Connext Weekly #56

(January 20-February 3, 2023)

Connext Weekly

Feb 05, 2023

Welcome to a new week of cross-chain world Connextors!

Let’s look at what happened in the previous days of Connext Network:

Last week in Connext Ecosystem

Connext’s Amarok Upgrade is Live!

After 1 year of research, development and battle testing, Connext’s Amarok upgrade is live! Connext Network started Liquidity Bootstrapping on January 31 and had its official launch last Thursday, February 2!

Why is that upgrade very important for every blockchain user?

Connext becomes the ONLY solution that

Maximizes security for any bridging path: the most trust-minimized xChain protocol ever
Is a platform to build xApps

Now, Connext solves many difficulties at once

Overcoming the bad UX limitations of current dApps, Connext allows developers to permissionlessly build crosschain-native applications (xApps) on the Connext Network.

How so? xApps abstract away the "chain" completely for the user, providing a seamless user experience that spans multiple chains without the end user realizing it.

Improves the availability of liquidity on each chain by removing the need for routers, the nodes of the Connext Network, to rebalance their capital between chains.

How? By introducing two types of liquidity, active and passive, as well as nextTokens, an internal unit of account that represents a router’s ownership of locked funds on Ethereum L1.

Now, individuals of the Connext Community can also provide passive liquidity and earn yield!

While there is no required lockup period, special Galxe NFTs will be available to be claimed by the top 30% of wallets on every chain that provides liquidity over the course of 3 months.

Secure (Like really secure. To date, over $1.5b in transactions have securely crossed the Connext network.)

The protocol has been audited 4 times already, with extra security reviews and formal verification planned for the future. There is also an active Immunefi security bounty.

What’s NEXT?

Switchgear for the growth of the Connext ecosystem
Decentralize the protocol with multiple teams working on it
Decentralize the network: $NEXT as a governance & utility token for the sequencer

How can you get the most out of Connext?

Use the Connext Bridge to transfer funds between supported chains
Provide liquidity into Connext’s pools
Run a router to help operate the network and earn fees
Build a xApp on the network
Get involved with our community

Connext becomes a Minter in tBTC Protocol

Connext Network will play a vital role in the tBTC protocol as one of the first Minters; supporting the rollout and operation of a crucial infrastructure that will bring truly decentralized Bitcoin to Ethereum.

Threshold Network explains how they selected the Minters:

‘‘We selected our Minters based on clear criteria: Strong technical expertise with deep experience in decentralized finance.
Our Minters are among the most significant and well-respected DeFi protocols in existence, with a wealth of experience that will help support the success of tBTC v2.’’

Rahul Sethuram is Talking at Coinpost Global’s Twitter Space

Rahul Sethuram, Co-Founder of Connext Network will join the Twitter Space of Coinpost Global to talk about the launch of Amarok upgrade, natively cross-chain apps (xApps), and more on Feb 9th, 12:00 UTC.