Author: AOX
Source: Content Guild - News
Original link: https://permadao.com/AO-Cross-Chain-Bridge-AOX-2024-Annual-Report-83135cb2c1904e74ba777f05aae30178
AOX Cross-Chain Bridge 2024 Annual Report
At the end of February 2024, Arweave released the hyperparallel computing network AO. As the OG organization of the Arweave ecosystem, EverVision Labs started the development of cross-chain infrastructure soon after, and completed and launched the AOX Beta version in May. As the first cross-chain bridge connecting AO with the multi-chain world, AOX's mission is to bring more assets to the AO ecosystem smoothly. Although the AO network is still in the testnet stage, AOX's cross-chain business has still experienced rapid growth in the past year, and the application scenarios of the wrap assets wAR and wUSDC created by AOX have also continued to expand.
Product Development
On April 22, 2024, we released the development plan of AOX. Then, on April 29, we released the technology selection and announced the adoption of MPC (secure multi-party computing) as the core technical solution for the cross-chain bridge.
In May, we launched the AOX Beta version and supported the cross-chain of AR from Arweave Mainnet to the AO network, packaged as wAR. At this time, AOX only had 1 signature node, and the cross-chain limit for a single address per day was 5 AR.
In July, we officially launched the official version of AOX, expanded the MPC signature verification nodes to 4, removed the single-address daily limit, and opened up unlimited cross-chain transfers.
The reason why we can quickly develop the cross-chain bridge is due to our technical accumulation in everPay. everPay can be understood as a cross-chain asset custody center, which has been running stably for 4 years and safely manages more than 7 million US dollars of assets.
In August 2024, AOX will also be compatible with 0x addresses based on the AO network expansion that supports 0x addresses. Users can use 0x address wallets, such as MetaMask and OKX Web3Wallet, to connect to AOX and cross-chain USDC on Ethereum to the AO network and package it as wUSDC.
In September 2024, AOX launched a web wallet module. Users can not only perform cross-chain operations on AOX, but also use AOX as an AO web wallet to view assets and historical transactions on the AO network, and operate the sending and receiving of assets. In order to facilitate users to use assets on the AO network for payment and collection, we have also launched a payment code module. Users can scan the QR code to enter the payment address and complete the payment and collection.
In October 2024, AOX launched the CEX recharge function, which allows users to directly recharge USDC in centralized exchanges to the AO network without withdrawing to a Web3 wallet first. In December, we further expanded this function to allow users to recharge CEX USDC to the AO network through the BSC or Base network to avoid Ethereum's high gas fees.
At the end of October 2024, we updated the homepage of the AOX official website and added a series of intention-guided processes, allowing users to complete cross-chain operations without any brains according to the step-by-step guidance.
In December 2024, we will update AOX's history record center to aoxscan, where users can not only query their own cross-chain records, but also query the cross-chain history records of the entire network at any time.
In short, in 2024, AOX's product development will always revolve around one core point, which is to lower, lower, and lower the threshold for assets to enter AO!
In 2025, we also plan to integrate third-party OTC services to help users easily deposit fiat currency into AO.
Data Growth
After wAR was launched in May, the number of holders reached 5,000 that month, and then exceeded 10,000 in June. By the end of the year, the number of wAR holders exceeded 30,000, and the number of wAR minted exceeded 45,000, and at its peak, it once exceeded 50,000.
After wUSDC was launched in August, the minting volume reached 50,000 in October and 120,000 in November. By the end of the year, the minting volume had exceeded 200,000 and the number of holders exceeded 400.
The number of AOX Twitter followers quickly grew to 1,000 after the AOX development plan was announced, and grew to 3,000 by the end of July, and exceeded 5,500 by the end of the year, which shows that our community is growing.
The scale of AOX's cross-chain business has also grown rapidly. In July, AOX needed to process dozens of cross-chain transactions every day, but by December, it had to process hundreds of cross-chain transactions every day. At its peak, it processed more than 2,000 cross-chain transactions a day. To date, AOX has processed more than 45,000 cross-chain transactions.
Partner Development
The growth of data comes from the expansion of application scenarios of wAR and wUSDC.
Typr, formerly known as ao-twitter, is a Social-Fi network built on AO. When wAR was first launched, Typr first supported wAR as a token for users to reward content. Then, wAR started trading on Arswap (now renamed Perplex) and Permaswap for the first time, with the first trading pair being wAR/AOCRED.
From June to July, BazAR, the largest NFT trading market in the AO ecosystem, introduced wAR. The listed NFTs were denominated in wAR, and users could use wAR to purchase NFTs in BazAR. Soon after, the Metaverse products Llamaland and Permaverse of the AO ecosystem also introduced wAR. In Llamaland, users can interact with the Llama King by consuming wAR and receive a random number of $Llama token airdrops. In Permaverse, users can increase mining output by staking wAR. These projects have contributed considerable minting volume to wAR.
In addition, AOX has established cooperation intentions with lending protocols Lagent and LiquidOps, Token Launchpad product Obtimus AI based on Bonding Curve, prediction market Outcome and lottery protocol Aolotto. You will soon see wAR and wUSDC generating passive income in lending protocols, hunting for new token investment opportunities in Launchpad, and betting in prediction markets and lottery platforms.
Safety and security
Historical experience in the cross-chain bridge field tells us that security issues cannot be taken lightly. Although users cannot directly perceive it, we have invested tremendous efforts in the security construction of the AOX cross-chain bridge.
First, in terms of technology selection, we chose the relatively mature MPC technology instead of Light Client. Although Light Client does not increase the third-party trust assumption, its complex code implementation may lead to unexpected security vulnerabilities. In September, we integrated Cloudflare's rsa-tss library, which greatly improved the security and efficiency of multi-signature. In the future, we will also introduce TEE technology and require MPC nodes to run in TEE to further consolidate security. At the same time, on the premise of ensuring the real name of the node, invite more entities to join and expand the number of nodes.
Secondly, we have set up a comprehensive risk control strategy. There is a limit on the total amount of cross-chain transactions per day. Once the limit is reached, you need to wait until the next day, or the multi-signature node will manually reset the limit before continuing the operation. In an emergency, AOX can press the pause button through the signature of any single MPC node to stop the cross-chain operation, and it will need more than 2/3 of the nodes to sign before resuming.
Finally, we have established emergency communication channels with major centralized exchanges. Once a hacker attack occurs, the stolen assets can be quickly frozen to prevent the funds from being dispersed and facilitate recovery.
Through the above measures, we have minimized the possibility of security accidents in the AOX cross-chain bridge and reduced the losses when accidents occur.
summary
Looking back at 2024, we have promoted the widespread use of the AOX cross-chain bridge with our technical strength and efficient execution. We not only link the AO network with the multi-chain ecosystem, but also link users with opportunities.
In 2025, we will not forget our original intention, continue to optimize the cross-chain experience, strengthen security, and promote more ecological cooperation opportunities. Thank you to the community and partners who have supported us all the way. In the future, we will continue to move forward together and witness more possibilities of AOX and the prosperity and development of the AO network.
