Relay Unveils Instant Bridging Solution

Relay uses an escrow mechanism, where relayers front the capital needed to execute onchain tasks for users.

Relay Unveils Instant Bridging Solution

Quick Take

  • Relay unveils its instant bridging solution.
  • PartyDAO launches Party Rooms.
  • Polygon’s Type 1 ZK-EVM Prover.
  • EigenLayer restaking window closes.

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Relay Unveils Instant Bridging Solution

Relay introduced a low-cost and instant liquidity solution for cross-chain bridging. The protocol uses an escrow mechanism, where a network of relayers front the capital needed to execute onchain tasks for users on the target chain. Relayers then claim their payment on a dedicated Layer 2 settlement chain. The protocol is now open for all users with an initial bridging limit of 0.5 ETH. The protocol optimizes gas savings by allowing users to perform direct token transfers to a relayer. The combination of direct transfers, a L2 settlement chain, and an optimistic settlement approach results in ultra-fast bridging for users. Relay is developed by NFT trading infrastructure provider Reservoir. It has already been integrated by Zora for its "mint with anychain" feature.

PartyDAO Launches Party Rooms

PartyDAO introduced Party Rooms, a new feature similar to Friend Tech, designed to enable the creation of gated chatrooms on Base. Party Rooms feature a bonding curve mechanism where the cost of membership escalates as more memberships are sold. Unlike Friend Tech, each room has its own collective wallet that captures 10% of membership transaction volume. The feature is integrated with the Party Protocol, allowing users to crowdfund assets to make collective proposals for token swaps, buying and selling NFTs, or creating NFTs. Chatroom creators earn 2.5% from each membership buy and sell transaction. Owning a membership grants voting rights within the chatroom.

Polygon Type 1 ZK-EVM Prover

Polygon released its Type-1 ZK-EVM prover, enabling any EVM blockchain to upgrade to ZK-EVM and integrate with Polygon's Aggregation Layer. The prover can generate proofs for any EVM chain at a cost of less than a cent. By linking with Polygon's Aggregation Layer, EVM chains can tap into a shared state and liquidity network. The Type-1 ZK-EVM prover is open-source and available for anyone to integrate. A Type-1 ZK-EVM prover is fully Ethereum-equivalent, enabling EVM chains to upgrade to ZK without changing their current architecture. Both Type 1 and Type 2 ZK-EVM provers will be incorporated as configurable options in Polygon's CDK.

EigenLayer Restaking Window Closes

The restaking period for LST deposits on EigenLayer is now closed. Th restaking platform now holds close to 1 million stETH, 209,000 swETH, and 192,000 mETH, among other LSTs. Currently, EigenLayer's TVL stands at $6 billion. Native restaking remains uncapped, including through LRT protocols such as EtherFi, Renzo, and Claystack. EtherFi's TVL also surpassed the $1 billion mark. EigenLayer palns to eliminate its LST limit and pause in the coming months.

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