🌉hBridge: Intro to Haven1 Bridge
Haven1 Bridge is truly decentralised and maximally secure tech to onramp and offramp your assets into Haven1 from and to other chains
Haven1's asset bridge enables safe and efficient token transfers between Haven1 and other blockchains. This document outlines the key features, security measures, and operational procedures of the bridge to ensure users can manage their assets securely.
Here's all the ways Haven1 Bridge stands out
Funds are SAFU - 1:1 Verifiable Asset Backing: Every token on the Haven1 bridge is backed 1:1, ensuring full transparency and constant accessibility for users to verify their holdings. This backing can be verified in accompanying proof of reserves(Example Link)
Bridge to the Safe Haven
Advanced Security Guarantees : Haven1's bridge security exceeds typical multi-sig setups found in many Ethereum L2 , employing distributed keys among 9+ globally recognized validators across the Web3 space
Enforced Address Consistency for Secure Transfers Haven1 Bridge mandates that assets can only be deposited and withdrawn using the same address across networks. This ensures a clear chain of custody, preventing unauthorized transfers or illicit fund movement. By tying assets to KYC-verified users, Haven1 maintains accountability, compliance, and security from deposit to usage.
Bridge Security Audits: The bridge will undergo 2 comprehensive security audits before the mainnet launch, with reports being published to strengthen the user confidence
Decentralised: Assets being minted or burnt on Haven1 network are done so by our validators. Haven1 Team is not involved in this process.
Efficient: Since Haven1 is a gasless chain, the user doesnt pay any gas fees on Haven1 network on deposits
These security measures are crucial in maintaining trust and integrity within the Haven1 ecosystem, safeguarding user assets with the utmost reliability.
Deposits and Withdrawals Process
Deposits and Token Issuance: Tokens are deposited into Gnosis Safe Vault(controlled by validators) in the source network after the user initiates the bridge deposit. Once transaction on the source chain is confirmed, Haven1's validators will mint the corresponding backed tokens on Haven1 network in the same user address
Withdrawal Safeguards: Similarly when the user withdraws these backed tokens from Haven1 network via the bridge, gas fee for the destination network is paid by selling a small amount of asset being withdrawn, and rest of the backed tokens are burnt, and corresponding source assets are sent to user wallet on destination network from the Gnosis safe vault controlled by Haven1's validators.
Permissioned Token & Chain support
Controlled Access: The integration of tokens from external blockchains is subject to a comprehensive whitelisting and approval process, allowing only secure and pre-vetted assets into the Haven1 ecosystem.
At Launch, Haven1 will support bridging assets from 2 chains to Haven1 Mainnet and vice versa
ETH Mainnet: User will be able to Bridge USDC, ETH, USDT, hsETH and cbBTC
Base: Users will be able to bridge USDC, cbBTC and cbETH
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