Connext and Alchemix will implement a cross-chain token security standard immediately, which will be “forward compatible” with EIP - 7281.
on July 7 as Ethereum Improvement Proposal 7281. It was co-authored by Connext’s founder, Arjun Bhuptani. At the time, Bhuptani said it would help to minimize losses from bridge hacks by acting on the principle that “Token issuers are the ones who get rekt when bridges get hacked.”
Under EIP-7281, bridges could still mint their own versions of tokens, but such derivative coins would not be considered “canonical” versions. As a result, consumers would eventually come to reject unofficial versions of coins. In Bhuptani’s view, this would lead to a safer DeFi space because it would put the responsibility of avoiding bridge hacks squarely on the shoulders of each token-issuer, which would help to prevent end-users from suffering losses.
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