Finally a path leading to Cosmos – wormhole is a bridge protocol (or bridge), which allows assets to be transferred between different blockchains. Originally launched to connect the Solana (SOL) blockchain to other blockchains Challengethe latter now supports 10 blockchains different. A 11th just announced, with connection to Injectivea blockchain belonging to the ecosystem Cosmos.
Wormhole connects to Cosmos
wormhole is one of the leading bridge protocols in the DeFi ecosystem. Strength of more than $500 million from TVLthis allows assets and data to be transferred between the Solana, Terra, Ethereum, Avalanche, Oasis, BNB Smart Chain, Polygon, Fantom, Algorand and Aurora networks.
Its operation is relatively classic. Wormhole has smart contracts deployed on all supported blockchains. When a user wants to send a token from blockchain A to blockchain B, the protocol will operate in 2 steps.
First, the blockchain A smart contract will to block the token to send. In a second step, the smart contract of blockchain B will be notified of the transfer and will issue a tokenized version of the token on blockchain B.
Now, Wormhole is expanding its presence to the Cosmos ecosystem. Indeed, on May 25, the blockchain Injectivepart of the Cosmos ecosystem, announced the integration of Wormhole.
“Injective announces a new integration with Wormhole. Wormhole brings 10 new chains, such as Avalanche and Solana, to Injective’s already interoperable chain. Thus, this makes Injective the main gateway to enter the Cosmos ecosystem. »
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Wormhole tightens its security
At the beginning of last February, the bridge wormhole infamously made headlines in the crypto media after he summer victim of a hack. Indeed, the attacker had managed to issue many ETH on Solana and withdrew them on Ethereum, effectively emptying the entire Wormhole smart contract. In total, $326 million have been stolen during this attack.
Faced with this event, Wormhole has set up a program of bug bounty in partnership with the protocol Immunefi. As a reminder, these programs make it possible to reward users and developers who discover a bug or a flaw. In addition, the amount of the reward will depend on the severity of the vulnerability discovered.
A few days after the bridge hack, a developer known as Satya0x alerted Wormhole to a new bug affecting the main bridge contract. Fortunately, the bug could be fixed before it was exploited by a malicious user. For its part, Satya0x obtained the reward maximum offered by Wormhole, namely $10 million.
At the beginning of the year, Vitalik Buterin had sounded the alarm vis-à-vis the systemic risks created by bridges. Unfortunately, this did not prevent several other bridge protocols from falling victim to attacks that resulted in large losses.
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