Metis CEG Program: CVP Proposal: Wanchain XFlows

Welcome to another episode of our great CEG program. Aiming in giving the community the power to vote on Metis partnerships, we are pleased to present to the community an awesome Project and a candidate of this episode's VCP;

Wanchain: We Are All Connected

Wanchain is comprised of a sustainable Layer 1 EVM-compatible blockchain with monero-style privacy features and a network of decentralised blockchain bridges connecting more than 25 public networks, including both EVMs and non-EVM blockchains. Wanchain empowers developers to build truly decentralised cross-chain applications to power the future of Web3.

What problem is Wanchain solving?

Blockchain technology represents a new paradigm, but too many blockchain networks are repeating the mistakes of the past. Each blockchain — or, in some cases, cluster of blockchains — exists as a siloed, isolated network.

Wanchain, along with our partners, is solving this problem by standardising one of the most important areas in blockchain: cross-chain communications. We are focused on enabling code and nodes on a blockchain to call code deployed on a different blockchain, and where appropriate, receive a response.

Today, Wanchain provides developers the ability to transfer assets from one blockchain to another blockchain, the ability to send and receive messages across blockchains, and the ability to initiate actions across blockchains. These capabilities allow for more complex scenarios involving multiple blockchains.

Wanchain’s solutions work in the context of public Ethereum blockchains, consortium blockchains, optimistic rollups, zk rollups, non-Ethereum Virtual Machine blockchains and other blockchain-like systems.

What is Wanchain XFlows

Zero slippage native-to-native cross-chain transformations that are:

• Fast
• Cheap
• Decentralised
• Non-custodial
• Permissionless

Planned XFlows Assets/Routes to support on Metis

BTC

• Bitcoin
• Avalanche (as BTC.b)
• BNB Chain (as BTCB)
• Ethereum (as WBTC)
• Metis (Metis bridge)
• Wanchain (as wanBTC)

ETH

• Ethereum
• Arbitrum (Arbitrum bridge)
• Metis (Metis bridge)
• Optimism (Optimism bridge)
• Polygon (Polygon bridge)
• Wanchain (as wanETH)

USDC

• Arbitrum (from Circle)
• Avalanche (from Circle)
• BNB Chain (as Binance-peg USDC)
• Ethereum (from Circle)
• Metis (Metis bridge)
• Optimism (Optimism bridge)
• Polygon (Polygon bridge)
• Tron (from Circle)
• Wanchain (as wanUSDC)

USDT

• Arbitrum (Arbitrum bridge)
• Astar (from Tether, via Polkadot as xcUSDT)
• Avalanche (from Tether)
• BNB Chain (as Binance-peg USDT)
• Ethereum (from Tether)
• Metis (Metis bridge)
• OKX (from Tether/OKX)
• Optimism (Optimism bridge)
• Polygon (Polygon bridge)
• Tron (from Tether)
• Wanchain (as wanUSDT)

Tech Utility

You do not need to own/buy WAN tokens to use the platform. XFlows enables native-to-native cross-chain transformtions of BTC, ETH, USDT and USDC. For example, users will be able to move USDT from Arbitrum to Metis directly, without needing to pass through Ethereum.

Security

Wanchain uses a combination of secure multi-party computation (sMPC) and Shamir’s Secret Sharing to conduct the crosschain transactions. There’s also several other security layers, including:

• Bridge nodes are permissionless
• Bridge nodes are re-elected monthly
• All bride nodes need to stake assets, which overcollateralise bridged assets (ie. if there is any hack or exploit, the bride nodes can be slashed to protect the end user)

Wanchain’s VP of Engineering, Dr. Weijia Zhang, is also the Head of China and Chair of the Interoperability workgroup at the Enterprise Ethereum Alliance. We are co-authors of the EEA’s crosschain security guidelines, so Wanchain is the first place where these best-practices are implemented.

Uniqueness Factor

No other cross-chain solutions offers specific package of assets/routes.

Other important information

• XFlows is already deployed on Testnet
• XFlows is already deployed on numerous other EVM/non-EVM networks
• Live product: https://bridge.wanchain.org/
• Recent roadmap: We Are All Connected: Wanchain 2023 and Beyond | Wanchain
• Estimated Mainnet integration date: August 1, 2023