The world has become more aware of blockchain and cryptocurrencies. This growth in adoption has led to an increase in the number of blockchain projects. While this surge has its positive sides, it has also led to pressure on some prominent blockchains such as Ethereum. As a result, there is a heavy increase in gas fees and a reduction in the average transaction speed.
Several efforts have been made to resolve these issues, including Layer 1 and Layer 2 protocols. Cross-chain bridges have also been an effective solution. They offer a world of new possibilities and make it easy for blockchains to interact with each other. This article will look at ChainPort, a cross-chain bridge racking attention.
Details: https://t.co/ImN8C0RybX 🪙
About ChainPort 🌉
ChainPort is a next-gen cross-chain bridge that provides custodian-level security with full interoperability. Security is always paramount, and 95% of the funds are stored in cold storage wallets#ChainPort #PORTX pic.twitter.com/7uwKxqxrjb
— ChainPort (@chain_port) September 20, 2022
What Is ChainPort?
According to its whitepaper, ChainPort is a next-gen, cross-chain bridge that offers custodian-level security with full interoperability. The platform claims to introduce a unique level of security structure that safely ports tokens across blockchains with a single click. ChainPort has reportedly managed 35,000 ports and $500,000,000 in volume since it launched early last year.
ChainPort is a permissionless bridge that has moved more than 140 tokens between blockchains. The platform ports these tokens in a few minutes, leveraging a straightforward UI without needing any technical integration.
ChainPort is a custodial bridge that emphasizes security and interoperability. According to the platform, 95% of all funds are stored in cold storage wallets provided by major blockchain security experts.
As verified by DefiLlama, ChainPort has undergone several security audits. Some of its security features include:
- Fireblocks MPC
- Gnosis-safe multi-sig
- Independent audits by CertiK and CyberUnit
- Continuous monitoring by CertiK Skynet
- Insurance program
- Contract level security
- AI/ML security activation
Cross-chain bridges have recently been subject to multiple hacks, making security a huge concern. For example, Harmony’s Horizon bridge lost $100 million in cryptocurrency in June this year. So ChainPort claims to have a solid system in place to guarantee the safety of funds.
What Makes ChainPort Unique?
ChainPort simplifies the transfer of tokens between chains. It recently became the first cross-chain bridge to support permissionless token porting to Dogechain. As a result, users can move tokens from several supported blockchain ecosystems to Dogechain. ChainPort has a combination of regular crosschain-bridge features and its exclusive features. Here are some of the factors that make ChainPort a unique cross-chain bridge:
- Unique security architecture
- Permissionless porting: Porting tokens between blockchains without
intervention or limitations. - Multiple wallet support
- Live human support
- Direct contract calls
The platform intends to add more features in the coming months, such as:
- Embeddable ChainPort widget
- Insurance program
- Private bridge services
What Are the Supported Chains?
ChainPort plans to support all EVM-compatible networks. However, here are the supported chains:
- Binance Smart Chain
- Polygon
- Ethereum
- Avalanche
How Much Does It Cost to Use ChainPort?
ChainPort does not charge a fee for depositing, transferring, or withdrawing your tokens. However, the bridge might charge fees for its services in the future. For now, only the gas transaction fees are due to the supported blockchains.
Check this article to find out how to use ChainPort.
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