AMA Recap: CRYPTO MINERS X BRIDGE NETWORK
Bridge network is building a cross-chain super dApp to enable seamless transactions between blockchain ecosystems. The cross-chain protocol (CCP) aims to be a one-stop-shop for all major cross-chain activities by providing the tools a user might need to transact in the multichain world. The bridge tool kit is made up of 6 main tools; a NFT bridge, a token bridge, a cross-chain trading platform, cross-chain farming platform, a multi-chain explorer and a token wrapper for any existing token to go cross-chain. The goal of building a cross-chain hub is to provide a frictionless and trustless environment for users to transact without the hassle of switching between protocols to complete what should be simple transactions. Bridge Network introduces a unique experience to the multichain world with a scalable, secure and robust infrastructure to simplify the complexities behind moving cross-chain. Bridge Network is a decentralized hub providing all the tools for users and creators to move cross-chain. The protocol aims to be a one-stop shop for all cross-chain activities. It hosts a suite of sophisticated tools that enables frictionless movement across both EVM and non EVM blockchains.
We hosted an AMA session with Bridge Network on 3rd May.
Mr. Ramsy was the host from Crypto Miners and Miss Kim was the guest. She shared delightful knowledge and unique features of Bridge Network.
Segment 1️⃣: Introduction
Hello everyone 👋 and welcome to the Crypto Miners AMA session With Bridge Network
Thank you all for joining us today❣️
To help us learn more about the featured project of this AMA session, we are lucky to be joined By Miss Kim
Hey 👋 Thanks for having me!
Hello there ✋
Thanks for bringing Us Bridge Network❤️
Happy to be here
I’m pretty sure that our Community is very much excited to learn more about Bridge Network ✌️
So let’s get started if you’re ready!!
First of all Please give us a brief explanation about ‘Bridge Network’ .What popped up in your mind to create such a platform in this Space?
So Bridge Network is essentially a cross-chain super dapp. What that means is it is a comprehensive platform where users can conduct any type of cross-chain transaction. This may include bridging assets between blockchains (both crypto & NFT), trading cross-chain, farming cross-chain etc. The goal is to create a platform that is extremely user friendly so that the end user does not need to hop between platforms to conduct simple cross-chain transactions
The idea popped in my mind about a year ago during the layer 1 szn when everyone was trying to move between bsc and ethereum. Then came solana, avalanche, etc. It became clear that having better cross-chain tools would be mandatory in order to thrive in the multichain world
Thanks Kim For this great start about Bridge Network 👌
Now let’s see our second question from this segment
Q2) So what are your main features and advantages that discern you from other Projects?
Well other than the regular (faster, cheaper & more user friendly) features, the platform is one of the first scalable bridging infrastrcture. This basically means that we can support any asset and asset owners can integrate or list their asset permissionlessly. For example: Let’s say you’re a token issuer and you launched your token on ethereum but your community would like it on Avalanche. You can simply come to bridge network and add your asset in under 2 minutes. Now your asset is available on ethereum and also avalanche
On top of that, the token issuer can earn fees when a user bridges their asset- so this may also be a way for protocols to generate additional revenue
Speaking towards the UX, we will be the first bridge pulgin (chrome extension) — it’s not fully unvieled as yet but stick around! More on this coming soon 🙂
Impressive Features 👏
Q3) How has the experience and background of your team been effective in the success of your project so far?
Our team is highly experienced and well trained. Our CTO is a previous security auditor, I’ve been working in crypto for the past 7 years and our CFO has worked with multiple YC companies in the past. On top of that we have some of the best designers — some of which have been featured by Adobe Design. Our team is our biggest asset at bridge network
4) Now Share us about your Native token, What are the some of utlities of $BRDG Token in Your Ecosystem? And if possible share to us the Tokenomics
$BRDG is used to power the bridge infrastructure. Below is a overview of its functionalities:
Security: BRDG is used as a security mechanism. Validators are required to stake BRDG as collateral to become an active participant in the network.
Fee: Token issuers are required to pay the network a BRDG fee to register their asset on the token bridge via the Rockefeller.
Settlement: The BRDG token is used as an intermediary settlement token when facilitating cross-chain swaps.
Rewards: BRDG is used to further incentivize cross-chain liquidity
Voting: BRDG acts as a governance token to vote on significant updates and changes in the protocol.
Burn: 50% of the tokens paid by the token issuer is paid to the validators. The remaining 50% is burned monthly or quarterly.
Let me add the link to the full tokenomics section in our docs for easy reading
Let’s move to our last question from this segment
Q5) So how long did it take to develop this project? What plans do you have for the future? And what can we expect from Bridge Network If possible could you please share road map with us.
We have been developing bridge network for over a year now. Our plans for the future is to focus on as many integrations & partnerships as possible while rolling out improvements and updates to the tech. Right now the team is focused on mainnet launch which is right around the corner
Here is the link to our roadmap: https://docs.bridgenetwork.com/info/roadmap
Thanks Kim for this well detailed introduction about Bridge Network:)
And that’s the wrap up of our the first part of the AMA session ✅
Let’s now proceed to our Twitter Questions section
i hope you’re ready for that!!
Segment 2️⃣: Twitter Questions
1) The Carnegie is a cross-chain trading interface that allows users to trade between any two assets, on any blockchain. The system aggregates liquidity on both ends. So will this system allows me to sell BNB in BSC chain and receive avax in avalanch?
Yes that’s exactly right, you can trade between any 2 assets on any 2 chains
2) I discovered that the platform infrastructure layer is maintained by two groups: Oracles and Validators. Could you explain to us this two layer? What responsibilities do they conduct to ensure that the Bridge Network runs smoothly? And why are they so important?
Yep so the oralces are essentially relayers. They relay information to the validators from one chain to the next. Example: When one event happens on chain A, do this event on chain B. So the oracles are constantly listening for such events
The validators are used to validate transactions and protect the network from malicious activitiy. They work similarly to other proof of stake validators where a certain amount of tokens are required to be staked. This staking of tokens incentivizes the validators not to act maliciously since malicious validators will result in their tokens being lost
3) I understand that in order to integrate an asset on the rockefeller, token issuers are required to stake a certain amount of $BRDG tokens. We then conduct a monthly burn of the staked $BRDG tokens. What is the amount of $BRDG tokens token issuers need to stake?
Between 5,000–10,000 $BRDG is required to be staked
4) To make multichain transacting easy, scaleable and accessible you had 6 EVM chains connected late December 2021. The protocol fee is a fixed % of the primary asset of the chain charged for bridging assets from one chain to another. So far, how many EVM chains have you integrated?
We started with 6 chains but now we are up to 20+ chains!
You can see a list of all the chains we support here: https://docs.bridgenetwork.com/network-design/supported-chains
5) You stated that 50% of the tokens paid by the token issuer is paid to the validators. The remaining 50% is burned. Could you further explain the burn function? How long does it take for each burn to happen?
Here is our last question from twitter
The burning is done manually, once a quarter. Basically the 50% of tokens that are needed to be burned gets sent to a smart contract. At the end of each quarter, all the tokens in this smart contract gets burned
Thanks for Your Valuable Answers❣️
And that’s the end of our twitter question segment
Now Moving on to our last segment — Live Q&A
Shall We Go mate?
Segment 3️⃣: Live QnA
(In this segment group was opened for 60 seconds and Miners sent hundreds of questions. Guest choose some best to answer)
What is the getBridgefee all about?
This is essentially the function that tells the user what the transaction fee will be when they are bridging. It takes the sender’s address , the token address and the destination chain ID and returns the fee expected by the send function. This function deducts all the incentives attached to the transaction.
Q) AUDIT play an important role in enhancing the stability for any project. Do you have AUDIT Certificates? Or are you working to AUDIT your project, to make secure, trustworthy & reliable?
Yep we are undergoing 2 audits right now. We have recieved the first reports from both and 0 vulnerabilities were found. You can track the audits as they become live here: https://docs.bridgenetwork.com/security/security-audits
3) Madin tosh:
Which of the chains are already on your roadmap and are you gonna add Arbitrum aswell cause i personally use it so much
Yes, arbitrum is supported! Here’s the full list:
I Found that You have Close the FUNDING of $3.8 MILLION , From Your Prime Investors , Would YOU please Tell me More about the FUNDING and Tell me about The Investors Who have Joined you in this Round ?
Our biggest investors include FTX Ventures, Blockfinex, Crypto oasis, Chyper capital and some other noteable individuals. These investors were hand selected to assist us with growing bridge network by allowing us to tap into their network and portfolio companies.
Are you planning to Launch the Staking & Farming In your Platform If Yes So Will You Please talk about the FARMIMG feature and How Can We Join the STAKING ?
Yes, with out mainnet launch we will launch our single sided stablecoin farming program where persons can stake $BRDG for a boosted APY. This farming feature is a utility in the bridge ecosystem that allows us to conduct native asset transfers. See more details here: https://twitter.com/bridgenetwork0x/status/1519376145552130055?s=20&t=P3KHPXR-QdCIg8k0uP393Q
*This segment ends here*
Thankyou so much kim For your valuable answers and information about Bridge Network,
It Was Pleasure Hosting An Ama With You
Time To Conclude Our AMA Section
Thank you for having me!
Is there anything else you would like to share or you want us to know ?
Follow us on social & join our channels for updates. Lots of exciting developments in the works!
We Wish all the very best for Project
Bridge Network And The Entire team behind the project ❤️🤝