What is ALTITUDE DeFi? ALTITUDE DeFi is a composable native blue-chip asset bridge, and one of the first dApp’s built on LayerZero.
Then what distinguishes ALTITUDE with similiar DeFi products? Like everything else in DeFi, bridges are prone to a variety of pitfalls and mishaps. Since bridges involve high-volume transactions, malicious actors find them irresistible and try to undermine them.
This could be by changing the destination of the bridge on one side to a personal wallet, rerouting some of the transactions passing through the bridge or by intercepting assets going and/or coming through the bridge.
Two examples of this are the Axie Infinity Ronin/ETH hack, where hackers took control of validators and rerouted funds sent through the bridge, and the exploitation of the Harmony bridge, which resulted in the draining of significant amounts of liquidity.
It goes to show that even robust platforms require the highest level of security.
What a solution that ALTITUDE offers? The team at Altitude have taken the time to learn from the problems facing existing cross-chain bridge design and have engineered a secure solution for DeFi users. With the creation of the HUB and taking advantage of LayerZero by creating chainpaths, Altitude has created a bridge that is versatile, fast and most of all secure.
Where most bridges rely on third party routers, volatile liquidity and the requirement of liquidity providers to risk Impermanent Losses, the Altitude bridge protocol relies on the following pillars to ensure safety and stability.
Security and Resilience: Cross-chain bridges play a crucial role in enhancing the security and resilience of the crypto ecosystem. By allowing users to move their assets between different blockchains, these bridges reduce the risk of centralization and single points of failure. In the event of an attack or security breach on one blockchain, users can quickly transfer their assets to a more secure chain, safeguarding their investments.
The recent Terra collapse serves as a stark reminder of the importance of secure bridges. Had a safe cross-chain bridge like Altitude been in place, users could have easily moved their assets to a more transparent and secure blockchain, mitigating potential losses. The robust security features of cross-chain bridges ensure the integrity and protection of users’ assets, instilling trust and confidence in the ecosystem
Speed Matters: In the fast-paced world of DeFi, the speed of transactions is critical. Slow cross-chain bridges can hinder the functionality of decentralized applications and deter users. To ensure a smooth user experience and foster widespread adoption, fast and efficient cross-chain bridges like Altitude are essential. These bridges facilitate quick and cost-effective asset transfers, empowering users to take advantage of the opportunities presented by the crypto market.
All liquidity remains on their native chain, removing the risk of impermanent losses and isolating any risks, due to bad actors or market factors, to said chain.
Chain paths directly connect the pools per chain and per asset. This creates a very direct and easy to verify pathway enhancing both security and speed.
The HUB routes all transactions, making it a transparent router, but also making it a clear review point for the Altitude team to scope out anything that could be out of order and creating a point where maleficent transactions can be stopped to decrease damages.
$ALTD, the native token of Altitude is confirmed It’s a governance token which can be farmed by proving liquidity for supported tokens Official Altitude tokenomics announce that 5% of the supply is reserved for strategic airdrop. Let’s dive in into the ALTITUDE incentivized testnet!
Conclusion: Secure and fast cross-chain bridges are at the forefront of innovation in the crypto ecosystem. They provide the means to unlock the full potential of decentralized finance and drive the growth of blockchain-based applications. By enhancing liquidity, interoperability, security, and efficiency, these bridges enable users to navigate the crypto landscape with confidence.
Tutorial for the Testnet : https://docs.google.com/document/u/2/d/1_CWoZkS56yACeWhQ_Cl3PQGEZiZRg_I2O-q6j24QDhI/edit?usp=sharing
Join the Zeally Campaign : https://zealy.io/c/altitude/invite/jI6BNNy67NaD5QKBaeG5m
Twitter : https://twitter.com/AltitudeDeFi
Discord : http://discord.gg/altitude
Website : altitudedefi.com