Allbridge (ABR)

Allbridge is a Proof-of-Stake blockchain bridge with on-chain consensus.

Basics

• Based in:
• Started in / Announced on:
• Testnet release:
• Mainnet release: 7-2021

History

• From Messari (7-2-2022):

"Allbridge is backed by APYSwap Foundation and initially focused on bridging Solana with other chains. It was therefore originally called Solbridge."

Audits & Exploits

• Bug bounty program can be found [insert here].
• From Messari (7-2-2022):

"In October 2021, the audit performed by blockchain security consultant Hacken found Allbridge’s code to be well-secured."

Bugs/Exploits

• From Peckshield (2-4-2023):

"The @Allbridge_io hack results in the loss of ~$570K (282,889 BUSD + 290,868 USDT). The root cause appears to be the manipulation of pool's swap price. The actor plays dual roles of acting as LP and swapper to manipulate the price and then drain the pool funds"

Token

Launch

• From Messari (7-2-2022):

"Allbridge launched its token ABR on the Boca Chica and Smartpad launchpads in September 2021."

Token Allocation

• From Messari (7-2-2022):

"A total of 100,000,000 ABR tokens were distributed to the community, APYSwap, team, staking and liquidity pools, incentive programs, and ecosystem DAO."

Utility

• From Messari (7-2-2022):

"The Allbridge ecosystem is powered by the ABR and xABR tokens. The tokens are used to pay for fees and staking as follows:

Users are charged a fixed bridge fee of 0.3% for every transfer. These fees are paid in the token that is transferred. Projects must pay a monthly subscription to use the bridge. The subscription fee is paid in ABR. Of all the fees generated on the platform, 80% is swapped to ABR and distributed to stakers. The remainder is distributed to the team.

Stakers can lock ABR on all integrated blockchains. In return, they receive xABR tokens one-for-one, which represent their share in the blockchain staking pool. Stakers earn rewards from fees and incentivization programs. When rewards are added to the staking pool, the number of ABR in the pool increases, and xABR becomes worth more than ABR. The xABR tokens are burned in exchange for ABR when users unstake and thus receive more ABR than they initially locked. This is how stakers can generate yield on Allbridge. In addition to attractive yields, stakers also benefit from dynamic percentage fees. Users that hold xABR on a particular blockchain are charged less for transactions sent from that network. The bridge fees are reduced exponentially. This means that users can enjoy a large reduction in fees by staking only a small amount. At present, as little as 10 xABR reduces the fee from the fixed rate of 0.3% to 0.2%. The bridge fee depends on the user’s pool share and therefore changes dynamically with TVL. The minimum fee is currently set at $0.50. The fee model is designed to incentivize staking and is an important value proposition to users."

Technology

• Whitepaper or docs can be found [insert here].
• Code can be viewed [insert here].

Implementations

• From Messari (7-2-2022):

"Over the last several months, the platform has offered over 132 bridge directions across 12 networks."

How it works

• From Messari (7-2-2022):

"Validators play a defining role in Allbridge. Every bridging transaction has to be confirmed by a two-thirds majority of validators. In return, they receive their fair share of the fees when a transaction is signed successfully. To become a validator, one must meet specific technical requirements. These requirements are primarily related to the ability to set up servers and nodes. In addition, validators must stake ABR tokens. These staked funds are slashed in case a validator behaves maliciously. Unlike most bridging solutions, Allbridge uses an on-chain validator consensus."

Staking

• Allbridge is a Proof-of-Stake blockchain bridge with on-chain consensus.

Roadmap

• Can be found here.

Usage

• From Messari (7-2-2022):

"A total of $5 billion has been bridged on the platform to date - a 117% increase from the $2.3 billion bridged in October. In December, $231,000 in fees were collected on the platform, and on average, 2,900 transfers were made on Allbridge every day. Solana is the most active network with a 44% share in fees collected. At the time of writing, close to $380 million in assets are locked in its liquidity pools."

Team, Funding and Partners

Team

• Full team can be found [here].

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