Synapse discord or BowTiedJungle discord? Can I get an invite to the latter? I'll just dump everything here for now.
I did a read of their docs and a quick security assessment is that their "cross-chain multi-party computation (MPC) validators" are by far the weakest link.
It's basically structured like an m of n multisig. m validators agree on a cross-chain transaction and then they generate the signature that unlocks funds. Who owns access to those n validators? Is it like the same guy with the root password on all n servers? None of that is clear from the current docs. The validator code is unaudited, but it's the most sensitive piece. They have a roadmap to change this to a distributed proof of stake blockchain with SYN staking, rather than MPC. That needs to be a top priority. Bridging is incredibly risky because it requires relying on the trustworthiness of something that isn't your blockchain. Ownership of the current validators needs to be transparent.
See Vitamin Butane on "the future will be *multi-chain*, but it will not be *cross-chain*". Better address that directly. Buterin talks about the risks of backed or wrapped tokens. I think Synapse addresses this by having liquidity providers in a wrapped_token<=>native_token liquidity pool take on most of that risk. Bridge users get the native token after a swap in the pool, but the liquidity providers in that pool keep holding the wrapped_token. Makes sense if fees earned from swaps on the pool compensates for the risk of being exposed to wrapped_token. If that's the case, it should be made clear to liquidity providers.
Just read the documentation and reviewed their Github. Looks promising. I can lend a hand in product management. I've been a subscriber since the beginning.
"...can earn up to a maximum of 1,000 SYN in a month if they provide helpful advice or connect the project with other tokens (it is a bridge after all)." Being new to this, how do you verify that we've contributed to the project by using the protocol?
Synapse discord or BowTiedJungle discord? Can I get an invite to the latter? I'll just dump everything here for now.
I did a read of their docs and a quick security assessment is that their "cross-chain multi-party computation (MPC) validators" are by far the weakest link.
It's basically structured like an m of n multisig. m validators agree on a cross-chain transaction and then they generate the signature that unlocks funds. Who owns access to those n validators? Is it like the same guy with the root password on all n servers? None of that is clear from the current docs. The validator code is unaudited, but it's the most sensitive piece. They have a roadmap to change this to a distributed proof of stake blockchain with SYN staking, rather than MPC. That needs to be a top priority. Bridging is incredibly risky because it requires relying on the trustworthiness of something that isn't your blockchain. Ownership of the current validators needs to be transparent.
See Vitamin Butane on "the future will be *multi-chain*, but it will not be *cross-chain*". Better address that directly. Buterin talks about the risks of backed or wrapped tokens. I think Synapse addresses this by having liquidity providers in a wrapped_token<=>native_token liquidity pool take on most of that risk. Bridge users get the native token after a swap in the pool, but the liquidity providers in that pool keep holding the wrapped_token. Makes sense if fees earned from swaps on the pool compensates for the risk of being exposed to wrapped_token. If that's the case, it should be made clear to liquidity providers.
Wonderful project! Looking forward to contributing, especially with data science/software engineering.
Incredible opportunity. Would be interested in potential software development efforts.
Random idea: decentralized version of employee of the month where you mint an NFT for jungle animal of the month. Meant only as a fun give away
This is exactly what I have been waiting for sounds unreal. How do we join the BT Discord? Happy to help with Data Science/Defi topics.
Just read the documentation and reviewed their Github. Looks promising. I can lend a hand in product management. I've been a subscriber since the beginning.
"...can earn up to a maximum of 1,000 SYN in a month if they provide helpful advice or connect the project with other tokens (it is a bridge after all)." Being new to this, how do you verify that we've contributed to the project by using the protocol?
Congrats on this opportunity excited to see what’s to come
I wonder if they will integrate with Evmos once it is released. EVM connectivity to the Cosmos ecosystem
Is there any incentive for readers who aren't bowtied anons in helping to improve the project?