ChainPort— Telegram AMA — March 08
On Tuesday, March 08, we had the pleasure to welcome to our Telegram chat:
We asked him questions about the development of ChainPort.
Some sentences have been slightly edited for readability but the meaning has been conserved.
Q — Ayeley from GAINS: Please introduce yourself. What did you do before crypto and did you have any other previous venture in crypto?
A — Erez from ChainPort: I’m Erez, CEO of dcentralab.com a hub company that build crypto projects since 2017
We started as a project named 2key (that will be relaunched later this year). ChainPort is one of 4 projects we have, and our biggest one, we started it in July this year, and became the 5th biggest bridge service by TVL already!
I myself in the crypto space for the past 6 years, living, breathing, and dreaming about crypto 24/7 and how it will be the future worldwide finance layer
Before crypto, I used to work for 9 years in the finance sector, and after that, online marketing and online products. product design is what I like to do the most, yes indeed!
Q — Ayeley from GAINS: You’ve given us a hint of what ChainPort is about in your earlier message. Can you tell us more about the project? How it works and how the crypto community can take advantage of it to make their lives simpler
A — Erez from ChainPort: Of course! ChainPort is a next-gen hard-security blockchain bridge that lets you hop across chains at a click.
It delivers today the promise of full interoperability between blockchains and does is in a simple secure interface.
ChainPort is the only custodian bridge in the space.
We secure all the assets with a multi-layer technology that combines the latest breakthroughs in MPC cryptography and hardware isolation.
We use 2 custodian techs- Gnosis-safe and FireBlock MPC
We secure customer and investor funds from cyber attacks, internal collusion, and human error with a multi-layer technology and full Funds Segregation.
ChainPort brings a unique security architecture, funds segregation being the main one, only up to ~5% of the assets will be in the hot bridge contract with the remaining 90% + being on a rebalancing and treasury vaults
Chainport is very unique by doing a few things differently:
Full Interoperability — There’s no longer the need to look for a specific bridge for each blockchain. Port your tokens freely between the supported chains without reverting to the original chain.
Once tapping into our space, the token can travel between all the supported chains.
Fund Segregation — We are the only fully-custodian bridge in the space, we found this is the best way to go after we’ve been that decentralized bridges can not be trusted for now due to the technology involved in operating a bridge securely.
Speed — We are able to port any token from one chain to another within 3 minutes, we are probably the fastest bridge in the space
Permissionless — No need to pay for a listing, get approval, etc…anyone can come with their token and port it to any of our supported chains, for free. Only gas fees.
Live Human Support — We offer support for all the projects/communities using ChainPort, actually live human support so if any user has issues porting they can get in touch with us directly.
and we have an on-chain API- allowing direct calls to ChainPort smart contract to port in and out in minutes.
Q — Twitter user @kevinsalom1: It has come to my attention that ChainPort is developing a product called “Insurance Program”. Can you tell us a little bit about this integration? How will it work? Why did you decide to integrate insurance functions into a cross-chain exchange? What are the benefits?
A — Erez from ChainPort: sure, as ChainPort is all about being the safest bridge around, part of it is to provide our own insurance product. We plan on building a SAFU-like program where users will be able to pay a small fee that will be served for a community insurance fund in the unlikely event of a hack.
Those funds will be collected into a dedicated account, and the participants will be optional )
Q — Twitter user @augustk95: I noticed that ChainPort will be compatible with many networks, so I ask you, what will be the wallets that will be compatible with ChainPort? In addition, will we be able to access through DEX wallets used on mobile devices and desktop computers?
A — Erez from ChainPort: ChainPort already supports 8 wallets, the most popular in the space! and they are all EVM-compatible wallets.
Once we will support non- EVM chains, the users will be logged in with 2 wallets in parallel, one for sending, and the other for receiving. Those are the currently supported wallets. There’s more to come!
Those are the currently supported wallets
Q — Telegram user Metaverse: Why should anyone port between chains on your platform. What available chains are there currently?
A — Erez from ChainPort: People port in order to benefit from the newer, faster chains.
We now support 7 chains
Q — Telegram user Isabella: Do we need code knowledge or integration to trade on ChainPort? Will users do their transactions from a single interface or will they be redirected to different domains?
A — Erez from ChainPort: No coding and No integration! Anyone can use ChainPort within 3 minutes. Just connect your Metamask!
Q — Ayeley from GAINS: And what role will the $PORTX token play in the ChainPort ecosystem?
A — Erez from ChainPort: The PORTX token will be a native ERC20 on Ethereum with bridged versions to BSC, AVA, and Polygon. The main utilities for the token:
— PORTX will give users 33% discount on the bridge usage (0.2% vs 0.3%)
— It will be used for staking and earning APY when pre-depositing the tokens for those fees
— and it will be used as an incentive to grow the inventory for stables once we support them!
We have a few more utilities under development atm, The fee model is super interesting. We are giving out 95% of the fees by that order:
Incentivizing all the platform players and making sure everyone benefits from the usage
Q — Telegram user ALEX PERRY: How many projects use ChainPort to make sure their platform easy, fast, and secure?
A — Erez from ChainPort: We use many, Here’s a partial list:
Q — Ayeley from GAINS: Did you raise funds so far to support product development? If so, how do you intend to handle them? And are you planning to do any future raises?
A — Erez from ChainPort: We will launch the PORTX token in a few weeks. Most of the sales went through private sales.
We are raising in total $13M. The private that was ended already, is about 85% of the total sale.
We will announce more news on that from our social channels. You are welcome to follow!
We will use about 30% of the raise to be used for liquidity for the token, besides the public raise that will be announced, no more raising planned at the moment.
Q — Ayeley from GAINS: How far along are you with your roadmap and what should we expect in the coming weeks and months?
A — Erez from ChainPort: ChainPort is already pretty big, with ~$200M TVL atm, and a ~$500K daily volume.
We are the top 100 DeFi platform by TVL worldwide, and top 50 on Ethereum. We had huge growth in the last couple of months. We grew from $3M in TVL (Total value locked) to $450M at the market pick. We are already supporting 100+ tokens, and we have a long list of projects looking to port with us to other chains, many didn’t launch yet due to market conditions.
Other huge achievements include support of big EVMs like Fantom, Moonriver, Polygon, Fuse, Avalanche, and BSC with many more to come like Aurora, Arbitrum in the next weeks. We have an amazing roadmap for 2022. check it out:
What I’m most excited about is our support for EVM native tokens (Polygon native, BSC native, etc.)
This will be live next week! and the support for stable tokens which will be huge IMO. We also plan to support the NFT bridge and the option to integrate ChainPort
We have an amazing roadmap for 2022.
Q — Telegram user Krish🎖️: How many languages will you support on Your platform?
A — Erez from ChainPort: 7 new by the next 2 months
Q — Telegram user Tahani SG: Will ChaimPort support NFT cross-chain exchange?
A — Erez from ChainPort: Yes! Later this year
Much thanks Erez. We appreciate you taking time off your busy schedule to join us. Do you have any final words for us? — Ayeley from GAINS
Please follow us for the latest news and updates
— Erez Ben Kiki from ChainPort