The Blockchain Bridge Revolution

GM Readers!📪 It's BitDegree Insider, and let's see that crypto working on the International Workers' Day .

⭐️Today's selection:

• 🌉Revolution In The Bridge Segment
• 💡Eigen Layer
• 💰Venture Mondays
• 👌Selected Meme of The Day
• 📰Bite-Sized News

REVOLUTION IN THE BRIDGE SEGMENT 

Most bridges do not actually transfer tokens from one blockchain to another. They simply lock tokens in one network and then create wrapped tokens in another.

Over time, this approach has led to projects creating a lot of wrapped tokens that are poorly compatible with each other and highly fragmented.

This not only confuses users but also reduces the security and liquidity of tokens. Such bridges are most vulnerable to hacker attacks.

LayerZero has solved this problem in an unusual way: they have created the Omnichain Fungible Tokens (OFT) token format.

OFT is a new token standard that can be transferred from one blockchain to another 1-to-1 (without the wrapping technology).

The transfer of tokens between blockchains is provided by Chainlink oracles and relayers, which act as validators and allow blockchains to communicate directly. This can be compared to the SWIFT interbank system.

Here's how it works in simple terms:

For example, if you transfer CAKE tokens from the Binance Chain to Aptos blockchain, the bridge will burn the CAKE tokens in one blockchain and "print" new ones in the other.

This is possible because CAKE now supports the OFT format.

The most interesting thing is that the transfer between blockchains occurs with just one transaction.

Here's an example of how LayerZero's approach differs from standard bridges:

Moreover, LayerZero has introduced a groundbreaking tool called Essence, which makes it much easier and faster to set up important parts of a blockchain system, known as validators, in just one hour.

Before, creating a validator was a lengthy and complex task, taking months to complete and not possible without a large team and plenty of resources.

Validators are like checkpoints that make sure everything happening on a blockchain is legitimate and follows the rules, which is important for keeping the whole system safe and working smoothly.

Essence, the new tool from LayerZero, makes this whole process a lot simpler, helping organizations run their blockchain systems more effectively.

In the next few months, LayerZero plans to share more information about the project and how it works, with 50 of the "world's top organizations" already showing interest and waiting for its release.

With Essence, businesses can start using their blockchain-based applications much quicker and with fewer difficulties, making it simpler for them to enjoy the many advantages of blockchain technology.

Also, LayerZero has recently announced its addition of a very popular zkSync, enabling developers to benefit from its omnichain messaging protocol.

This integration allows developers working on zkSync to effortlessly extend their applications across more than 30 supported chains, while also enabling projects already built on LayerZero to seamlessly expand to the zkSync platform.

Soo, LayerZero is really an important project overall! In the whole blockchain ecosystem!

As we mentioned in one of the Venture Mondays, we'd like to remind you that the project is currently valued at almost $3 billion.

Many are interested in the potential LayerZero drop.

However, currently, there is no explicit information available about this, but you can engage in certain activities now to potentially qualify for the token drop in the future.

While we haven't yet compiled a detailed guide on this topic, we've provided a basic overview of the essential steps you can take to be eligible for their token drop right here.

TL;DR: LayerZero has proposed a promising solution for the usual way of bridging tokens:  the Omnichain Fungible Tokens (OFT) token forma

EigenLayer

Let's talk about a testnet that's worthy of your attention.

EigenLayer is a project that represents a protocol that improves Ethereum and allows dApps and networks to use restaking to enhance security.

It solves many problems and contributes to the growth of the ecosystem, increasing the value of ETH.

Yes, and this project has already been featured in one of our Venture Mondays!

Recently, they announced the first stage of the testnet, which supports liquid and native restaking.

We are very early, so it's time to dive into everything!

Guide:

1. First, you need to get $goerliETH at several faucets of your choice: here; there; or over there; or simply buy it on Testnet Bridge. The latter option would be more expensive, but it has some advantages! since it's a product of LayerZero. 2. Go to the website, stake ETH, and receive rETH. Then, Add rETH to Metamask 3, Then send ETH to this address: 0x1643E812aE58766192Cf7D2Cf9567dF2C37e9B7F 4. Next, visit this website, deposit tokens in Rocket & Lido pools (stETH, rETH which, by now, you should have received from previous steps. Wait a little while and then remove part of it from staking. 5. The project often hints that there will be no airdrop. But... If they change their mind, we better be ready.

Moreover, in their Whitepaper in the Governance section, it is mentioned that one of the management options could be a DAO-like system with a token.

At the same time, they want to avoid possible centralization and misuse of token ownership, so they are considering other possibilities.

In any case, it's worth participating in the testnet! Good investments, useful technology, close attention from funds, and other influential people are solid criteria for choosing a project.

TL;DR: EigenLayer has announced the first stage of their testnet. It's very early, so it could be the right time to contribute to its testing, and, potentially, become elligible for future airdrops. 

VENTURE MONDAYS

DeFi Protocol Thetanuts Finance raised $17M in a funding round led by Polychain Capital, HyperChain Capital, Magnus Capital

Thetanuts enables the creation of new option markets through structured products with multichain interoperability.

Structured products are financial instruments that combine different products, such as options or derivatives, into a single investment.

Thetanuts are designed for investors seeking high-risk adjusted yields and asset accumulation through options, such as covered call or put-selling strategies.

Battle royale chess Web3 game Royale Chess raised $1M in a Pre-seed funding round from Merit Circle, Polygon Ventures, Solana Ventures, Overwolf, Big Brain Holdings, LD Capital, Round 13 Digital Asset Fund, Sebastian Borget.

It's surprising to see that even without significant financial backing, there are notable investors in this game of chess.

Blockchain-based game will have 10 live players against one another. It piques one's curiosity as to how this will unfold.

SELECTED MEME OF THE DAY

BITE-SIZED NEWS

• Crypto Exchange Binance Makes a Japanese Comeback Through SEBC Acquisition. Binance is set officially reenter Japan sometime after June 2023.
• Bit4You Halts Operations as Partner CoinLoan Faces Insolvency Probe. It is believed that 81% of Bit4You's BTC assets are stuck on CoinLoan.
• UK Treasury Issues a Consultation on DeFi Lending and Borrowing Taxation. Entities participating in DeFi space have until June 22nd to submit their opinions about it.