Projects
![]()
No projects found
Investors
New
DAO Treasuries
DATs
Lend / Borrow APRs
Chains
Categories
Spaces
Defi Interoperability on Sui with Cross-Chain Protocols
Recorded: Dec. 19, 2024 Duration: 0:20:27Space Recording
Short Summary
The transcript discusses various aspects of interoperability and liquidity in the DeFi space, focusing on projects like the Sway Bridge, Wormhole Connect, and Circle's CCTP. Key highlights include the launch of the Sway Bridge, which uses SUE validators for message validation, and Circle's recent launch of native USDC on the Sway blockchain, which quickly reached 100 million in circulation. Partnerships with Wormhole and CCTP are emphasized for improving user onboarding and asset movement across chains. The discussion also touches on the challenges of liquidity fragmentation and the solutions provided by these projects to enhance user experience and security.
Full Transcription
Good morning, good afternoon, or good evening, wherever you are in the world.
Thank you all so much for joining us for our X-Base on Defy Interoperability on Sway with cross-chain protocols.
We will get started in about one minute, actually less than 45 seconds as we wait for everyone to join.
And our wonderful co-hosts, our wonderful host, Jerry, will be kicking us off.
Thanks everyone for coming.
Okay, it looks like Jerry is experiencing a fun technical issues.
She will be right back.
In the meantime, let's start with introductions.
Bridger, do you want to kick us off?
Sure, thanks.
Hey, guys, Bridger.
I am a software engineer at Miston Labs,
and I'm currently leading the Suey Native Bridge project.
I've been in the crypto space since about 2017 working on various protocols, and I really enjoyed my time at Mistin, working on Suey. Thanks.
Thanks, James.
You want to kick us off now?
Yes, sure. So sorry for being a few minutes late, technical issues.
But welcome everyone for joining our final X-place of the year.
I'm Jerry. I'm focused on D-Fi partnerships at Mistin Labs,
and I'm thrilled to be moderating today's space with our amazing group of speakers.
Today we're going to be talking about D-Fi interoperability,
powered by USC, CCTP, Sway Bridge, and Wormhole.
So without further ado, I'll hand it over to our speakers to give a brief intro of themselves and the project they're working on.
So I think somebody was already giving an intro when I joined.
So let's see. Let's start with you reveal.
Hey, thank you for having me. I'm the founder of Bluefin. We are a spot and perps Dexon Suite. We've powered over 40 billion in volume this year. And in the last two weeks, we've had it about $50 million of new liquidity on the platform. And I think, you know, with CCTV and Sweet Bridge, we're about to open the floodgates to a lot more.
Thanks, Rubial. All right. Ian, over to you.
Hey everyone, my name is Ian Melhorn.
I'm the lead PMM for CCTV at Circle.
In the past, I launched Circle University,
created the Crypto Literacy Content Modules for Circle You,
and have a background in consulting,
focused on crypto data infra and market research.
Thank you.
Awesome, and Isaac, over to you.
Hey everyone, I'm Isaac. I'm on the BD team at the Wormwell Foundation, where I work closely on product integrations and chain expansion.
And prior to Wormhole, I was actually on the BD team at Circle, where I worked very closely on CCTV.
So being here is like worlds colliding in the best ways and very excited to chat today.
Great, and then Bridger, I believe you already gave an intro so we could
Dive into it.
So the structure for today's chat,
we have some questions prepared for each of our speakers,
and then we'll go into an open discussion about what it means for
DFI, DFI users and builders.
So Ian, let's start with you over at Circle.
Can you give us a high-level explanation of USDC as well as CCTV
and how it enhances cross-chain transfers?
Of course. I'll start with actually going circle, high level, then USDC and CCTV.
So our mission at Circle is to raise global economic prosperity through the frictionless exchange of value.
What we do is empower developers to build, you know, the future with blockchain through an open platform, powerful tooling and a supportive community above all.
And as you all know, our primary product is USC, which is the world's largest regulated stable coin.
Currently, we have 42 billion in circulating supply, a little bit more than that today.
Okay.
Circle just launched native USDC on SWI about two months ago.
And fun fact, SWE is the fastest chain to hit 100 million in natively issued USC.
So big kudos to the SWEECO.
I look at CCP as this connective tissue across the crypto ecosystem,
essentially unifying USC liquidity across these disparate blockchains.
and ultimately simplifying user experience.
And it's really this permissionless protocol on-chain utility
you like to say that facilitates the cross-chain USDA transfers.
We say securely when we talk about the native burning on the source chain
and native minting on the destination chain,
and we can get into all of that as we go forth.
Love the shout out to Sui and it being the fastest to hit 100 million.
That's awesome. I actually didn't know that stat, but very cool.
Okay, so you talked about simplifying user experience, about it be about CCTV being secure.
What about how does CCTV solve for liquidity fragmentation across chains and what role does it play in defy today?
Yeah, so I think it's important to start with, you know, how USC liquidity fragmentation
happens in the ecosystem and then get into kind of CCTP as a solution.
So what happens is you have these third-party bridges that upon transfers essentially issue
USC in their own distinct form and distinct tickers.
And you could see a bunch of them across different chains.
Defi Lama, for example, just go search stable coins there.
And these tokens are not issued directly by us at Circle,
and they're wrapped or bridged versions or representations of USDC.
The issue is they're not fungible with one another,
and this fragmented liquidity across these various pools on different blockchains
This leads to poor user experience, you could say,
UX or DevX, and it inquires the end user or the devs to explicitly choose this desired bridge version of USDC.
So there are benefits. I mean, you know, you can help bootstrap liquidity and activity on rising blockchains.
But these bridge versions will ultimately never be as liquid or secure as having one dominant form of native USCC cross chain.
And this is where CCTP, the solution comes into play.
This low level primitive for devs to essentially leverage and extend for we shout out in use case of defy crypto capital markets.
And when I say leverage and extend, it's essentially embedding CCTV within your app or wallet or bridges to enable the users to move any form of native USDC across chains.
And we route to USDC behind scenes with CCDP for various use cases in DFI, cross chain swaps, lending, NFT purchases, liquidity pool rebalancing, and you can come up with more.
Great, thank you. That was a perfect explanation.
So last time I checked, I believe CCTV is live on nine chains and has 72 routes.
Correct me if I'm wrong.
But how does CCTV, okay, good.
How does CCTV ensure security and scalability as adoption grows?
So it comes down to the native burning and minting.
The flow, just for educational purposes, when a user initiates transfer via CCTV, native
USCTC is burned on the source chain and then we at Circle or attestation service observes
and attests to that burn event on the source chain.
And then based on that attestation, the native USC is minted on the destination chain.
And I think it's important to note that CCTV is secured by circle,
which means no additional trust assumptions.
When you compare this to lock and mint or liquidity pool based bridges or even a tent-based bridges,
And as you mentioned, CCP with the addition of SWE is now on nine blockchains and will continue to expand into 2025.
Awesome. Thank you.
Okay, let's move over to Isaac at Wormhole.
I'd love to dive a little bit deeper about Wormhole Connect.
Wormhole Connect's role in powering interoperability and liquidity across chains.
So how does Wormhole Connect simplify the cross-chain experience for developers and end users?
Yeah. So on the developer side, you know, one of the things we prioritize with Connect was making sure that the DebX is really intuitive, right?
And we wanted to make it as simple as possible for developers to access Wormel-powered routes as a means of, you know, expanding their user base or tapping into new sources of liquidity.
Yeah.
So we made that extremely easy to do.
And Connect can literally be set up with three lines of code.
And a testament to that is on the morning of the launch,
I was actually coordinating with several teams on getting their integrations live,
and each of them were able to push it to production in a matter of minutes.
And then on the user side, the value add is really powerful because it lets existing users
have seamless USDC flows to and from suite with the best capital efficiency.
While at the same time it opens up a whole new addressable market.
naturally there's going to be cross-pollination between ecosystems.
And if, let's say, you know, Salana power user wants to get into SWE-D-Fi, they can treat,
let's say, bluefin is that access point and transfer Salana USDA over to SWI in under a minute, and
and then start to open up some positions.
So in many ways, it allows apps and developers to expand their feature set while at the same time for users,
it removes a lot of that friction in having to deal with raft assets or liquidity fragmentation or slippage or anything of the like.
Okay, so that's really helpful.
So you touched briefly on how wormhole
plays a role at integrating USCD via CCTV into SWI.
How does this differ from other bridging solutions?
Yeah, maybe starting with our role in SIE in the past.
Wormhole was essentially the primary bridge for SWE and that assets brought in from other chains were essentially deemed by the ecosystem to be the official ones, which includes Wormhole RAPTUSDC brought in from other chains.
And that Wormhole RAPT was widely used in SWE.
It had very deep liquidity, meaning we almost provided like,
this interim solution for a trusted stable coin,
now that circle as the issuer has deployed it natively,
we've been supporting and not only ensuring that
there's a successful migration towards a native asset,
but also enabling it to be composable with other chains,
which is exactly what our integration does.
So I would say the headline is that our role in SIE has been multifaceted, but stablecoin utility and growth on Sway has been a big part of it. And this launches by no means an exception.
In terms of how we're differentiated, I would say the first thing that comes to mind is that, you know, no other inter-op protocol has as comprehensive of a feature set as Bermel does.
And we can quite literally take any multi-chain use case to market, whether it's, you know, natively deploying tokens across chains with NTT or UI builds, as we saw with Connect.
cross-chain data with queries or even just like general message passing as this sort of standalone primitive.
And that doesn't even speak to what can be built on top of each of these, right?
So we have very strong conviction in our current product set.
and that we should be the inter-op protocol of choice for any on-chain builder.
The last thing I'll quickly add is our emphasis on building the most secure inter-op protocol
and the one that is best fit for institutions to adopt as they inevitably come on-chain
because security for us is definitely the kind of thing where we always measure twice cut once.
And this is shown in everything we do, not to mention everything we build is open source.
And in the context of institutions, we feel like this is a huge part of the reason why we were chosen as the official in-rah partner for, you know, Securitize, who's Black Rocks tokenization partner, also Flow traders, transfero. So
Tying a bow on this, I think it's very clear that Svi is also getting strong institutional signals and adoption.
I think it was, what was it, Ant Digital that I saw being a recent example.
And we feel really well positioned to be that sort of multi-chain conduit for Svi as more of these big names come on chain.
Awesome, thank you. And actually just wanted to give a shout out. I didn't realize that it's only three lines of codes to integrate. I saw you hustling, getting, working with all the Deepi protocols, making sure they were ready with CCTV and going live. And I didn't realize that's just three lines of codes. That's pretty impressive. Yeah, and shout out to you for the intro's, right?
All right, let's move over to Bridger.
Bridger works on the Sway Bridge.
So Bridger, can you walk us through the Sway Bridge and launched a few months ago?
Talk to us about what is a native bridge and how has progress been since it launched.
Yeah, so we did a space on like what a native bridge is right after we launched.
But yeah, we launched a few months ago.
And essentially just the overview of a native bridge is it's like any other bridge with the exception that the nodes that are actually validating the bridge messages are suey validators rather than like a third party.
So since launch, we have broken, we launched with just the ETH token, just on Ethereum.
We have broken the 10,000 eth deposited.
And we have currently like a total volume deposited on Ethereum is around 26,000 ETH.
So yeah, that's, so that's, we've seen some good activity since we've launched.
We're gonna be working to support more tokens.
soon, stay tuned really soon actually on a new asset we're going to be adding.
And the next year we're going to be working towards doing some behind-the-scenes stuff
that really won't affect user experience too much.
But then we'll also be working towards fun new features like supporting more chains
and as well as potentially adding
custom messaging. So we'll be able to do pass custom messages between chains, just like already exists within a bunch of other solutions like Wormhole.
But yeah.
Cool, a lot of exciting developments coming up. And how does the partnership with Wormhole and CCTP improve the onboarding experience for users moving assets to SWE?
Yeah, working with wormhole has been great.
They allowed, once CCTV launched, they enabled us to integrate within the bridge.suidio app really fast using their wormhole connect.
So shout out wormhole for making that happen so fast.
And...
Yeah, I have to say as a developer, integrating Wormhole Connect was as easy as the insane is.
So, sorry, Isaac.
And what specific challenges does we bridge address?
And what does it mean for builders?
Yeah, the challenges that the native bridge addresses is having to,
I guess having to deal with like a kind of a fragmented ecosystem.
So one of the pros of a native bridge is how coupled it is with the SUE protocol itself.
So as a developer, when you're onboarding to the SUE ecosystem, you can, you'll be able to just go and find all the information you need.
If you want to bridge assets from, for say, Ethereum, you'll be able to go and learn
