Poly Network was ruged by hackers, Agalta is becoming the best solution for a secure cross-chain protocol
With the outbreak of the DeFi ecosystem, more and more funds are in the liquidity pool, and the opening of assets is also expanding rapidly. This requires careful review of the code of the cross-chain protocol smart contract. Once there are any loopholes in the smart contract, It may become the target of hacker attacks, causing tens of millions of dollars in losses.
On the evening of August 10, the worst security accident in the history of the DeFi industry was born. The cross-chain interoperability protocol Poly Network’s smart contracts deployed in Ethereum, BSC, and Polygon were simultaneously attacked by hackers. Assets such as USDC and ETH worth more than US$590 million were transferred by hackers. The O3 Swap cross-chain function was also compromised by Poly Network. Suspended by hackers. Security researcher Mudit Gupta pointed out that Poly Network does not use multi-signature. Hackers may have obtained the private key of the address through traditional hacking methods, or they may have colluded with team members to complete the attack.
This Poly Network hacking incident has sounded the alarm for the security performance of the cross-chain protocol. Due to the particularity of the DEFI cross-chain project, security considerations should not be limited to the smart contract level, but also need to pay enough attention to the on-chain and off-chain parts, especially to investigate business logic vulnerabilities when combining with other DeFi products to avoid occurrences Cross-contract logic compatibility vulnerabilities push up the cost and processing time of end users. These limitations and vulnerabilities not only lead to the loss of hundreds of billions of dollars in user funds, but also hinder cross-chain innovation.
In order to solve the security issues of cross-chain protocols, and to respond to the increasing demand for cross-chain solutions in the blockchain ecosystem, as the first batch of decentralized cross-chain protocols that support the layer2 expansion protocol of Ethereum, the Agalta Protocol cross-chain architecture is composed of Aga- Adapter, Aga-Hub cross-chain gateway, ACCP cross-chain communication protocol and Layer-2 Agalta Chain relay cross-chain network. Using the underlying technology of the AgaltaAPI framework to support ETH and ERC20 tokens on it to quickly recharge to the Agalta chain, support the latest AMM model exchange transactions, so that all exchanges are completed on Layer-2,
While reducing user transaction costs, it ensures the user’s overall transaction experience, and provides a stronger security guarantee for user funds, which prepares for the continuous development of DeFi in the multi-chain ecosystem in the future.
Unlike other cross-chain platforms with many restrictions, Agalta Protocol is committed to creating free inter-chain agreements. The goal of Agalta Protocol is to establish a large-scale open collaboration infrastructure with a large number of interoperable blockchains to serve various DAPPs and allow originally isolated tokens to circulate among all chain ecosystems. By constructing a free inter-chain protocol to ensure interoperability between chains, each future blockchain can interoperate with other blockchains through this protocol, and each DAPP can be freely selected according to the usage scenario. Configure the basic functions required by it. Agalta Protocol will continue to focus on the construction of the public chain Layer-2 cross-chain DeFi ecosystem, launch a multi-chain cross-chain research and development plan, and gradually open up Binance Smart Chain, Huobi Ecological Chain, Polkadot Main Chain, OKT and other public chains. Layer-2 high-speed cross-chain network, gradually opening up the enterprise development toolkit, supporting DeFi projects and products on the One-click Fork Ethereum, and becoming the cornerstone of the global public chain DeFi ecology.
In terms of application scenarios, the Agalta protocol solves the problems of low performance of ETH Layer-1 and high gas fees. There are many application scenarios on the Layer-2 track, including digital currency exchange transactions, mortgage lending, wealth management insurance, asset custody, DeFi machine gun pool and other fields. Agalta is based on the technical driving force of the comprehensive development and integration of the digital economy of the block chain, combining different fields, can open up the connection channel between the chain and the reality, realize the free circulation of information and value, and maximize the ecological application of the block chain. Border, redefine the traditional financial business model.
The Poly Network hacking incident also proved to a certain extent the “value” and “future” of cross-chain. As the first batch of decentralized cross-chain protocols that support Ethereum’s layer2 expansion protocol, Agalta Protocol is willing to be the Columbus in the blockchain era and help everyone explore a safe cross-chain world! In the future, as the concept of “cross-chain” gains popularity, the Agalta protocol with multiple advantages will surely stand out in the cross-chain protocol and Layer-2 racetrack!