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RE: 320 Million Dollar Solana Bridge Hack exposes the vulnerabilities of bridges, not your keys, not your crypto!

in LeoFinance3 years ago

Interesting point about bridges, its hard to make them decentralized with smart contracts, as there needs to be a link between the chains, and usually that's code, and maybe its open source code, but its not immutable on a blockchain, sometimes just sitting on a centralized server. I don't know if there is a solution like chainlike which uses oracles to get data outside the blockchain into the block chain?

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Hi @notak

there needs to be a link between the chains, and usually that's code, and maybe its open source code, but its not immutable on a blockchain, sometimes just sitting on a centralized server. I don't know if there is a solution like chainlike which uses oracles to get data outside the blockchain into the block chain?

Good question!
As I understand it, it is possible to provide trustlessness in decentralized finance with liquidity provision on Thorchain.

Trustlessness is maintained I believe by a combination of no bridges, no wrapping and it is possible to control your assets with your keys up onto the time of pairing. I need to revisit Thorchain as I studied it months ago as a theoretical construct, and now there’s a working product.

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