【ZIP】 AnyBridge - Transforming ZKFair into a massive decentralized trading blockchain

If I were the CEO of ZKFair, I would transform ZKFair into a massive decentralized trading blockchain.

To become a $10 billion project, ZKFair needs to create differentiation and provide long-term value to its users. That’s why I’m advocating for the following idea:

AnyBridge - Bridging for any Token to ZKFair

1. Idea:
ZKFair can offer a public bridge(AnyBridge) that allows to bridge any ERC20 token from other blockchains into ZKFair without requiring participation or approval from the projects that own those tokens.

2. Story:
Currently, a significant challenge faced by DEXs on Layer 2 blockchains is the limited variety of tokens available for trading. While DEXs on Ethereum (Uniswap) and Binance Smart Chain (PancakeSwap) support tens of thousands of ERC20 tokens, DEXs on Layer 2 networks often have fewer than 100 ERC20 tokens. It would be fantastic if DEXs on ZKFair could enable users to buy and sell any token on Ethereum, BSC, or even popular meme tokens on Solana or any other blockchain.

3. Benefits for Users:
By holding funds on ZKFair, users can comfortably trade any tokens and participate in any trending coins with low fees.

4. Benefits for DEXs:
Enabling DEXs to support a diverse range of tokens, especially meme coins, so can attract more users.

5. Benefits for ZKFair:
ZKFair would become the hub for all tokens. ZKFair itself would resemble a massive decentralized exchange, with ZKFair as the central hub and various DEXs as satellites. Users could deposit funds to store assets or trade any token they desire.

6. Implementation (Tech):
When an ERC20 token ABC is first bridged to ZKFair, the bridge will automatically lock the amount of that token on the source blockchain and simultaneously deploy a standard ERC20 contract with the same name and symbol as the original token on ZKFair. From that point onward, the entire ZKFair network will recognize this new ABC token as equivalent to the ABC token on the original blockchain. Bridge/Withdraw transactions for this token will not require creating new contracts.

7. Security Concerns:
Currently, if a DEX wants to create its own bridge to bring a specific token to ZKFair, both users and other DEXs are concerned about security issues. However, with a public bridge, this concern is resolved. ZKFair’s public bridge only automatically deploys a standard ERC20 contract that has been audited for the purpose of enabling token trading. It has no administrators or additional features, so it poses no additional security risks compared to the original token and cannot be manipulated by anyone.

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Soo, danbo, what’s the main difference between original bridge we have and created by DEX you mentioned?

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The difference is:
With the current official bridge of ZKFair or other blockchains, we can only bridge certain assets. And the smart contract of that token must already be deployed on the target network (ZKFair). As for my idea, we can bridge any ERC20 Token to ZKFair even if that Token does not exist on ZKFair.

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For example: Bonk is currently a very hot meme token on the Solana network. If there is a bridge like this idea, I can bridge Bonk Token from Solana to ZKFair to create a trading pool on Sideswap without needing permission from Bonk’s team or having to wait for them to deploy a Bonk smart contract on ZKFair. The bridge will do that automatically.

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Unfortunately, that is not possible technically and whoever make this possible will become a billionaire.

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@rev I do not think so. Technically, it is almost similar to the current bridge. The only difference is that we add the function of automatically creating a new smart contract on ZKFair if that token does not exist on ZKFair. Any EVM can handle easily. I’m just a bit confused about whether the gas fee when creating a new contract will be paid by the first person to bridge or sponsored by ZKFair.

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If it’s possible, why don’t we have a similar bridge so far?

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@rev It’s a matter of trust. Bridges can absolutely do this, but the community and other DEXs don’t trust them.
For example: Recently LayerZero arbitrarily released a contract for wstETH for the Scroll network but Lido and other DEXs objected. Or on ZKSync, the Celer bridge has released ceBNB, ceMATIC, ceAVAX… but only Syncswap and some DEXs accept it while other DEXs do not.
My idea is that ZKFair itself will issue the decentralized bridge so that all dApps in the ZKFair ecosystem will be willing to accept it.

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ZKFair will compete with LayerZero :smile:

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Do we need a lot of time to execute the contract or is there a security issue?

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If we can pull off this idea, it could be really valuable. But we’ll need to establish a lot of connections to other blockchains because we have so many tokens: BTC, LTC, XRP, DOT, SOL, and more… Operating all these connections might get expensive.

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I think. Just BNB and Ethereum are enough. There are many Wrapped Token projects that replace other network tokens. Like the way PancakeSwap is doing

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Maybe…I’m just joking :grin:
Actually, LayerZero is a Message Protocol, not just a simple Token bridge. ZKFair can also use LayerZero to operate its bridges.

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It only requires creating a new smart contract with the first user. From the next users it will use the existing smart contract, so it will not waste time. In addition, deploying a new contract is also very fast.

As for security, if it is built by the ZKFair Team itself, it can also inherit the same security as ZKFair’s current configuration. You can always get your money back in L1 even if L2 is no longer active

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@brianmg 只需要PancakeSwap和UniSwap支持ZKFair就足够了

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It’s not clear if Google Translate translates what you want to say correctly. Pancake and UniSwap are just DEXs and they also need available Tokens. You can try PancakeSwap on ZKSync Era, it also doesn’t have too many Tokens

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I can use PancakeSwap to buy any cryptocurrency

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A very creative proposal. Sometimes I wonder what I’m doing on Layer 2 blockchains. The commonality among L2s is that they mostly only have ETH and USDC. All my trading activities still have to take place on L1 despite the high fees.

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