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SpaceSwap Bridge Service Update

Dear Community,

We see your concern about the SpaceSwap Bridge Service after a forced shutdown following the incident on January 3rd 2022, which required us to take certain security measures. When this occurred, the team immediately began investigating and auditing the circumstances of the hack. We also gave some thought to a possible replacement for the service, in case its restoration was delayed.

At this time, we are not ready to announce the restart of the main Bridge Service. In addition to a security audit, the product is undergoing an internal assessment of its scalability and resource efficiency.

Together with the audit of the main service, our technical team is working on a project regarding a bridge system that’s based on Shadow technology and specifically meets the needs of the SpaceSwap project.

In short, the system consists of staking and claiming pools on all three of the blockchains that have been integrated into the project: Ethereum, Binance Smart Chain and Avalanche. When sending funds to a pool address on a particular blockchain, the user has the opportunity to claim the corresponding number of tokens from the pool on the destination blockchain. Information passed between blockchains will be processed and confirmed by the Shadow system - another use-case for our in-house solution.

How it works (on the example of MILK2 swap from Ethereum to Avalanche):

Tokens accumulate until the user claims them. Claiming is conducted the same way that Shadow Farming is — you can claim all accumulated tokens for a pool at once.

Please note that this scheme is only a draft diagram showing the general principle of the solution, which we are considering using in case main service restoration is delayed.

If you have any comments or suggestions, please feel free to express them in the comments.

We apologize for the inconvenience and thank you for your understanding. We will keep you informed of all developments concerning the current Bridge Service and the alternative Shadow based product.

Website: https://spaceswap.app 
Telegram: t.me/SpaceSwap
Twitter: https://twitter.com/spaceswapdefi
Blog: https://blog.spaceswap.app
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YouTube: https://www.youtube.com/c/SpaceSwap