Actually, there is bridge tech where the token gets burned on the source chain, instead of locking it in a smart contract, which limits the reliance on a smart contract, increases security, while being trustless. These new bridges are harder to implement, takes more time, so protocols take the easy route and implement less secure tech aka custodial bridges. Once enough funds are locked in these custodial bridges the "monkeys come for the bread". Protocols needn't to be so lazy and skimp on security.
I'm curious if you had discussions with some of the builders of these trustless bridges and what they had to say about your concerns (security), views on using CEXs despite the centralization, and predictions (Institutional investors will most likely favor trusted bridges)?
Actually, there is bridge tech where the token gets burned on the source chain, instead of locking it in a smart contract, which limits the reliance on a smart contract, increases security, while being trustless. These new bridges are harder to implement, takes more time, so protocols take the easy route and implement less secure tech aka custodial bridges. Once enough funds are locked in these custodial bridges the "monkeys come for the bread". Protocols needn't to be so lazy and skimp on security.
Good read!
I'm curious if you had discussions with some of the builders of these trustless bridges and what they had to say about your concerns (security), views on using CEXs despite the centralization, and predictions (Institutional investors will most likely favor trusted bridges)?
amazing