Join Our Mailing List
Tuesday October 03, 2023
Bitcoin (BTC) $27,580.39   Ethereum (ETH) $1,665.75
  • Events
  • News
    • Blockchain Technology
    • Capital Raising
    • Crypto Exchanges
    • Crypto Payments
    • Gaming & Betting
    • Investment Management
    • M&A
    • Mining
    • Networks & Protocols
    • Security
    • Vendor Technology
    • Wallets
Trezor Model T
CryptoNinjas
  • Crypto & Blockchain Links
  • Real-Time Market Data
  • Bitcoin ATM Map
  • Token Offerings/Listings
No Result
View All Result
CryptoNinjas
Home Networks & Protocols

L2 protocols Connext and Nomad introduce new modular blockchain interoperability stack

Together, Connext and Nomad make up an interoperability “stack” that offers everything needed to build cross-chain apps with minimal trust requirements or tradeoffs...

Published by CryptoNinjas.net
01/24/2022
L2 protocols Connext and Nomad introduce new modular blockchain interoperability stack

Connext, a level-2 interoperability protocol for Ethereum, today announced that it has formed a new partnership with Nomad, an interoperability protocol without header verification, to accelerate the adoption of trustless, fully generalized cross-chain communication.

This partnership enables the world’s first modular interoperability stack that provides users a fast, cheap, and trust-minimized way to bridge assets between chains.

Overview of Nomad

Nomad is an implementation and extension of the Optics protocol short for “OPTimistic Interchain Communication.” It is a new design for cheap, fully generalized cross-chain communication that can easily be deployed to any chain or L2 that supports user-defined computations.

As part of its protocol. Nomad utilizes an optimistic pattern. Messages that pass through Nomad have a latency of 35–60 minutes, within which fraud can be proven if message relayers are dishonest.

Particularly, Nomad is an ideal protocol for more generalized cross-chain operations that are typically performed by DAOs or other organizations, rather than end-users. For example, Nomad allows for migrating USDC from Ethereum L1 to other chains with lower trust assumptions than other bridges.

Modular Interoperability

Some of the inherent problems with building cross-chain communication systems include:

  • Trust-minimized: Do not involve trusted 3rd parties.
  • Extensible: Can be quickly and easily deployed to new rollups/chains.
  • Generalizable: Support sending arbitrary data across chains.

“Similar to the Scalability Trilemma, the Connext team proposed that it could solve this trilemma through a modular architecture where different communication protocols are layered on top of one another. Our work with Nomad is the first live example of the modular interoperability thesis in action!”
– The Connext Team

Connext + Nomad

Connext’s protocol enables trustlessly sending value and calling contracts across blockchains and L2s. However, unlike Nomad, Connext does not allow for fully generalized communication but it does have much lower latency.

Additionally, Connext doesn’t mint tokens on a destination chain — rather, it relies on liquidity minted by other bridging systems like Nomad, thus absorbing their trust/risk assumptions.

The synergies between Connext and Nomad run deep. By using madTokens (as opposed to assets created by Multichain, Celer, or other trusted systems), Connext significantly reduces the trust/risk requirements for its users on any given chain.

At the same time, Connext provides a way for Nomad users to have “fast liquidity” on a given chain, leveraging Connext’s low latency liquidity pools to allow end-users to do transfers in minutes rather than with a latency over 30 minutes.

Already Live on Moonbeam

Users bridging via the Nomad app will be dynamically routed to Connext or Nomad depending on available liquidity and the size of the user’s transfer.

Nomad is a new design for cheaper cross-chain communication without header verification

Further, Connext reports that whales and institutions will take the longer 35m Nomad bridging time, while end-users quickly trying to use Moonbeam apps will be routed via Connext. As liquidity on Connext grows, the use of Nomad can shift towards institutional capital and rebalancing Connext liquidity pools.

“The Connext ecosystem is already working on integrating Nomad into interfaces like xPollinate. We also plan to heavily advocate for and support Nomad’s growth as it rolls out to other chains and L2s. Longer term, our goal is to work closely with the Nomad team on shared offchain infrastructure and a combined onchain interface for developers. This would mean that, in a single integration, apps can leverage fast, limited Connext-style or slower, general Nomad-style communication depending a project’s context-specific needs.”
– The Connext Team

72
SHARES
SubscribeE-MailXFacebookWhatsappTelegramRedditLinkedin
Source: connext.network

Related News

Crypto lending aggregator FujiDAO integrates Connext Bridge to expand cross-chain functions

08/01/2022
Crypto lending aggregator FujiDAO integrates Connext Bridge to expand cross-chain functions

FujiDAO, a loan aggregator platform that identifies the best rates on multiple blockchain protocols, announced today it has expanded its capabilities across chains thanks to its integration with Connext. With Connext, developers have access...

Read more

EVM liquidity protocol Connext to build multi-chain Ethereum ecosystem with Alchemy

07/19/2021
EVM liquidity protocol Connext to build multi-chain Ethereum ecosystem with Alchemy

Connext, a protocol for non-custodial transfers and contract calls between EVM-compatible systems, announced today it has teamed up with blockchain development platform Alchemy, to support Connext. By working together, Alchemy is able to help...

Read more

KR1’s new blockchain investments include Dfinity, Connext, and Blocksmith

07/03/2018
Blockchain asset fund KR1 invests in NexusMutual, Argent, and Herdius

KR1, a public fund which pursues investments in the blockchain sector today announced their latest moves. First, the company has made an investment in the Dfinity Project (Dfinity), investing GBP593,000 for a total of...

Read more

Decentraland partners with imToken, Connext, and Bitcoin Suisse

08/17/2017

Decentraland, a distributed platform for a shared virtual reality world in which participants navigate, discover, and interact with others, has announced three strategic partnerships ahead of the token launch for ERC-20 token MANA, commencing...

Read more
Load More
Leave Comment

Where to Exchange

Leading crypto suite in Spain & LATAM Visit
European bitcoin exchange Visit
Swap & buy 150+ cryptocurrencies Visit
First U.S. regulated BTC exchange Visit
  • Trending
  • Latest
Blockstream Mining Bitcoin

Blockstream launches bitcoin mining colocation and pool services

08/08/2019
Fuse Network welcomes Liquify as new blockchain infrastructure partner

Fuse Network welcomes Liquify as new blockchain infrastructure partner

10/02/2023
Blockstream releases new platform for Liquid-sidechain security token issuance

Blockstream releases new platform for Liquid-sidechain security token issuance

05/15/2019
Zilliqa blockchain combines incubation programs as it announces new grant winners

Zilliqa blockchain combines incubation programs; announces new grant winners

12/03/2019
Fuse Network welcomes Liquify as new blockchain infrastructure partner

Fuse Network welcomes Liquify as new blockchain infrastructure partner

10/02/2023
BITmarkets – Spot, Futures, Margin Trading with 150+ Cryptocurrencies

BITmarkets – Spot, Futures, Margin Trading with 150+ Cryptocurrencies

08/28/2023
HashKey Exchange, Hong Kong's first licensed crypto exchange is now live

Hong Kong’s first licensed crypto exchange HashKey is now live

08/28/2023
Adenasoft launches new crypto exchange white label solution: ACE

Adenasoft launches new crypto exchange white label solution: ACE

06/27/2023
  • Home
  • Directory
  • Data
  • About
  • Contact
SUBSCRIBE

© 2016 - 2024 CryptoNinjas Disclosures | Privacy Policy

  • Home
  • Crypto Links
  • Market Data
  • Blockchain Tech
  • Exchanges
  • Capital Raising
  • Vendor Technology
  • Token Offerings/Listings
  • Payments
  • Wallets
  • Bitcoin ATM Map
  • Conferences & Events
  • About
  • Contact
No Result
View All Result

© 2016 - 2024 CryptoNinjas Disclosures | Privacy Policy