Integrating Decentralized Cross-Chain Communication Makes Brid | CCAI

Integrating Decentralized Cross-Chain Communication Makes Bridges ‘Substantially Safer’ — Flare Networks CEO

Although they grabbed less media attention than the collapse of centralized organizations, the so-called bridge exploit incidents in 2022 again proved that the decentralized finance (defi) ecosystem still lacks sufficiently secure solutions, Hugo Philion, the co-founder and CEO of Flare Networks, has argued. Philion insists that the lack of such secure solutions has constrained the growth and use of defi products.

Lack of Communication Between ChainsIn written responses sent to Bitcoin.com News, Philion claimed that the large-scale, cross-chain experimentation primarily seen in 2020 and 2021 potentially explains why more than $2 billion has been lost via the so-called bridge exploits of the past 12 months. However, according to the Flare Network CEO, while it may not be possible to completely eliminate risks for users, bridges could “be made substantially safer.”

Besides addressing security-related issues, Philion also offered his thoughts on many other issues that range from the possible use of non-smart contract digital assets in defi and Web3, to insuring digital assets when they are moved across chains.