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foreign Bridges so to date weve seen over 2.5 billion dollars from cross-chain Bridges and 1.3 billion of that has come this year alone theres been four billion dollars in monthly Bridge volume so its clear that users still want to bridge assets across chain but security needs to be considered in terms of keeping users safe when using these cross-chain Bridges with shamic proof of Reserve we leverage chain link decentralized Oracle Network that secures tens of billions in defy to verify assets collateralization these can be assets that are off-chain collateralized like tokenized stable coins tokenized Commodities like gold but also cross-chain collateralize like wrapped assets where the native asset is locked up on the source chain and a minted version a synthetic rap version is minted on the destination chain this diagram illustrates how the channel node Network monitors and reports the proof of Reserve values into the proof of Reserve contract on chain so here anytime the asset Vault changes in value the nodes observe that change sign their observations create a report and deliver that onto the destination chain who does proof of Reserve support well we really think about three categories theres the token issuer this could be the bridge or a centralized issuer for the token they can show transparently that what theyve minted corresponds to the amount they have locked up and reserved the other party is defy apps and developers so for a lot of multiple protocols one asset getting exploited has potential to affect all users on the platform so by leveraging a proof of Reserve feed they can verify before they accept us as a deposit that that asset is fully backed at all times the last of course is for the token holder themselves if you hold one of these bridged or wrapped assets you can also leverage proof of Reserve to verify that the asset you hold is fully collateralized and backed one to one weve seen a lot of events over the last few months with institutions and entities uh not adhering to these standards for transparency and security that web 3 natively offers so were encouraging more individuals and developers to leverage proof of Reserve to reduce consultancy risks increase transparencies for all parties involved prevent systemic failures and then boost Community Trust now were very fortunate to be joined by team members in the able Labs team and well talk about proof of reserve and their implementation with btcb all right hello and welcome to another Chain Link tech talk today were very lucky to have a few members from the Ava Labs team and were going to be talking about proof of reserve and bridging assets so we have Michelle and Matt from Naval Labs Id like you guys to go ahead and introduce yourselves tell us a bit about you maybe how you got into crypto and what youre working on uh for Ava labs yeah so oh youre gonna go first you got it okay Ill go first uh yeah so my name is Matt schmank Im part of the business development team at Ava Labs specifically focused on uh D5 and institutions but also lead our data related efforts and uh really help with infrastructure and most apps within our ecosystem so kind of a generalist at this point in time but been here for around a little over 10 months now its kind of flown by it has been a lot of interesting events since joining uh avalabs full time but started off in traditional Finance for about a year and a half directly at an undergrad and Im on level three of the CF uh CFA uh I actually started in undergrad in cic so I have a little bit of programming experience as well and Ive taken a few solidity courses just trying to familiarize myself with smart contracts so its a little bit about myself and hey everyone Im Michelle super excited to be here um Im a product manager here at Apple Labs my focus is on the bridge the Avalanche Bridge which well dive into a little bit more today as well as just general interoperability and I also have a similar path to Matt so I started out in Trad five as well I was in investment banking for a couple years and then I really wanted to get into Tech and product so then I moved over to a crypto ETF startup and then now I Im really deep down in the rabbit hole at AB Labs so excited to be here great were lucky to have you both today uh I want to Center this discussion around the Avalanche bridge but more specifically BTC dot b which is the wrapped version of Bitcoin on Avalanche it has grown tremendously over the last few months I want to rewind a bit because the Avalanche Bridge really came into service in early 2021 and earlier this year you guys launched Bitcoin to Avalanche and so my first question is why Bitcoin uh you know theres a lot of reasons and theres a lot of Bitcoin Advocates out there but after ethereum what made Bitcoin a logical next step for bridging assets yeah Im happy to start there um why Bitcoin well theres so much TBL and theres so much interest in demand in Bitcoin you know Bitcoin was really the first cryptocurrency asset out there um so theres all these Bitcoin maxes out there but theres not that much you can do with Bitcoin within the Bitcoin Network itself which is why it makes sense to kind of wrap it into wbtc and thats kind of what the primary way that people have been using Bitcoin has been so far that is until we have btc.b which is essentially our representation of Bitcoin on the Avalanche teaching so it is really just native Bitcoin that has been bridged over from the Bitcoin blockchain Network onto the Avalanche C chain and its represented as an erc20 asset so I think theres so much that you could do with Bitcoin within the Avalanche ecosystem um you know theres so many different protocols and projects that you can participate whereas over on the Bitcoin blockchain Network itself you know you can really just only hold it so I would say thats kind of what I would say and then Matt feel free to jump in yeah the echo Michelle I think its kind of thought of as one of the purest forms of cryptocurrency truly when it was founded in what 2008 satoshis vision during the financial crisis and from then on out it kind of led to maximalism of course and its now considered probably one of the hardest assets and really the whole universe considering you can mine uh most kind of preface materials in outer space these days here in probably the next like 50 years so gold and precious metals might become less and less scarce versus Bitcoin might become more and more students over time so uh really bringing it on Shane in a non-custodial manner in which uh Bitcoin maximalists or even just kind of obvious could really take control of their assets on a chain thats not the Bitcoin blockchain and really have the better technology that Avalanche brings sub second finality Avalanche consensus and kind of our robust defy ecosystem India being able to use your Bitcoin as collateral getting it uh kind of using it for yield generation and other ways within our ecosystem just made a ton of sense so yeah Matt let me show you both touched on interesting points for some of us Bitcoin was the first introduction to cryptocurrency and if we look at the limitations of the Bitcoin blockchain today uh you know you have 10 minute block times essentially now were reporting Bitcoin or youre reporting Bitcoin over to a blockchain where you have sub as you said subsequent finality you know its kind of interesting to see this full circle but for some people the whole bridging concept is a little bit opaque uh and so I was hoping specifically around avalanches implementation of a bridge you could walk us through this diagram well see on screen and explain the bridge architecture maybe in a more about laymans terms so someone who is not familiar could pick it up more easily sure um I think the first thing to really talk about with the Avalanche bridge is it has a very unique architecture so there is at that center of the diagram you see this Intel sgx application so what is that right like that sounds like a whole mouthful so what it really is its just Intels Hardware technology that enables us to have trusted execution environments so its really taking away um you know centralization and having it more decentralized with this Warden system as well because we have eight bridge nodes or formerly known as wardens so we have eight wardens right now anchor halborn avascan beware block demon chain stack protofire and Ava Labs ourselves and the truss model is six of eight so essentially six um at least six of the bridge nodes have to agree on any transaction and then The Enclave will initial essentially call the smart contract to execute the minting or burning of tokens so thats essentially the architecture you have this Enclave um trusted execution and then you have these eight individual parties that essentially agree on any type of transaction and taking a step maybe back further um what exactly is a bridge you know why is it so important um I think thats also important for users just to get an understanding so token bridges are really just a way to allow tokens or assets to migrate from one chain to another as we mentioned earlier btc.ba is really great because with Bitcoin itself on the Bitcoin blockchain theres not really much you can do given the limitations of Bitcoin Network itself so having that Bitcoin as a representation on the Avalanche Network allows you to participate in many more defy activities and to engage in different protocols and projects on the Avalanche ecosystem that makes sense and this bridge structure is very similar to the ethereum to Avalanche Bridge using the same Intel sgx technology but Bitcoin itself comes with a lot of nuances and Michael kaplans mirror team wrote a great blog which will link and reference uh it goes really into some technical detail but could you maybe highlight a few of the nuances and working with the Bitcoin Network to bridge assets to Avalanche yeah sure so I would say that utxos are really one of the big challenges um for Bitcoin right its very different from ethereum itself and so how we handle utxos and just the differences and nuances between Bitcoin versus ethereum is really big and we do a lot of that handling within the bridge itself but as well as the core wallet so right now if you were to use um the Avalanche bridge to Bridge Over BTC to btc.b you would use the core wallet itself which does a really good job of basically translating in your btc.b into one single address on the Avalanche chain as the destination address so instead of having all of your you know different tokens or different um BTC dot be sent to a bunch of different addresses on the C chain we consolidate that into one single address uh makes sense from a high level Im sure theres a lot of Technical and deep thought that went into this but for users one of the most important things is Security on top of the technical difficulties of bridging an asset like this as you mentioned earlier weve seen over a billion dollars this year alone in uh Bridge exploits not a way that users want to lose money can you maybe highlight what security uh efforts have gone into making this as safe as possible for users to bridge Bitcoin over and what you do to continually monitor that security yeah theres a ton of different security measures that we take I could probably talk about this for days um but I guess taking a step back first the thing that you mentioned was just the sheer magnitude of bridge hacks so I think theres been over two and a half billion dollars worth of bridge hacks here today which is an insane amount and why is that right why are bridges so attractive well theres kind of two main ways that you could exploit a bridge one is on the origin Network where the exploiter could essentially tried to steal funds from the deposit contract since theres so many of the Native tokens locked up then you have the destination Network where the hacker could essentially create an infinite minting attack which is essentially just to create as much as possible of the wrap tokens that is greater than the amount that is locked up on the origin side so theres you know a couple different uh main ways that Bridges have been exploited this year and I think the two majors ones have been smart contract exploits as well as classic phishing attacks and I think its really important to touch about how the Avalanche Bridge differs from other Bridges um within the context of these two items so the first is that the Avalanche Bridge really has limited use of smart contracts so theres no smart contracts on the ethereum side instead we use eoas which are externally owned accounts these are just addresses without Smart contracts on the Avalanche side we do have some smart contracts but they are very low in complexity and they are not upgradable so if you compare the Avalanche Bridge which is very limited in smart contract use versus the other Bridges which have prolific Reliance on Smart contracts the Avalanche bridge is safer in that regard and then the other main attack Vector has been classic fishing attacks this is really just the infection of servers systems developer computers and so forth and unlike smart contracts which I just mentioned the risk is relatively low for the Avalanche Bridge because of the limited use any company is really susceptible to phishing attacks right there are however I would say a few distinctions and mitigants for why the Avalanche Bridge is a bit stronger the first is that hacking avalab servers is not enough again I mentioned earlier briefly that the Avalanche bridge is built on sgx technology so this sort of sgx technology is really just this Hardware that runs code and encrypted and isolated memory and it protects us from most of these types of hacks and the second item is that the truss model is six of eight which I also mentioned earlier but essentially what that means is that in order for a hacker to exploit and successfully compromise the Avalanche bridge then at least six of these Bridge nodes or wardens need to be compromised and I really want to emphasize the six of eight trust model because one of the other bridges that we saw this year that got hacked was a five of nine but the five was not truly a five the hacker only needed to compromise one single party in order to gain access to five of the nodes so I think that distinction is really important for Avalanche Bridge because the eight bridge nodes are truly run by experienced established separate blockchain companies and they are completely different nodes set up in completely different Geographic locations operated by different teams and theres no RPC connection or communication with one another so I think these are kind of the key differentiators for the Avalanche bridge and then obviously proof of Reserve is a really exciting addition that we have and its essentially a way for users protocols and other projects to verify the collateral of the bridge so what proof of Reserve does is it displays the amount of for example if were looking at btc.b um it displays the amount of Bitcoin that is held in the bridge as collateral so its really just a way as an independent third party for users to verify that the Avalanche bridge is sufficiently collateralized and this sort of transparency and visibility I think is really important and will help users alleviate some of these concerns about you know the crazy exploits weve seen this year that was a great answer and also a great transition to preserve uh so chain link and Avalanche and the Ava Labs team have a long history of working together from you know price oracles to Randomness to automation uh and proof of Reserve is just a continuation of that relationship youve touched on Michelle a little bit the importance of this and weve seen now Ave is introduced the proposal to actually leverage proof of Reserve to further protect their users uh for Matt or Michelle curious why is this transparency so important why are you saying hey we we trust our bridge but also heres a third party thats independently verifying what we say we have yeah so I think this is super important especially in terms of D5 applications in which youre using bridged asset as collateral and so generally um if you can just if you can kind of detect an exploit happening in real time or if something isnt properly collateralized like a bridge you might be able to have a circuit breaker or hold the bridge and so assets cannot uh directly flee from one side to another or if theres still proper levels of liquidity uh for those bridged assets the the protocol can actually liquidate in real time kind of ensuring theres a minimum amount of bad debt within the protocol as possible so I I think it will continue to really ensure defy applications are safe secure and kind of accrue the least amount of bad debt as possible thats great um I want to jump a little bit because I I know a lot of people familiar with wbtc uh and thats probably one of the first rap Bitcoins but 2019 is when it came out uh erc20 on ethereum Michelle maybe you could talk to us a bit about the differences between wbtc which I see is also bridged onto Avalanche through the ethereum bridge and btcb uh and their differences and how they operate yeah sure Ill give a high level differences and then Matt definitely feel free to jump and I know youre an expert on some of the cost structure differences as well so I would say theres three main differences that immediately kind of pop into my head um it is centralization cost and access so the first one is wbtc like you said this is really just wrapped Bitcoin but its on the ethereum network um but wbtc or wrapped Bitcoin is centralized because in order to wrap to Mint wrapped Bitcoin you need to submit a requests to a wbtc merchant and then this Merchant goes to a custodian exchanges that BTC for wbtc and then the custodian will lock that BTC in a reserve and hold it as in custody whereas if you compare that to btc.b which is native Bitcoin represented on the Avalanche chain um you dont need to go to a merchant or you know have a custodian hold your btc.b you are your own dustodian you basically can just use our core wallet extension at any point and get btc.b as long as you have the Bitcoin itself as you know collateral to deposit into the bridge so thats great but I think another really interesting thing is that this becomes actually a big issue for wbtc when users try to redeem it um that is because only Merchants are able to request the locked up BTC held by a custodian so in terms in times of volatile markets redemptions typically wont occur on demand and then de-pegging can occur if you compare this to btc.b if you know you want to start taking out your btc.b and exchanging it for Bitcoin you can do this within the core wallet extension at any time so definitely when compared to wbtc um btc.b is less centralized the other thing is cost so Matt feel free obviously to talk more about this but um I would say generally btc.b is a lot cheaper and that is because right now the Avalanche Bridge only charges you a flat fee of three dollars no matter what your transaction size is in order to get BTC dot b whereas for wbtc theres I think two fees here um because of the merchant custodian structure and usually this is a basis point percentage model so if you have a larger transaction size amount that youre trying to process then youre going to get charged more um and then the last thing quickly Ill just touch upon is access so um in order to obtain wbtc you need to go through kyc AML whereas anyone can just go over to our core wallet and obtain btc.b so you dont have to go through that whole process so yeah I would say those are the three main things that jump out yeah Michelle Stills most of my thunder but uh two major points that I would like to touch upon like Michelle said during times of high volatility rats Bitcoin is not uh as easily accessible in terms of redemption for actual as something like btc.b and so the the most recent example of this was during uh the long Thanksgiving weekend no one actually could redeem wrapped Bitcoin for actual Bitcoin and it essentially started to depay which is its super interesting to think about because these are kind of the financial systems that were trying to go away from in terms of blockchain and web three going away from like t plus two settlement going away from not being able to do stuff on on weekends or long holiday weekends or during the holidays and so btc.d allows for people to redeem no matter what day it is the time of the day etc for actual and really ensure that the arbs on chain uh continue to be basically one-to-one pricing of Bitcoin in terms of native Bitcoin but also in terms of btc.b so like Michelle touched upon in terms of costs as well generally wraps Bitcoin charges between 20 25 and 50 bips because theres two separate fees both the custodian fee and a merchant fee and in terms of Music uh kind of moving large volumes of native Bitcoin on chain it makes quite a bit more financial sense to uh use the Bitcoin bridge that we kind of created here at avalabs compared to something like a rough Bitcoin makes sense I think its neat for the end user you know as an end user I can have Bitcoin and move it on and pull it off as I want so I think thats really uh one of the cool Parts about whats been done here at btcb I know we have limited time and I want to look forward a little bit you know when were talking with protocols or developers are building on Avalanche we frequently hear about subnets subnets keep coming up more and more so two questions that kind of close out this this talk first is btcb on subnets well we see btcb moving between subnets is that available today is it in the roadmap and then second weve seen ethereum bridged assets and how weve seen Bitcoin Bridge assets an individual would likely ask is there more will there be more assets that are bridge natively from one chain to the other to the extent you can say anything I would love to hear your thoughts on that as well yeah so I think in the near future uh were going to see most of the D5 protocols within Avalanche either on C chain or building on their own subnet a DOT btc.b and weve already really seen it in terms of GMX and it index a lot and other defy applications and so personally I I think btq.b will in time become the dominant version of Bitcoin within the Avalanche ecosystem if its not already off the check in real time right now and see if its across the inflection point but um in in terms of kind of a Native Messaging solution or bridging solution Ill hand that over to Michelle and kind of give you a teaser sure yeah were actively working right now on Cross subnet communication um so that is something that were definitely really excited about um no timelines per se yet but it is something I think will be coming up soon um and I think that will be really cool because in the future you know maybe chain link feeds wont necessarily have to be on every subnet instead the subnets will be able to query you know other subnets or the C chain where the chain link feeds currently reside in um so I think that is definitely really cool just arbitrary data message passing which is essentially the ability to send any type of message from one subnet to another I think that opens the door up for various things like chain link Oracle and various other items awesome well last thing where can people stay up to date with the Avalanche team the bridge team developments I mentioned Michaels blog post uh which I believe is on media but theres a lot of other great content where can someone stay up to date on everything new with Avalanche yeah so medium is a great place to start but uh as well as following the YouTube channel following the Reddit being involved on Discord the official Telegram and then my personal favorite is uh following basically the whole avalabs team on Twitter its probably the most up-to-date information and kind of the quickest way to get it and so um maybe we can provide a kind of a helpful list of people to follow on Twitter as well so thatd be great Michelle and Matt thank you so much for your time today thank you for explaining ptcp in more detail on the work weve done with proof Reserve um therell be a list of links below and thank everyone for watching today In this Tech Talk, explore how Chainlink Proof of Reserve enables Avalanche to provide additional transparency into wrapped assets on its cross-chain bridge, helping dApps mitigate the risks of potential exploits. In this video, discover how dApps can build cross-chain fail-safes, prevent arbitrage opportunities, verify collateral for cross-chain assets, and more. Featuring: Matthew Schmenk, Business Development at Ava Labs Max Melcher, GTM Lead at Chainlink Labs Michelle Tian, Technical Product Manager at Ava Labs Chainlink is the industry-standard Web3 services platform that has enabled trillions of dollars in transaction volume across DeFi, insurance, gaming, NFTs, and other major industries. As the leading decentralized oracle network, Chainlink enables developers to build feature-rich Web3 applications with seamless access to real-world data and off-chain computation across any blockchain and provides global enterprises with a universal gateway to all blockchains. Learn more about Chainlink: Website: Docs: Twitter: Chainlink Chainlink,
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