Boston, Massachusetts, September 11th, 2024, Chainwire
Hyperbridge establishes a new standard for secure, scalable, and verifiable cross-chain communication, debuting with unmatched economic security in the industry.
The Web3 Foundation, in collaboration with Scytale Digital, has spearheaded the seed funding round for Hyperbridge, a revolutionary protocol set to redefine blockchain interoperability. This funding marks a pivotal moment as the Web3 Foundation’s first funding initiative, emphasizing Hyperbridge’s vital role in the burgeoning Web3 landscape.
Hyperbridge is positioning itself as a frontrunner in this rapidly advancing field, with its leading cross-chain technology already adopted by teams like Succinct, Axelar, Union, and Avail. The protocol has also secured a parachain slot in the Polkadot ecosystem, underscoring its robust integration and dedication to harnessing Polkadot’s unique advantages. Furthermore, Hyperbridge’s crowd loan raised an impressive $2.7 million, making it the most successful parachain crowd loan in the Polkadot ecosystem, highlighting its strong community backing and technological potential.
“Hyperbridge signifies a notable advancement toward a cross-chain future, embodying the utmost standards of security, scalability, and innovation,” said Fabian Gompf, CEO of Web3 Foundation. “By leveraging Polkadot’s solid framework, Hyperbridge enriches the ecosystem with verifiable and unstoppable interoperability, establishing a new standard for secure cross-chain solutions.”
Hyperbridge transcends a mere asset bridge; it functions as a cryptoeconomic co-processor that integrates cutting-edge zero-knowledge technology and mechanistic protocols to deliver the most secure and verifiable cross-chain messaging and storage query solutions available today. Unlike traditional point-to-point bridge models, Hyperbridge employs a hub model that enhances verifiable interoperability across all chains. The platform’s pioneering architecture, built on Polkadot, enables it to provide unparalleled security and scalability, placing it at the forefront of cross-chain solutions.
The security of Hyperbridge is foundational to its design, with audits handled by the same team that oversees Polkadot. In an industry facing challenges with insecure multisig bridges, Hyperbridge’s zk light clients for Polkadot and Ethereum present a secure and verifiable alternative. By consolidating numerous connections into a single, dependable network, Hyperbridge strives to emerge as the leader in verifiable cross-chain communication and interoperability.
“Hyperbridge is the next step in secure cross-chain interoperability,” remarked Mark Cachia, CIO of Scytale Digital. “Seun’s extensive expertise and innovative mindset ensure that Hyperbridge resolves the critical security vulnerabilities present in traditional bridges, setting a new precedent for verifiable and unstoppable interoperability. This investment aligns flawlessly with our vision of a fully interconnected Web3 ecosystem, and we’re excited to support a project with such transformative potential.”
Built exclusively on Polkadot, Hyperbridge inherits the network’s unmatched economic security, granting it the highest level of economic safety for any bridge in existence today. Polkadot’s architecture, designed for superior interoperability, rapid finality, and cost-effective computation through agile coretime, provides the ideal foundation for Hyperbridge’s rollup architecture. This close integration allows Hyperbridge to deliver cross-chain messaging and storage queries to developers from the very start, establishing new benchmarks for secure, scalable, and efficient interoperability.
Seun Lanlege, Founder of Polytope Labs, the creators of Hyperbridge, stated, “The security of bridges is directly linked to their authentication mechanisms. Traditional bridges relying on multisig committees for authentication have lost over $2B to exploits. Hyperbridge transcends these intermediaries by depending on finality and storage proofs for cross-chain message authentication, ensuring a security level equivalent to the blockchains it connects.”
Hyperbridge enables a diverse range of use cases, including verifiable cross-chain intents, non-custodial native bridges for unified liquidity, and multichain expansion for stablecoins, RWAs, and DAO tokens. It also introduces opportunities for advanced cryptoeconomic coprocessors, such as state coprocessors for TWAPs and on-chain insurance protocols, alongside zk aggregation coprocessors. These innovations distinguish Hyperbridge, providing developers with the resources to create new financial and decentralized applications that were previously unattainable.
About Hyperbridge
Hyperbridge serves as a cryptoeconomic coprocessor for secure, verifiable interoperability facilitated by consensus and storage proofs. Hyperbridge is the HTTPS of blockchain interoperability, equipping developers with on-chain and off-chain SDKs for securely transmitting cross-chain messages (POST requests) and retrieving on-chain storage (GET requests).
About Polytope Labs
Polytope Labs consists of a team of researchers and engineers initiated by core developers of Ethereum, Polkadot, and IBC. Our focus is on resolving fundamental infrastructure challenges that hinder the crypto industry, like interoperability, scalability, and privacy. We firmly believe that Web3 represents the next evolutionary phase of the internet and are passionately dedicated to promoting genuinely decentralized technologies.
About Polkadot
Polkadot stands as the secure and powerful foundation of Web3, providing a shared base that connects some of the world’s most transformative applications and blockchains. Polkadot features advanced modular architecture that enables developers to effortlessly design and construct their specialized blockchain projects, along with pooled security that maintains consistent high standards for secure block production across all linked chains and apps. Additionally, robust governance ensures a transparent system in which everyone has a voice in shaping the blockchain ecosystem for growth and sustainability. With Polkadot, users are not merely participants but co-creators able to influence its future.
Contact
Jonathan Duran
Distractive
jonathan@distractive.xyz
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