Cycle Network: bridge-less linking of all blockchains

With the development of blockchain technology, the ecosystem of multi-chain coexistence continues to grow, providing users with a variety of choices. Unlike Bitcoin’s Proof of Work (PoW), Proof of Stake (PoS) reduces network startup and maintenance costs and promotes an increase in innovative projects. However, diversity brings mobility and fragmentation of use, affecting user experience. This phenomenon is exacerbated by the economic incentives of different projects, with developers preferring to create new chains rather than develop on existing ones.

In Web3, cross-chain interactions rely on insecure or centralized tools and lack a unified secure and efficient management protocol. This is different from the seamless and secure communication of applications through standardized protocols such as HTTP in Web2. Web3's cross-chain interactions often require bridges or centralized exchanges, which adds complexity and potential security risks. Cross-chain bridges involve locking assets and minting equivalent tokens on the target chain. Although they facilitate asset flow, they also introduce operational complexity and security risks, and losses due to cross-chain bridge attacks continue to increase every year. The complexity of these operations deters new users and forces existing users to return to centralized off-chain applications. Why do chains have to rely on bridging products?

To solve this problem, the concept of chain abstraction came into being. Chain abstraction aims to enhance interoperability and user experience by providing unified interfaces and tools to simplify user interaction with different blockchains.

When Cycle Network was founded in October 2022, the concept of chain abstraction had not yet been formally defined. Cycle Network is committed to solving the problems of multi-chain fragmentation and fund fragmentation, hoping to improve users’ on-chain experience and provide users with safer and more efficient cross-chain solutions. Through bridgeless technology, Cycle Network is striving to achieve a more connected and user-friendly blockchain ecosystem, paving the way for future blockchain applications.

The bridge-less embedded experience is the real chain abstraction

Although the decentralization mechanism is the safest algorithm, it has not been achieved due to the complex operations required by Web3 broadly used. Realizing this, the Cycle Team is constantly working in this direction, and this is all before the term "chain abstraction" was used.

As the concept of chain abstraction spreads, more and more projects are beginning to explore its potential. Each project has its own innovations in chain abstraction solutions. Some provide universal account systems that allow users to access multiple blockchains through a single account, while others use cross-chain bridge aggregators to integrate multiple cross-chain bridge protocols. The Cycle Network team adopts a decentralized, bridgeless solution to seamlessly connect all blockchains. With the emergence of Layer 2 solutions and numerous chains, this innovation ensures that end users and developers are no longer isolated or fragmented and can share liquidity, pay fees, and sign transactions without relying on traditional bridges.

The integration of Cycle Network has a crucial impact on end users and developers. These two are the most critical players in the Web3 ecosystem, and Cycle Network’s decentralized bridgeless transaction process provides them with great convenience.

Decentralized Bridgeless Transaction Process

Cycle Network’s core technology utilizes a multi-layer architecture based on Verifiable State Aggregation (VSA), combining security layer, extension layer and Cycle layer to facilitate seamless cross-border transactions. chain transactions. The system uses zk-rollup technology to aggregate transactions into batches, which are then processed by zk-rollup nodes, generating zk proofs to verify transactions without exposing their details. A verifiable aggregate sorter sorts and packages these batches, ensuring efficient processing of transactions.

Next, the Omni State Channel Indexer (OSCI) performs decentralized indexing, ensuring the availability and verifiability of each transaction state. Verified transactions are recorded on the Cycle layer, making direct cross-chain data operations possible through a single SDK interface. Finally, updates to the Cycle layer are broadcast back to the respective chains, reflecting asset transfers or smart contract executions, ensuring that all nodes in the network have consistent and up-to-date information.

This approach not only improves security and integrity, but also reduces transaction fees and supports seamless interoperability between different blockchain architectures, including EVM and non-EVM chains as well as Layer 2 solutions. . The innovation of Cycle Network has undoubtedly injected new vitality into the blockchain ecosystem and promoted the widespread application of decentralized technology.

Practical application of bridgeless solution

The decentralized bridgeless central solution seamlessly connects all blockchains, eliminating intermediary steps and reducing potential security risks . This approach provides significant benefits to emerging and existing blockchain platforms, end users, and developers.

Piggy Bank is a groundbreaking full-chain asset management platform that fully utilizes Cycle Network to provide a revolutionary asset management experience. As a flagship product, Piggy Bank simplifies the use of blockchain and becomes a crypto asset management tool accessible to everyone. It provides a bridge-less experience, leveraging Cycle’s full-chain liquidity sharing solution to automate and optimize investment strategies on multiple chains.

For end users

Full chain bridgeless user experience

Piggy Bank effectively eliminates the complexity of Web3 and Web2 users on different chains. Users can easily manage, trade, invest, and mint assets without having to worry about the intricate details of various chains, fuel tokens, or third-party bridging. This seamless experience allows users to manage their crypto assets as easily as they manage traditional financial products.

High-yield platform aggregates full-chain DeFi protocols

Piggy Bank uses Cycle Network to aggregate DeFi protocols from any network (such as L1, EVM, non-EVM, BTC L2, etc.). Through AI-driven analysis, Piggy Bank is able to evaluate safety, returns and stability and recommend personalized investment strategies. Users only need to select investment options with one click to obtain higher returns due to cross-chain aggregation and compound interest.

This innovation not only improves user experience, but also brings new possibilities for crypto asset management. The successful example of Piggy Bank demonstrates the importance of bridgeless solutions in promoting the development of the blockchain ecosystem and deserves high praise.

Diversified asset classes

Piggy Bank has demonstrated its leading innovation capabilities by integrating Cycle’s full-chain DeFi center to support multiple asset classes. Users can not only manage physical assets such as real estate and art, but also access various financial derivatives (such as options, futures, leveraged tokens), and perform asset lending and liquidity mining on all chains, reflecting its extensive Application scenarios.

For developers

Shared Liquidity Pool

Piggy Bank’s integration with Cycle Liquidity Aggregator consolidates dispersed liquidity resources into a shared pool, significantly enhancing overall liquidity and capital efficiency. This approach maximizes returns and simplifies liquidity management, providing strong support for developers.

Secure and low-cost

Cycle Network provides Piggy Bank with a unified interface and protocol, greatly simplifying blockchain operations and integration. The shared liquidity pool not only reduces the risks associated with single-chain financing, but also reduces the potential for fraud, highlighting its advantages in security and cost-effectiveness.

Example: Bridgeless Minting of NFTs

Piggy Bank’s highly anticipated Piggy Box event attracted over 246,000 accounts and nearly 190,000 assets were minted in a bridgeless manner. Users from any chain can mint assets with one click without leaving their home chain, demonstrating its seamless user experience. Transactions, fees and signatures are seamlessly processed on the user's preferred chain, greatly improving user convenience.

BEVM Partnership

The partnership with BEVM – the first fully decentralized EVM compatible with Bitcoin L2, using BTC as fuel – highlights the power of Cycle Network’s bridgeless solution. It attracted 40K new users in just three days, and they were able to seamlessly mint BEVM Genesis Boxes without having to deal with cross-chain operations or fees. This achievement demonstrates the advantages and ease of use of Piggy Bank in real-world applications.

IoTeX Cooperation

The cooperation with IoTeX also proves the power of Cycle Network’s bridgeless solution in practical applications. In the recent testnet NFT minting event, users were able to mint IoTeX testnet assets directly from various blockchains. After completing the minting experience, they also received exclusive Genesis Boxes, unlocking generous rewards in the Cycle Network ecosystem. In two days, 5,000 NFTs were minted through Piggy Bank, allowing users of any chain to participate, eliminating the complexity of cross-chain interactions.

Open Bridgeless SDK

Based on these successful cooperations, Cycle Network’s decentralized bridgeless information transmission has successfully served multiple emerging chains, helping applications get rid of the limitations of specific chains and achieve Seamless operation across multiple blockchains. This capability is critical for developers looking to expand their reach and user base. Currently, the bridgeless SDK is open to any EVM chain and DApp, allowing developers to provide users with a bridgeless experience without any fee restrictions, demonstrating its leading position in the industry.

Conclusion

Cycle Network focuses on achieving chain abstraction through bridgeless cross-chain solutions, providing a secure and simplified alternative that effectively addresses the interoperability challenges of traditional cross-chain bridges. Utilizing zk-rollup technology and aggregation sorter, Cycle Network brings a new cross-chain experience to developers and users, meeting diverse cross-chain needs.

This chain abstraction-based approach successfully overcomes the complexity and fragmentation in multi-chain environments, providing strong support for widespread blockchain adoption and interoperability.

As blockchain technology continues to advance and multi-chain environments mature, Cycle Network has demonstrated a strong commitment to further developing chain abstraction and cross-chain technology, aiming to overcome existing limitations and explore new applications field. This forward-looking exploration will undoubtedly promote the development of the entire blockchain ecosystem.

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