Native assets vs bridged assets: the path to security in cryptocurrency.

CapitalismLab

2023-05-25 15:14

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Understanding and distinguishing the importance of native assets and cross-chain bridge assets in the cryptocurrency industry.

Original author: CapitalismLab

FTM's USDT/USDC is actually created by Multichain? Many people were surprised to find out that their own house collapsed. Let's briefly discuss how to identify which chains' U is the official native asset, and how to determine if it is supported by a cross-chain bridge. SAFU!

Although USDC on Polygon has already received official support from Circle, allowing for direct deposits and withdrawals from Circle accounts, it is still bridged by Polygon's official bridge rather than being native. However, Circle's willingness to support it indicates a certain level of recognition for its security.

USDT: On the official website's Transparency page, there are all the natively supported chains. You can notice that "Omni" here is what OG recently referred to as the ancestor of so-called BRC20. USDT was initially issued on BTC/Omni.

What supports the cross-chain bridge if it is not a native asset chain?

We can check through DeFillama to see which bridge supports USDC on various chains. To do so, go to the Stablecoins TAB on the left and click on USDC.

If DeFillama can't find it either, then you'll have to Google it or look for information on a blockchain explorer, such as FTMScan, which indicates that the USDC is supported by Multichain.

Of course, you will be surprised to find that the U of L2 is currently non-native. But don't panic, L2 is based on XXXXXX technology, which means that the bridged assets of these mainstream L2s are generally safer than L1. You can check out the risks on l2beat.

Yes, after reading this, you must understand that the complaints about the slow work of the OP team are not groundless.

In short, try to hold the native assets of mainstream chains. Otherwise, it will become: Not your keys, not your coins. But your coins are issued by Multichain!