Connext is the most secure and efficient way to create crosschain tokens: no infrastructure is required, and the smart contracts are easy to implement. Tokens can then be moved almost instantly.
xERC20 tokens are crosschain ERC-20 which can be transferred with no slippage across chains without compromising on security.
Connext officially supports industry adoption of ERC-7281: Sovereign Bridged Tokens, which will allow token issuers to retain full sovereign control and flexibility over their tokens, regardless of which bridges they choose. These documents discuss our Connext implementation of this proposed standard.
Today, when you want to make your token available on multiple chains, you have to either:
- 1.Provide significant liquidity to a bridge on each chain (and require users to take slippage when transferring across chains); or
- 2.Mint a new representation of your token through the bridge, locking yourself into that bridge and its security model forever.
Connext provides a new approach to making your token natively crosschain without compromises. This makes your xToken:
- Transferrable across chains with no slippage.
- Deployed and fully controlled by you, the token issuer.
- Secured fully by Ethereum L1 and the canonical bridges of each chain.
- [Coming Soon] Fungible against the token representations minted by canonical bridges (rollup bridges, Polygon PoS bridge, etc.)