MindChats EP11 Recap: Chain Abstraction. 6 Highlights from Connext

Mind Network
2 min readMay 1, 2024

GM! It’s a pleasure to introduce Minders to a new topic: What is xERC20? What does it mean for the “x” in front, and what’s the difference between ERC20? Also, how does it work for the bridge? Let’s dive into MindChats EP11 hosted by Christian, and the excellent analysis provided by our guest, Max Lomuscio, the Ecosystem Lead of Connext.

Time Stamps

Recording MindChats EP11: https://twitter.com/i/spaces/1yoKMwVMYERJQ

2:36 Opening

5:05 Introduction of Max Lomuscio

6:20 The Vision of Connext Bridge

11:05 The Evolution of xERC20

17:00 Empowering Token Issuers with xERC20 Standard

22:30 Revolutionizing Cross-Chain Transactions with Connext’s Intent-Based Bridge

28:22 Expanding Cross-Chain Opportunities

31:05 Enhancing Cross-Chain Security

40:00 Exciting Updates from Connect

TLDW:

The Vision of Connext Bridge

Connext Bridge simplifies user experience by eliminating the need to understand the processes of bridging tokens, calculating gas fees, and managing multiple wrap tokens while also allowing developers to deploy separate versions of their dapps across multiple chains seamlessly.

The Evolution of xERC20

The xERC20 standard emerged as a response to issues faced by multi-chain bridges and shifts control of token contracts from bridge node networks to users. This eliminates liquidity fragmentation.

Empowering Token Issuers with xERC20 Standard

xERC20 protocol empowers token issuers by allowing them to deploy token contracts on chains and selectively whitelist bridges for token movement, ensuring control and flexibility in cross-chain transactions. This token standard also allows developers access to cross-chain functionality.

Live Now

Live on 10 chains, including major layer 2s like Optimism and Arbitrum, Connext aims to expand rapidly to 50 chains by year-end through v3 launch, catering to diverse blockchain ecosystems.

Exciting Updates from Connext

Anticipate the launch of Connext’s V3 in July, promising groundbreaking features and potential for significant growth, underscoring ongoing innovation within the ecosystem.

About Mind Network

Mind Network is the first FHE Restaking Layer for POS and AI Networks. Our framework operates as an FHE validation network, bringing secure computation and consensus to AI, DePIN, EigenLayer AVS, Bittensor Subnet, and many critical POS networks. Mind Network’s solution has found initial product-market-fit with projects such as IO.Net, MyShell, Bittensor, AIOZ, Nimble AI, ChainLink, Connext and more adopting its solution. It has achieved 650k+ active users and 3.2M+ transactions processed on its testnet.

Mind Network is backed by Binance Labs, Hashkey, Big Brain, Chainlink, Comma3, SevenX, and received an Ethereum grant to conduct research on practical implementations for FHE technology on Ethereum.

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Mind Network

An FHE (Fully Homomorphic Encryption) Restaking Layer for POS and AI Networks. https://linktr.ee/mindnetwork_xyz