Boston, Massachusetts, September 11, 2024, Chainwire
Hyperbridge sets a new benchmark for secure, scalable, and verifiable cross-chain communication, launching with the highest economic security on the market.
The Web3 Foundation, in partnership with Scytale Digital, has led the seed funding round for Hyperbridge, a revolutionary protocol set to transform blockchain interoperability. This investment marks a significant milestone as the Web3 Foundation’s inaugural funding initiative, highlighting Hyperbridge’s critical role in the growing Web3 ecosystem.
Hyperbridge is poised to become a leader in a rapidly evolving industry, with its cutting-edge cross-chain technology already being used by teams like Succinct, Axelar, Union, and Avail. The protocol has also already secured a parachain slot within the Polkadot ecosystem, reinforcing its deep integration and commitment to leveraging Polkadot’s unique strengths. Additionally, Hyperbridge’s crowdloan raised an impressive $2.7 million, making it the most successful parachain crowdloan in the Polkadot ecosystem, a testament to its strong community support and technological promise.
“Hyperbridge represents an important step towards a cross-chain future, embodying the highest standards of security, scalability, and innovation,” said Fabian Gompf, CEO of the Web3 Foundation. “By building on Polkadot’s robust framework, Hyperbridge brings verifiable and unstoppable interoperability to the ecosystem, setting a new benchmark for secure cross-chain solutions.”
Hyperbridge is more than just an asset bridge, it is a cryptoeconomic coprocessor that combines advanced zero-knowledge technology and mechanistic protocols to deliver the most secure and verifiable cross-chain messaging and storage query solution available today. Unlike existing peer-to-peer bridge models, Hyperbridge introduces a hub model that scales verifiable interoperability across all chains. The platform’s innovative architecture, built on Polkadot, enables it to deliver unmatched security and scalability, positioning it at the forefront of cross-chain solutions.
Security is at the core of Hyperbridge’s design, with audits performed by the same team behind Polkadot. As the industry grapples with insecure multisig bridges, Hyperbridge’s zk light clients for Polkadot and Ethereum provide a secure and verifiable alternative. By consolidating multiple connections into a unified, trusted network, Hyperbridge aims to be the leader in verifiable cross-chain communication and interoperability.
“Hyperbridge represents the next evolution in secure cross-chain interoperability,” said Mark Cachia, CIO of Scytale Digital. “Seun’s deep expertise and innovative approach ensure that Hyperbridge addresses the critical security gaps of traditional bridges and sets a new standard for verifiable, unstoppable interoperability. This investment aligns perfectly with our vision of a fully interconnected Web3 ecosystem, and we are proud to support a project with such transformative potential.”
Built exclusively on Polkadot, Hyperbridge inherits the network’s unmatched economic security, giving it the highest level of economic security of any bridge available today. Polkadot’s design, optimized for high interoperability, fast finality, and affordable computation through agile compute time, is the perfect foundation for Hyperbridge’s rollup architecture. This tight integration allows Hyperbridge to offer cross-chain messaging and storage queries to developers from day one, setting new standards for secure, scalable, and efficient interoperability.
Seun Lanlege, Founder of Polytope Labs, the developers of Hyperbridge, said: “Bridges are only as secure as their authentication mechanisms. Traditional bridges that rely on multisig committees for authentication have lost over $2 billion to exploits. Hyperbridge eliminates these middlemen by relying on proofs of finality and storage for cross-chain message authentication, providing a level of security that is equivalent to that of the blockchains it connects.”
Hyperbridge enables a wide range of use cases, including verifiable cross-chain intents, native non-custodial bridges for unified liquidity, and multi-chain scaling for stablecoins, RWAs, and DAO tokens. It also opens up possibilities for advanced cryptoeconomic coprocessors, such as state coprocessors for TWAPs and on-chain insurance protocols, as well as zk aggregation coprocessors. These innovations set Hyperbridge apart, giving developers the tools to build new financial and decentralized applications that were previously impossible.
About Hyperbridge
Hyperbridge is a cryptoeconomic coprocessor for secure and verifiable interoperability, powered by proofs of consensus and storage. Hyperbridge is the HTTPS of blockchain interoperability, providing developers with onchain and offchain SDKs to securely send cross-chain messages (POST requests) and read onchain storage (GET requests).
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About Polytope Labs
Polytope Labs is a collective of researchers and engineers founded by the core developers of Ethereum, Polkadot, and IBC. We are focused on solving fundamental infrastructure issues that continue to hold back the crypto industry, such as interoperability, scalability, and privacy. They strongly believe that Web3 is the next evolutionary step for the internet and are fully committed to advancing truly decentralized technologies.
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About Polkadot
Polkadot is the powerful and secure heart of Web3, providing a shared foundation that unites some of the world’s most transformative applications and blockchains. Polkadot offers an advanced modular architecture that makes it easy for developers to design and build their own specialized blockchain projects, multi-tenant security that ensures the same high level of secure block production across all connected chains and applications, and robust governance that ensures a transparent system where everyone has a say in shaping the blockchain ecosystem for growth and sustainability. With Polkadot, users are not just participants, they are co-creators with the power to shape its future.
Contact
Jonathan Duran
Distracting
jonathan@distractive.xyz
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