain, except for pancakebunny, most projects that are eager for success, such as merlinlab and AutoShark, adopt similar code design as pancakebunny. This means that any successful attack on pancakebunny can be done without Another attack on these items is costly, and this attack has a great probability of success.

This is the second “destruction”.

HurricaneSwap is a decentralized exchange based on tradable multi-chain assets created by Avalanche. The assets on the Avalanche protocol have the same security as those on Ethereum. At the same time, transactions can be confirmed in seconds. In addition, lower gas fees are more user-friendly. Interoperability, getting rid of the limitations of Ethereum’s insufficient throughput and high gas fees, will definitely change the existing CEX and DEX pattern.

This is the first “innovation”.

On May 2, the first lightning loan attack occurred on BSC, which kicked off the BSC lightning loan attack since then. At the same time, imperfect cross-chain tracking has also become the unscrupulous capital of hackers. Since there was no cross-chain bridge on the BSC before, the funds could not escape the grasp of binance, but later with anyswap and nerve providing decentralized cross-chain services, hackers can launder the money into ETHEREUM and escape BSC, and binance can’t freeze it.

The cross-chain in HurricaneSwap cannot block on-chain tracking, which means that it is impossible for an attacker to hide his whereabouts after performing an attack of the type “Flash Loan”. But this is difficult to achieve in other projects. HurricaneSwap is superior to all projects of the same type currently on the market with its independent security, complete cross-chain mechanism, and complete risk plans. Even if there is any security incident, the project party has the confidence to track down the attacker and take measures.

This is the second “innovation”.

This is why BSC’s black May coin theft event started.

The future of decentralized cross-chain is based on security.

Undoubtedly, in decentralized cross-chain, from single currency cross-chain, to multi-currency cross-chain, to multi-currency and multi-chain cross-chain, and then to the current complex asset cross-chain, this development direction is inevitable.The trend is also the demand of the market.

The significance of the cross-chain of complex assets can be compared with Bitcoin and ETHEREUM . In the Bitcoin network, transactions are simple and one-way. But in the Ethereum network, transactions can be complex and programmable, and even derived from a comprehensive decentralized financial service function such as Defi.

The same is true for the impact of complex assets cross-chain compared with single currency cross-chain. It can be said that LP token assets cross-chain, in the case of solving the problem of security, high speed, and low cost, its development speed, development value, and development space are no less than the current UniSwap. Of course, we believe that HurricaneSwap can do more than UniSwap.

1st Cross-Chain Liquidity DEX based on Avalanche https://hurricaneswap.com/