I propose the creation and integration of a cross-chain bridge on the SoftDAO website to facilitate seamless and secure asset transfers between various blockchains. The process will include researching top Layer 2 solutions, designing the bridge with input from the community, and ensuring adequate liquidity provisioning by SoftDAO. By engaging community members in the bridge’s development, we can attract new talent to SoftDAO.
Integrating a cross-chain bridge supports SoftDAO’s commitment to innovation, user experience, and community engagement. By offering users a seamless way to transfer assets across blockchains, we can appeal to a broader user base and foster the growth of the SoftDAO ecosystem. Additionally, the fees generated from the bridge will contribute to the SoftDAO treasury, reinforcing the project’s mission.
For this proposal, I am requesting:
- A budget allocated in SoftDAO tokens (the exact amount will be determined based on development costs, marketing efforts, and community engagement).
- A portion of the bridge fees is distributed to the developers and community members who contribute to the project.
The funds will be utilized to:
- Cover development expenses, including research, design, and implementation.
- Support marketing and promotional activities to raise awareness and draw users to the bridge.
- Incentivize community members to contribute to the project and maintain the bridge.
To further clarify the proposal:
- This proposal serves a greater purpose by improving user experience, increasing liquidity, and generating revenue for the SoftDAO treasury.
- The cross-chain bridge proposal is distinctive in its focus on promoting community development and collaboration while addressing the growing demand for Layer 2 solutions.
- This proposal is crucial to maintaining SoftDAO’s competitiveness and innovation within the rapidly evolving blockchain landscape.
In response to community feedback and suggestions, a community member highlighted the potential of Connext as a solution for implementing the cross-chain bridge on the SoftDAO website. He shared their insights and ideas in a message available at “Link to Community Message”. The message emphasizes the benefits of using Connext for token distributions and proposes integrating its cross-chain capabilities into SoftDAO’s infrastructure.
Connext is a protocol designed to facilitate cross-chain communication and transfers between different blockchains. It offers a range of features that align with SoftDAO’s objectives, making it an attractive option for the proposed cross-chain bridge.
According to the community member, Connext provides the following advantages for SoftDAO’s token distributions:
Cross-Chain Messaging: Connext enables fast and secure cross-chain messaging, allowing for effective communication between different blockchain networks. This functionality can be leveraged to synchronize and coordinate token distribution activities across multiple chains.
Efficient Asset Transfer: Leveraging Connext’s fast path feature, SoftDAO can achieve quick token transfers between chains that have sufficient liquidity. This capability expedites the distribution process by facilitating near-instantaneous transfers of tokens to recipients on different chains.
Liquidity Management: Connext’s liquidity management capabilities ensure that tokens are readily available on destination chains. This is crucial for seamless token distributions, as it guarantees that recipients can easily access the distributed tokens on their respective chains.
Secure Authentication: Connext supports authenticated call data, which enables secure and authenticated interactions between chains. This functionality can be employed to authenticate token distribution transactions, ensuring that only authorized participants can execute specific actions related to the distribution process.
Data Integrity: By leveraging Connext, SoftDAO can ensure the integrity of data during token distributions. Slow path transactions, which undergo the full Arbitrary Message Bridge (AMB) verification process, offer a high level of trust and data integrity. They are particularly suitable for actions that require validation of the origin caller or other sensitive operations.
Flexibility and Interoperability: Connext is designed to work with various blockchain networks, allowing SoftDAO to seamlessly distribute tokens across different chains. This flexibility enables SoftDAO to adapt to the specific requirements and characteristics of each blockchain network involved in the distribution process.
In addition to these advantages, there are two additional proposals:
To redirect current claims to the multi-chain structure: SoftDAO can utilize the cross-chain capabilities of Connext to redirect current claims to the multi-chain structure. By integrating Connext into SoftDAO’s infrastructure, the project can enable token holders to claim their tokens on different blockchain networks, providing them with more options and flexibility.
To give a bounty for providing liquidity on different chains: SoftDAO can incentivize liquidity provision on different chains by offering a bounty program. This program can reward participants who provide liquidity for the distributed tokens on various blockchain networks. By encouraging liquidity provision, SoftDAO can ensure that tokens are readily available and easily accessible to recipients across multiple chains.
Considering these advantages and proposals, the community member suggests that integrating Connext’s cross-chain capabilities into SoftDAO’s infrastructure will establish a comprehensive and efficient system for token distributions across multiple blockchain networks. This integration aims to ensure that token distributions reach recipients on different chains while maintaining security, speed, and data integrity throughout the process.