The continuous attack on cross-chain companies and platforms has raised many security concerns and made people consider a cross-chain bridge a risky investment.
However, recently, Syscoin, a layer 1 blockchain that scales with EVM functionalities, has, against all odds, decided to launch a cross-chain bridge.
Initially, Syscoin had already launched a trustless bridge(2wp) that has been functioning since 2019.
But this cross-chain bridge will be the industry’s first ZK-based bridge.
ZK cross is a DeFi cross-chain platform that connects multiple blockchains to create a decentralised platform.
The vision of this platform is to create a secure, transparent, and trustless cross-chain infrastructure for the crypto world.
Due to all this, quite a few people are optimistic that the collaboration of Syscoin and ZK cross to create a cross-chain bridge will birth a very secure bridge compared to its predecessors.
Also, it will learn from the mistakes of other bridges and not fall victim to a major hack like others.
However, some people think it’s a bad idea considering the fragility and vulnerabilities of cross-chain bridges lately.
A few days ago, the nomad bridge was hacked and about 200 million dollars stolen.
It was a one-of-a-kind attack because it was not carried out by a single entity or group but by several individuals who leveraged the error or possibly the path left open by the original hacker.
Prior to that was the hack on the Ronin bridge, which occurred on March 30th and is still the hack with the highest funds stolen this year.
The hackers stole a whopping sum of 650 million dollars, wreaking havoc on the bridge.
Nevertheless, we await the launch of this cross-chain bridge that may reshape how we view cross-chain interoperability in the crypto world.