Exciting Developments in the Across Ecosystem: ACX Token Celebration
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Chapter 1: The Rise of Across
In recent months, Across has significantly enhanced its market presence across various blockchain networks, achieving unprecedented trading volumes. This remarkable growth is supported by exceptionally swift transaction speeds and minimal fees associated with transfers to and from the Ethereum mainnet, as well as layer-2 solutions like Polygon, Optimism, Arbitrum, zkSync, and Base.
The evolution of the cross-chain ecosystem has led to the emergence of numerous bridges that facilitate value transfer. With its intent-based design leveraging off-chain liquidity, Across is positioned to deliver an optimal bridging experience for users.
The surge in bridged volume can be attributed to affordable fees and rapid transaction processing, bolstered by UMA’s Optimistic Oracle. This technology reduces fees by eliminating the necessity for on-chain validation, thereby enhancing gas efficiency and decreasing bridging costs.
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As the Cryptoverse has advanced alongside Ethereum, the demand for seamless asset movement across Layer 1 and Layer 2 chains has grown. Crypto bridges are essential to this cross-chain framework, enabling users to transfer value seamlessly.
Section 1.1: Bridging Mechanisms Explained
There are two primary methods for facilitating these transfers: utilizing on-chain liquidity for delivery versus payment (DvP) or employing off-chain liquidity for intents. Cross-chain bridges can either use on-chain or off-chain liquidity to fulfill orders, subsequently verifying transfers individually or in batches. Which method do you think is more efficient?
Bridges must confirm transfers before users can access their funds at the destination, which can be accomplished either one transfer at a time or in bulk. The DvP strategy is standard practice, wherein a user's order is fulfilled once a message confirms the deposit. However, this straightforward approach has drawbacks, including elevated gas fees due to on-chain validation and lengthy transfer times due to finality waiting periods between the source and destination.
Across utilizes relayers to manage orders and then bundles repayments, enabling swift asset movement while conserving gas costs. Instead of relying on on-chain liquidity to deliver funds upon payment receipt, a market maker or relayer finances the user's order with their own assets to meet the request at the destination.
Subsection 1.1.1: The Role of Relayers
The relayers, acting as third-party entities, assume finality risks on behalf of users, earning an interest rate on the assets they lend out. This use of off-chain liquidity offers users significant savings and an enhanced experience, suggesting that intent-based systems like Across may lead the way in the cross-chain ecosystem moving forward.
The mechanism is further optimized through single asset liquidity pools that offer high annual percentage yields (APY). If your assets are not currently yielding double-digit APY, they could be with Across. Recently, the base pool APY saw a 50% increase, which can double after 100 days of staking. Unlike other bridge models, the risk of finality does not rest on Across liquidity providers!
Chapter 2: Celebrating ACX Token's First Anniversary
Across is gearing up for a grand celebration to mark its second anniversary at the beginning of November, with the ACX token's first anniversary on the 28th. We are organizing an exciting event filled with surprises!
The celebration kicks off with Across Alerts, where three lucky winners will be drawn from participants who quote-retweet the anniversary tweet. The deadline is set for 5 PM UTC on November 28th, with winners being announced during the community festivities. Join us for a chance to win one of three prizes of 100 $ACX!
The Great Across Bake-Off is also underway, inviting participants to bake treats while incorporating the Across logo and colors. Share your creations on Twitter with the hashtags #ACXAnniversary and #ACXBaking, and post them in Discord! There are 1,000 $ACX tokens up for grabs for this event, along with even more to be won during the ACX party on November 28th. Join us for games like gartic, crosswords, a lucky wheel, airdrops, and a newly designed game by PVM Entertainment & Leisure!
You're invited to the celebration on the bridge! Join us on November 28th at 5 PM UTC, where you can use your wit or quick reflexes to win exciting prizes. Guess the correct answers, take part in crosswords, identify logos, or engage in our charity initiative!
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