Across Protocol (ACX): An established cross-chain bridge with high consensus on funds

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远山洞见2024/07/25 07:10

By:远山洞见

I. Project introduction

Across is a cross-chain bridging protocol that provides the fastest and lowest cost cross-chain asset transfer solution. Its technical architecture consists of three modules: quote request mechanism, competitive relay network, and settlement layer. Across replaces traditional execution steps with user intents, enabling users to obtain the best cross-chain operation experience.

According to the project website, Across has processed more than $900 million in transactions, with an average time of less than 1 minute, and the cost of bridging 1 ETH is less than $1.

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II. Project highlights

According to the official website and documentation, the Across project has a series of impressive highlights.

1. Extremely fast and efficient: By using an innovative intents architecture, the transfer of assets across the board is extremely fast and can be completed in a few minutes. This efficiency far exceeds traditional cross-chain bridging methods, reducing user waiting time.

2. Affordable: Across minimizes bridging fees by carefully optimizing user intentions and gas mechanisms, usually below $1. This means that users can complete cross-chain operations at a lower cost and enjoy efficient services.

3. Safe and worry-free: The project adopts a competitive relay network and multi-layer security mechanism to ensure the security and reliability of each transaction. Users can confidently conduct cross-chain operations without worrying about asset security issues.

4. User first: The design of Across fully considers User Experience. By simplifying the user intention operation process, cross-chain operations are more convenient and intuitive, and users can easily complete asset transfers.

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III. Market value expectations

Across Protocol, as an established cross-chain bridge, is built on UMA's Optimistic oracle. It combines Optimism oracles, relays, and single-sided liquidity pools to provide decentralized instant transactions between chains. The bridge currently supports network services such as Ethereum, Arbitrum, Optimism, and Polygon.

Whether it is from the ETH ETF after the price of Ethereum rose to drive the rise of the second layer of assets, Across Protocol income perspective, or from the old cross-chain bridge operation stability, fund trust, the current protocol TVL 170 million US dollars, and the current circulation market value is only 160 million US dollars, benchmarking the cross-chain field ZRO/W and other emerging projects 567 million/580 million circulation market value is concerned, there is room for growth.

IV. Economic model

Across Protocol's native token has multiple key roles in its ecosystem.

1. Pay bridging fee: When users use Across to transfer cross-chain assets, they need to pay a small amount of tokens as bridging fees.

2. Incentive Mechanism: Tokens are used to reward users and relayers who provide liquidity and participate in cross-chain transfers to ensure the liquidity and stability of the network.

3. Governance function: Users who hold tokens can participate in the governance decisions of the project, including proposal voting and protocol upgrades, to ensure that the development direction of the project is in line with the overall interests of the community.

Across Protocol has a total of 1 billion ACX tokens, distributed as follows:

1. Airdrop: 125 million ACX

Community: 20 million ACX

Early Bridging Users: 15 million ACX

Liquidity Provider: 70 million ACX

Bridge Traveler Program: 1000-20 million ACX

2. Strategic partnerships and financing: 250 million ACX

3. DAO inventory: 525 million ACX

4. Agreement reward: 100 million ACX

V. Team and financing

The team at Across Protocol is led by co-founder John Shutt and technical lead Nick P.

In terms of financing, the project completed a round of financing on November 24, 2022, raising $10 million and valuing the project at $200 million. The financing was supported by well-known investment institutions such as Hack VC, Placeholder, and Blockchain Capital.

VI. Risk Warning

1. The cryptocurrency market is volatile, and large price fluctuations may lead to investment losses. Therefore, cautious decisions should be made and market risks should be fully understood.

2. Although Across has adopted multiple layers of security mechanisms, any new technology may have undiscovered vulnerabilities. If security bugs or attacks occur, it may lead to the loss of user assets, which in turn affects the reputation of the project and user trust.

VII. Official link

Website： https://across.to/

Twitter： https://x.com/AcrossProtocol

Discord： https://discord.com/invite/sKSkhTtu8s

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.