deBridge — a cross-chain interoperability and liquidity transfer protocol that allows truly decentralized transfer of assets between various blockchains. The cross-chain intercommunication of deBridge smart contracts is powered by the network of independent oracles/validators which are elected by deBridge governance.
The protocol enables transfers of assets between various blockchains via locking/unlocking of the asset on the native chain and issuing/burning the wrapped asset (deAsset) on secondary chains or L2s. Cross-chain communication between different blockchains is maintained by elected validators who run Chainlink oracle nodes to perform validation and relay of data between smart contracts on the deBridge protocol.
Delegated staking and slashing mechanics act as a backbone for the protocol security and prevent economical incentives for validators to get into collusion.
The deBridge protocol aims to become a standard for: – cross-chain interoperability – bridging of any arbitrary asset – bridging of NFTs – cross-chain swaps The protocol will be controlled by a DAO with decentralized governance which allows all token holders to have a word in the future decisions regarding protocol parameters, management of the treasury, and participate in the future growth.
deBridge was born during the Chainlink Global Hackathon where the team strived to solve the urgent problem of transferring liquidity between blockchains and of the lack of a single decentralized standard for bridging assets. The project was awarded the grand prize and took first place among more than 140 teams worldwide.
Resources: Website with live testnet (Kovan/BSC/HECO): https://debridge.finance/ Chainlink Hackathon Winner Announcement: https://youtu.be/8hdoTeT-rTA?t=2974 Chainlink Blog Post: https://blog.chain.link/congratulations-to-the-spring-2021-chainlink-virtual-hackathon-winners/