This content originally appeared on HackerNoon and was authored by Ade
A unified ecosystem with convenient asset transfer between networks is an ideal the crypto space has been chasing for a long time. However, because blockchains have varying token standards and consensus mechanisms, this feat is (currently) only achievable via bridges.
\ The path to Bitcoin (BTC) on Ethereum, Ether (ETH) on the Binance Smart Chain (BSC), Solana (SOL) on Ethereum, and so on runs through a bridge. At the time of writing, DeFiLlama estimated the total value locked (TVL) across all bridges at around $27.79 billion.
\ These are good numbers. But when put in context, they highlight that perhaps, despite the widespread desire for an interoperable crypto ecosystem, bridges are not as widely utilized. Out of the $2.5 trillion of value in the crypto market, only about 0.01% is utilized across chains.
This is an indication that not many crypto users are utilizing bridges. And according to Sher, CEO of Zecrey Labs (the team behind Kontos Protocol), a big part of this is down to the user experience. The solution, he says, lies in bridge abstraction.
The ABCs of Bridging Crypto Assets
The crypto space is not known for its user experience. Blockchain-based applications are typically more complicated to set up and use than regular apps, something that the average crypto bridge takes to the extreme.
\ “The blockchain industry is often perceived as complex and difficult to navigate, especially for newcomers. Managing multiple wallets, handling private keys, and understanding gas fees can be daunting for users,” says Sher.
\ It's not known exactly how many people use crypto bridges. What is known, however, is that for most users, the experience is anything but convenient.
\ Crypto bridges tend to have unintuitive interfaces, with users often required to go through several steps to complete a bridge operation, which can take anywhere from a few minutes to several hours and attract significant fees.
\ At the same time, the bridging scene is itself fragmented. Many bridging protocols only support a limited set of assets and blockchain pairs.
“This means that currently, there are numerous bridges for different blockchain pairs, each with its own protocols and interface. Thus, users are regularly forced to use multiple bridges to get their assets on the target chain,” says Sher.
\ When someone wants to interact with a chain like Avalanche, they typically need to address two aspects:
\
Gas fees: They need to bridge AVAX tokens to Avalanche to pay for transaction fees (gas) on the network.
Other assets: They may also want to bridge other assets, such as stablecoins like USDT, to use within the Avalanche ecosystem.
\
This dual requirement often means users must perform multiple bridging operations or use a service that can handle both aspects in a streamlined manner. The complexity of this process can be a barrier for some users, highlighting the need for more user-friendly bridging solutions. This is where bridge abstraction comes into play.
What Is Bridge Abstraction?
“The Bridge Abstraction Layer (BAL) is a structural design pattern that separates the abstraction (interface) from the implementation (underlying mechanics),” says Sher. “This decoupling allows for greater flexibility and independent development of both components.”
Bridge abstraction builds on the concept of chain abstraction, where the aim is to hide the complexities of interacting with blockchains from the end user. When the user isn’t dealing with the specific details of underlying protocols, traditionally complex operations like cross-chain trading and asset transfer become straightforward.
\ Abstraction essentially lets developers build cross-chain solutions without being tied to specific implementation details. According to Sher, this translates to lesser involvement from the user during a bridging operation, as seen in Kontos’ design, which allows users to bridge across multiple chains via a single interface.
\ Kontos is designed around the user’s intent. If someone intends to get tokens on a particular chain, they can do so using any assets they have on any chain(s). This is possible because the protocol lets users combine assets from various chains and move them to the target chain.
\ It uses smart contracts and a network of participants to handle the complexities of gas estimation and payment behind the scenes.
\ “Kontos' approach to gas abstraction represents a significant innovation in improving blockchain usability,” says Sher. ”By tackling this complex problem, Kontos is addressing one of the major pain points in blockchain interaction, potentially setting a new standard for user experience in the multi-chain ecosystem.”
A New Standard for On-chain User Experience
Bridge abstraction is a significant leap forward in simplifying interactions across blockchain networks. Users typically had to navigate complex processes when bridging assets, ensuring they had enough gas tokens on the source chain, selecting both the source and target chains, and managing specific assets across networks.
\ With bridge abstraction, these barriers are minimized. Bridging no longer requires holding gas tokens on the source chain or keeping track of which chain assets are located. Instead, utilizing assets from multiple chains in a single task is possible. The system will calculate and optimize costs behind the scenes.
\ This evolution promises a smoother, more intuitive on-chain experience that allows users to focus on their transactions rather than the intricacies of blockchain mechanics. It sets a new standard for blockchain accessibility and usability, paving the way for a more inclusive and user-friendly web3 ecosystem.
\n
This content originally appeared on HackerNoon and was authored by Ade
Ade | Sciencx (2024-10-28T11:11:51+00:00) Bridge Abstraction – The Key to Unlocking True Blockchain Interoperability. Retrieved from https://www.scien.cx/2024/10/28/bridge-abstraction-the-key-to-unlocking-true-blockchain-interoperability/
Please log in to upload a file.
There are no updates yet.
Click the Upload button above to add an update.