Haven1 Bridge Upgrade Announcement 13 December 2024
Overview
Haven1 is excited to announce a significant upgrade to our testnet bridge infrastructure. This change is driven by our commitment to decentralization, efficiency, and delivering a superior experience for our users. While this transition involves a temporary downtime for the bridge, the new implementation will bring robust improvements that benefit both security and operational efficiency.
What’s Changing?
Decentralization
Old Bridge: The existing bridge relies on Fireblocks for custody. While the minting process is handled by validators, a master key at Haven1 still governs the vault, making the system less decentralized.
New Bridge: We are transitioning to a SAFE-based solution that builds a quorum among all validators. This change eliminates the master key, making the bridge fully governed by a decentralized multi-signature mechanism.
Efficiency
Current Bridge: Transactions on the existing bridge are processed individually, leading to higher gas costs during withdrawals to the mainnet.
New Bridge: The new bridge introduces transaction batching, significantly reducing gas fees for users withdrawing assets to the mainnet.
Timeline
Old Bridge Deactivation: The current bridge will stop functioning. This means users will no longer be able to deposit or withdraw assets through the bridge.
New Bridge Launch: The new bridge is expected to go live in two to three weeks. During this downtime, users will not have access to bridge functionality on the Haven1 testnet.
We understand this may cause temporary inconvenience, but we assure you this upgrade is a vital step towards a more decentralized, efficient, and reliable bridge experience.
What to Expect from the New Bridge
Enhanced Decentralization: By removing the master key and relying on a SAFE-based multi-signature process, the new bridge aligns with Haven1’s vision of decentralization. This means no single entity can control the funds, enhancing trust and security.
Lower Gas Fees: With transaction batching, the new bridge optimizes gas usage during withdrawals, making it significantly more cost-effective for users.
Improved Success Rates Over Time: While the new bridge may experience minor issues early on, we anticipate a rapid improvement in reliability. The new infrastructure is designed to outperform the existing bridge in terms of success rate over the medium term.
Incentives for Early Adopters: To encourage participation and compensate for any early-stage hiccups, we are doubling the XP rewards for bridge transactions (deposits and withdrawals) on the new bridge. This means users can earn more rewards for helping us test and improve the new system.
Why This Upgrade is Necessary
The upgrade is a crucial step towards aligning Haven1’s bridge infrastructure with industry-leading standards. By addressing centralization concerns and optimizing operational costs, we are laying the foundation for a scalable and secure future. This upgrade will ensure the bridge is more resilient, cost-effective, and aligned with Haven1's mission of decentralization.
Thank You for Your Patience and Support
We appreciate your understanding and patience during this transition. Your participation is invaluable to us as we continue to enhance the Haven1 ecosystem. The improvements made in this upgrade are a direct result of your feedback and our commitment to delivering a world-class user experience.
If you have any questions or concerns, please feel free to reach out through our Discord or other support channels.
Let’s build the future of decentralized finance together!
Haven1 Team
Last updated