Gnosis Introduces Hashi Bridge Aggregator

Friday, March 31, 2023

Quick Take

  • Gnosis introduces a bridge aggregator called Hashi.
  • Starknet deploys Starknet Alpha v0.11.0 to mainnet.
  • Element Finance rebrands to Delv.
  • Kwenta opens its Smart Margin Beta program.

Gnosis Introduces Hashi Bridge Aggregator

Gnosis Builders, the ecosystem team for Gnosis Chain, launched Hashi, a hash oracle aggregator for bridges. Hashi aims to aggregate security across various bridges. It creates “additive” security and bridge standardization at the block header level. Hashi requires more than one bridge to validate a withdrawal before it can be confirmed.

Gnosis co-founder Friederike Ernst describes Hashi as a multisig of bridges between the same chain pair. The main drawback of Hashi is higher gas costs and potentially slower bridging times. Over nine bridges have committed to integrating with the aggregator. Hashi is open-source and available on GitHub, however, the release is not yet production ready.

Starknet Deploys Alpha v0.11.0 To Mainnet

Starknet Alpha v0.11.0 is now live on mainnet. The release comes after STRK token holders approved a genesis proposal to deploy the upgrade. Starknet Alpha v0.11.0 is an upgrade that introduces contract execution in Cairo 1.0. The upgrade also includes Sierra, a middle layer that guarantees every contract execution can be proven.

While Starknet Alpha v0.11.0 supports contract execution in Cairo 1.0, it is not yet enabled. The release marks the beginning of a transition period into the new version of Starknet. Only contracts written in Ciaro 1.0 will be supported after the transition period is over. Starknet is a permissionless zk-Rollup by StarkWare.

Element Finance Rebrands To Delv

Fixed-rate yield protocol Element Finance has rebranded to Delv. Described as a factory for DeFi, Delv is a research arm building core infrastructure for its suite of products, which include Element Protocol, the Elfiverse NFT collection, and Hyperdrive. The name "Delve" reflects a mission to explore and discover.

Last month, Element announced it will be sunsetting its front end to focus on the next iteration of Hyperdrive, an AMM focused on capital efficiency and removing fragmented liquidity. Delv is also working on a data simulation framework called Agent_0 and a browser-based p2p protocol for hosting infrastructure called Echo.

Synthetix $1.5 Million Weekly Trading Fees

Synthetix, a synthetic asset protocol, has collected over $1.5 million in trading fees over the past week. Nearly half of the fees were generated on a single day, a spike unseen since June 2022. Trading fees collected by the protocol are distributed to SNX token stakers. The volume comes as 3.4 million OP tokens have been allocated to an incentivized Synthetix trading program. The program is expected to go live next week.

Kwenta Smart Margin Beta Program

Kwenta, a derivatives trading protocol built on top of Synthetix, launched its smart margin beta program. The program offers beta testers early access to features that will be part of Kwenta's V2 upgrade. The Smart Margin upgrade aims to make derivatives trading accessible for new users by providing a centralized exchange UI and features such as stop and limit orders.