PolyBridge

PolyBridge is a decentralized cross-chain bridge that enables the transfer of assets across multiple blockchain networks. It facilitates the transfer of assets and information between connected networks, without the need for a central intermediary. This allows for greater decentralization and trustless transfer of assets, which is particularly important in the context of DeFi. Additionally, PolyBridge allows different blockchain networks to be used for different purposes, such as using one network for high-speed transactions and another for low-cost transactions.

The bridge works in a very specific way. The user triggers the transaction via the PolyBridge application, which sends information to the origin chain, triggering a smart contract. Afterwards, transaction information is delivered through a cross-chain manager to a relayer, which further sends information to the Poly chain (cross-chain protocol). Relayer is a management solution which communicates and interacts with the smart contracts on behalf of the user. After a further validation stage, information about the transaction is delivered through another relayer to the target blockchain, and if there are no failures, the transfer is completed. If any part of the transaction process does fail, a reverse process is triggered.

The security of a cross-chain bridge is dependent on the security of the individual blockchain networks that it connects. This means that the security of the bridge can be compromised if one of the connected networks is compromised. According to the available data, PolyBridge itself has not been audited. The Poly chain, which is used by the bridge, was audited twice. In August, 2021, Poly chain and PolyBridge were targets of a successful hack, which resulted in the loss of over 600 million USD in crypto assets, one of the largest hacks in DeFi history. The hacker has since returned some of the money, and the company responded by offering him the position of a chief security advisor.