Bybit’s CEO, Ben, revealed that some of the $1.4bn in stolen ETH is shifting to Chainflip to convert ETH into BTC.
Crypto Bridge Basics
♻️ A crypto bridge is a tool that moves assets, data, or info between separate blockchain networks.
🖥 Blockchains run solo with their own rules, so bridges boost connectivity, letting you transfer tokens or use apps across different chains.
Types of Bridges
📌 Trusted Bridges: Depend on a central group or validators to handle transfers—like Binance Bridge.
📌 Trustless Bridges: Lean on smart contracts for open, decentralized swaps—like Wormhole or Hop Protocol.
How It Operates
💸 Bridging from Chain A to Chain B? The bridge locks your asset on A and creates a wrapped copy on B. For example, if Chidi or Ada moves ETH to BSC, they get wrapped ETH there.
🧭 To return, the wrapped token gets burned, freeing the original asset.
Why Bridges Matter
⚡️ Works across chains
⚡️ Cuts fees and delays
⚡️ Boosts liquidity and options
Risks to Watch
🛑 Hacking weak spots
🛑 Centralization concerns
🛑 Liquidity snags—low funds can slow withdrawals
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