DeFi users have lost over $2.5 billion to attacks and exploits since 2020. This layer-2 blockchain believes it’s time to go back to Bitcoin
of the total amount of crypto stolen in 2022, a clear indication that bridge exploits are on the rise.Since the DeFi ecosystem comprises multiple blockchains, transferring digital assets from one network to another requires specially designed protocols that work across different blockchains.
Most bridge protocols use central storage to back assets on the receiving blockchain, creating a target spot for hackers. The lack of developer expertise compared to the complex nature of creating a bridge that works across multiple networks causes security vulnerabilities, making cross-chain bridges the largest attack surface of the DeFi space.To make DeFi more resilient to exploits, a new approach removes this weak link between blockchains.
Speaking about the launch of the Mintlayer blockchain, Mintlayer co-founder Enrico Rubboli said that it took over 18 months of hard work. He added: To enable users access to their BTC natively on the go, Mintlayer launched a mobile Bitcoin wallet, available on both Google Play and the App Store.Aside from technical development, the team launched the Mintlayer Ecosystem Fund with the goal of building a Bitcoin-centric DeFi ecosystem. Projects can join incubator programs, accelerator programs and apply for grants, or apply for direct investment through the fund.
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