Cross DOT Bridge! (April 7th to April 13th)

What is up, my friends!

April 8th marked a special occasion, it was the day when the official Polkadot Kusama bridge went live. No surprises (you never know with bridges) as to celebrate this momentous occasion, our top story this week is about bridges.

Many of us Web3 natives would have likely used a bridge or two, and if not, would have at the very least heard of the negativity about them. It’s been nearly two years since the Polkadot ecosystem suffered its first fallout from a bridge exploit.

We covered the Nomad bridge hack back in August 2022, which impacted Moonbeam users. Although we recognise the exploit was on a 3rd party bridge and not on the Moonbeam parachain itself, it sure did cause havoc with the DeFi scene on Polkadot.

That event may seem distant now as new 3rd party bridges have arrived, as well as some new and exciting special trust-minimized bridges on the horizon.

We have continued to enjoy crossing bridges with our tokens between our growing number of parachains via XCM, thus, this week we shall feature a cross-chain token roundup after the recent surge of tokens seeking listing.

This past week also sees a decent surge in news and events being reported on the WagMedia discord. Just head on over to our regular news sections to catch up.

With the previous month closing, it was time for our creators to nominate what they felt was the top content in the general content retroactive rewarding channel. Find out more about this initiative, including which content stood out in this week's well-connected edition.

Without any further delay, cross on over to our top story!

Dodow, Chief Editor

Top Story of the Week -DOT Bridges!

Written by yay.oi

Howdy Dotheads. Ever wondered about why the grass looks darker on the other side of the Polkadot chasm? Wonder no more, we’ve got a bridge for that now, but be prepared to encounter a little chaos. This week we’ve got a bunch of bridging updates for you.

The idea of natively bridging Kusama and Polkadot is nothing new. In fact, it’s been in the works since before Kusama was even launched. There are already a couple of trust-minimized options. However, with the initialization of GRANDPA light-clients on both Polkadot and Kusama BridgeHubs this week, the first native trustless solution is finally here.

The key components of the Polkadot<>Kusama bridge are the Bridge Hub (BH) Parachains, which were enabled in May 2023. Each Bridge Hub parachain runs a light client of the target network allowing it to verify the finality of the source chain by GRANDPA consensus delivered through the Bridge Relayers.

It’s a very efficient and secure way of bridging but it comes at a cost. Bridging from Kusama will set you back 0.39 KSM, and you’ll need to spend 1.93 DOT to bridge from Polkadot. Over 90% of these fees is coming from the complexity of GRANDPA finality proof submission.

However, only Polkadot power users need to worry about these fees at this point, because there is no user-friendly UI for bridging. Users need to manually craft the transfer on Polkadot JS, or on the slightly less difficult Bagpipes interface.

Wallets have been asked to take care of integrating Polkadot <> Kusama transfers, so let’s hope they get on that quickly. The bridge developers have a range of short and long-term fixes to bring fees down. Most importantly, it comes down to the community to prioritize these fixes and use governance to get them done.

Despite a somewhat lackluster launch, there are many great things to come for the Polkadot-Kusama bridge. In this initial phase, only a single lane between Asset Hub DOT and KSM token transfers has been opened. More assets will be available to bridge soon, with USDT to Kusama a high priority.

The next exciting phase will involve the permissioned opening of lanes between parachains. Moonbeam are anxiously waiting for the green light to get their bridge to Moonriver. Bifrost appears to have started, making their single token interchangeable between both networks.

The big difference between the Polkadot<>Kusama bridge and currently offered solutions, is that it will be capable of so much more than just token transfers. This is because it is able to send specific XCM messages across the bridge.

So, in the meantime, while things are still getting up and running, you may wonder if the Polkadot<>Kusama bridge is useful for your needs. Composable Finance already offers a trust-minimized solution, for bridging DOT and KSM based on a mix of GRANDPA consensus and Cosmos’s IBC protocol. This option comes with a 0.05% fee, so it would be cheaper for token transfers of less than 38.6 DOT/7.8 KSM.

While the Composable/Picasso bridge is an option, there is still a massive liquidity problem across the whole ecosystem if you are looking to do swaps. Neither Composable’s Pablo DEX, Polkaswap, nor Osmosis over on Cosmos can handle even medium sized transactions of DOT-KSM conversion without significant price impact.

Hopefully, the new Polkadot<>Kusama bridge will incentivise more liquidity provision between cross-chain tokens. This could be done with incentivized pools like we’re seeing on HydraDX, but since we’re talking about DOT and KSM, the flagship tokens of the ecosystem, it would be nice to see treasury grant proposals for the common good of the ecosystem.

A whole lot more common good is looking to reach Polkadot soon. WEN BEEFY? Possibly by the end of the month. Referendum #615 to start BEEFY consensus on Polkadot is open for voting and is currently passing with 100% approval.

BEEFY is the consensus mechanism that is light enough to deploy on Ethereum. This means that Snowbridge (Polkadot<>Ethereum) and Hyperbridge (Polkadot<>All blockchains) could be just around the corner!

Polytope’s Hyperbridge had a very successful crowdloan for their parachain lease with contributions totalling 273,468 DOT. But alongside their success it seems there is a little rivalry growing with a competing bridge, Chainlink Transporter.

Polytope founder Seun Lanlege firstly criticized Transporter as a ripoff of Polytope’s Gateway bridge. On further inspection he noted that Transporter’s “level-5” security doesn’t even use consensus proofs, and is basically just a multi-sig.

Our last Polkadot bridge-builder of the week may be on the receiving end of a little criticism themselves. It seems that they weren’t expecting to be so popular. After dropping in late March, Pendulum’s Spacewalk bridge to Stellar has been unable to keep up with demand, with their XLM vaults repeatedly hitting maximum capacity even after deploying more collateral. Let’s hope they can find a solution to that problem.

Bridging over to the world of sports. After a spectacular funding recovery by the Polkadot community, Conor Daly finally unveiled his Polkadot Indy car this week. He’s been talking up Polkadot to the media and it really looks like he’s been doing his research. It’s been great exposure so far, with even more to come at the big races in May.

And that is all we’ve got to say about bridges this week, but there will surely be a lot more news in the coming months. Sanchez’s cross-chain token roundup is up next.

Cross-chain Token Roundup

Written by Sanchez

Greetings, cosmic cross-chain enthusiasts.

Much has been said about communication between Polkadot and chains outside of Polkadot, but when it comes to chains within, you can say Polkadot reigns supreme. Seamless and completely secure cross-chain interactions between different parachains is a fundamental aspect of Polkadot.

The key to this is XCM, which was covered in our WagMedia newsletter back in May 2022, when it first went live. With it in place, Parachains, which are independent standalone L1 chains, can communicate with each other without traditional bridges.

Utilizing XCM removes the custodial holds and trust associated with traditional bridges. It requires the opening of a bi-directional channel between chains, which allows for the back-and-forth transfer of tokens and instructions.

With XCM being a flexible and versatile message-sending format, there is a continuous increase in how developers configure and utilize it to build complex mechanisms that can appear to the user as a simple one-click interaction.

From its initial launch, where developing teams mainly utilized it in moving tokens across different chains on Polkadot, it has grown more complex in application. Bifrost comes to mind regarding how far the use of XCM has evolved.

For instance SLPx enables users to liquid-stake assets and receive vTokens on any remote chain, furthermore you can now even participate in governance using vTokens too. The recently released leverage staking tool LoopStake, utilizes XCM underneath for quick loans from other chains. Overall, the Bifrost team are pushing the boundaries of what XCM can do.

Oak Network and its canary network Turing is another project which pushes the boundaries, as they specialise using XCM to execute various automation use cases. Currently limited to the canary chains, did you know you can schedule regular payments on different parachains using Oak's Automation Hub (active on Turing Network).

Moonbeams XC-20 tokens, on the other hand, represent Substrate tokens that can act as ERC-20 tokens and be transferred across parachains using XCM. This allows developers to build cross-chain applications and tokens using the more familiar EVM environment and ERC-20 token standard.

Bi-directional channels can be opened between Moonbeam and other parachains, providing further utility for Moonbeams XC-20s as they can be utilized across different parachains. This is the case of the PINK token, native to Moonbeam and listed on HydraDX.

PINK, as well as being interoperable within the Polkadot ecosystem, can be teleported to and from the Base network, with the basic requirements being PINK tokens and gas on both networks.

DED on the other hand is native to Asset Hub and is listed on HydraDX. The proposal to list DED as XC-20 token on Moonbeam has passed, meaning more multichain possibilities to obtain it.

At the time of writing, on Polkadot, there are 214 open channels, and over 732429 cross-chain messages that have been sent using XCM. Recently, there has been a rise in chains opening bi-directional channels with HydraDX.

Pendulum, Kilt, and Darwinia have recently opened or are looking to open channels with HydraDX besides the already connected chains. This can be attributed to their newly passed liquidity proposals, one of which will input 1 million DOT worth of liquidity into the Omnipool, the other will incentivize with 1 million DOT, a liquidity mining program for Polkadot assets on HydraDX.

Other recently opened channels include the channel from the Unique Network to Moonbeam, Peaq to Moonbeam, Hashed Network to and from Asset Hub, Crust Network to and from Asset Hub, and the Mythos parachain to Asset Hub.

As we move into the age of constantly communicating interconnected chains, we look towards a future where users can utilize blockchains for varying services without realizing which chains they’re on.

We will certainly see more utilities and more complex cross-chain applications developed as XCM matures on Polkadot. For now, its significant use is in the transfer of tokens from one chain to another.

What chains are you looking forward to being connected on Polkadot? What tokens would you like to see utilized on different chains? Do share with us, as you never know who’s reading.

Rewarding Retroactive Content

Written by Dodow

In a time not so long ago, soon after the Wag doors opened, folks embraced the concept of earning valueless CHRWNA, supplemented with the occasional tip from Polka Haus for creating quality content about Polkadot.

This soon followed with an astonishing surge of content mirroring the growth of WagMedia (WM), which had secured Kusama treasury funding to reward creators who contributed. The concept was simple: create content about our beloved ecosystem and our directors will award accordingly.

With the recent return of WM, now secured by Polkadot treasury funding, content creation has evolved to a more focused approach. That said, WagMedia addresses numerous problems when it comes to treasury funded content, as it balances upfront spending with quality, inclusion, and fair compensation.

It’s important to recognise that WM is open to all, this includes smaller creators, those new to the ecosystem, natives who want to get involved, aspiring creators, or even those who have limited time.

As such, you shall now find on the WM discord the channel with the title “general content retroactive rewarding”, and it’s now within this channel that the original simple concept lives on. Additionally, it is a great place for returning creators who may have limited time to reconnect and grow their brand.

Creators can choose to post whatever original content about the ecosystem that they wish, however, when it comes to rewarding it is done on a monthly basis where each creator will need to nominate what they think is the best content.

Tiering comes into play when it comes to nomination, Tier 1 and Tier 2 creators can nominate 2 of their own work and up to 3 from other creators. Whereas Tier 3 creators can only nominate 1 of their own work, but can receive nominations from higher tiered creators.

It’s about quality over quantity, which is typically expected from any initiative led by Goku. Furthermore, it enables creators to seek their voices with the freedom to create whatever they choose (the only consideration is that it is to be posted with an X link).

When it comes to rewards this can be up to $250 worth of DOT per piece that gets nominated, additionally $400 has been reserved for exceptionally viral content. As stated by Goku “All nominations under one post. And only the very best engaged or authentic/unique pieces get rewarded”.

With March nominations submitted the standouts for the month are as follows:

Emil once again demonstrates his ability to captivate audiences, with an informative long form thread about Core JAM. It received sound engagement as well as an impressive reward of 24.5 DOT. NOTE: Emil created two pieces of content about JAM last month, with the other one being rewarded in the bounty hub.
Those who are interested in Kilt protocol should check out this thread, which gets into the use case of verifiable credentials when it comes to container shipping logistics. W3NERICK received 15 DOT for the thread, as well as valuable feedback about X posting.
12 DOT went to CMOSH, who has been tirelessly refining TL;DR threads on Bill Laboon’s office hours, amongst other similar threads on a consistent basis.

Some creators may choose to use this channel to figure out what works for them when it comes to their preferred approach, and the type of content they are best suited to work on. While the emphasis is on quality over quantity, experimentation is encouraged. Please be mindful that rewards are not guaranteed for participation.

General News

Written by Turing Machine

Kusama Auction #137 has been won with a self-funded bid of 240 KSM by Parathread 3347.
To ensure a more fair LBP launch InvArch Tinkernet is working on a special airdrop, doubling the previous one for StreamSwap participants on Osmosis.
Nova wallet adds five new languages in its latest version, including Chinese, Italian, Portuguese, Spanish, and Turkish.
The Polkadot Multisig by Signet (with collaboration from Talisman) has been released.
PINK token has been officially listed on CoinMarketCap.
The Dotsama Bridge is live! Currently only DOT and KSM transfers are possible between Polkadot and Kusama.
Claiming to be Polkadot's third memecoin, you can burn two PINK for one STINK, or swap on HydraDX.
Peaq has welcomed decentralized agricultural marketplace platform Farmsent to the Peaqosystem.
Moonbeam Network's thriving journey in Brazil continues, it's not just at evolving blockchain solutions, it’s cultural integration.
Driver Connor Daly previews the Polkadot sponsored race car for the Indy 500.
The team at Bagpipes have enabled DOT transfers to the Kusama Asset Hub with easy drag and drop.
The first batch of the 3 Million PINK airdrop for the CRUST community users has been completed, further batches are planned.
The Web3 Foundation has announced StorageHub as its latest grantee in the Decentralised Futures program. Expect tight integration with Dotsama parachains, as well as an efficient decentralized storage.
ATOR, a web3 TOR-like privacy network, has joined the Peaqosystem, to enable secure and anonymous traffic.
InvArch’s airdrop started on Saturday 13th April, with a total of 50,000,000 VARCH.
BlockDeep Labs is involved with bringing the Mythos parachain to the Polkadot network, and are the latest recipients of the Web3 Foundation Decentralized Futures grant.
Memecoin chain has won the #138 auction on Kusama with a self-funded bid of 234 KSM.

NFT & DEFI News

Written by Gigs

The Great Escape partners with PINK.
DOTA launches on Mimir, allowing users to view balances through their wallets.
Pixel Boy's geometric art collection, 'Packing', mints on Kodadot.
StellaSwap includes PINK and Stella dual rewards on the xcPINK-xcDOT pool.
Bifrost hits a new liquid staking milestone with 8.5million vDOT tokens minted.
Interlay’s March report highlights include: reaching TVL milestone of over 21 million dollars, proposal to add HDX to Interlay DEX, partnership with PINK, and detail of the last community call.
Users can now use BNC on Interlay's lending market.
ASTR liquidity on HydraDX reaches $1 million following community approval to add 5.54million ASTR tokens to the omnipool.
HydraDX introduces the PINK/DOT isolated pool on its platform.
Bifrost announces its 2024 roadmap which includes: new tokenomics, the coretime upgrade, connection to Ethereum via Snowbridge, and a Bitcoin L2 bridge.
D20 pools to be shut down on StellaSwap following DAM finance closure announcement.
HydraDX March monthly report, features information on treasury proposals, findings from the Code4Arena audit, and the growth of isolated pools with the recent memecoin season on Polkadot.
Bifrost collaborates with Mimir, a multi-signature management tool, to improve the security of its liquid staking tokens.

Governance News

Written by Turing Machine

DED launched its internal governance through Town Hall.
HydraDX Referendum #133 to update the runtime to v25.0.0.33, has been approved.
KILT proposed runtime upgrade 1.13.0, which enables Decentralised Identity Provider (DIP) on its mainnet, opens HRMP channels with HydraDX, and provides initial KILT liquidity on the Omnipool.
Darwinia are proposing to add RING to the Omnipool. The proposal includes opening HRMP channels with HydraDX, as well as providing initial liquidity.
Referendum #615 has passed to start BEEFY consensus on Polkadot.
Referenda #107 to increase the aSEED Treasury holding through DOT and LcDOT staking, on Acala has passed.
The referendum to upgrade Kusama runtime to v1.2.0 has passed, the enactment will be on April 18th 2024, thereafter, Coretime will be enabled and parachain Auctions will cease.
The Kusamarian is seeking 74,533 DOT of funding with Polkadot OpenGov Referendum #668. The financing would cover 69% of their costs for producing top notch coverage about Polkadot.

Events News

Written by Gigs

Filippo Franchini held a Polkadot AMA on April 9 with Alexander Mitrovich, CEO of the Unique Network, to explore the world of NFTs.
Tanssi network hosted a space on April 11 with Alice und Bob discussing the balance between earning and playability in Web3 gaming, adoption challenges, and development insights.
On April 10, Peaq network organised an AMA, introducing Farmcent to the ecosystem as well as covering the use of DePINs in agricultural distribution.
Leonard Dorlöchter and Max Thake, co-founders of Peaq network, did an AMA on April 10 on the Coin Bureau discord.
Check out the AMA on April 11 with Zoe, Polkadot Global Head Ambassador, and Oliver Tale Yadzi, Parity Blockchain Dev, which covers Polkadot's new ambassador program.
Ajuna Network had its weekly community AMA on April 11, which provided up-to-date information on missions, Polkadot Play, BBB, AJUN, and more.

Upcoming events include

That is all for this week. If you enjoyed the newsletter, please share it. You can subscribe on Substack to receive an email when next week's edition is ready. And if you're participating in creator staking on Subsocial, you can interact to increase your rewards — perhaps a good two-for-one deal by providing feedback or comments.

Awesome cover art created by aemonk.