Snowfall- A Multi-Chain, Token Bridging Solution For Every Token Class
Snowfall is a multi-chain token bridging solution, designed for fungible and non-fungible token swaps.
Given the expansion of the cryptocurrency market across several isolated blockchain infrastructures, there is a need for secure, reliable, and autonomous transactional highways, which are native to the blockchain and also in sync with first principles thinking regarding users’ private-key control, and transaction transparency.
Also, tokens on the blockchain have evolved to exist in two groups, which are fungible, and non-fungible tokens. These differences go beyond function, rather they are reflected in the on-chain state of these tokens. For instance, the smart contract standards used for minting fungible tokens on the Ethereum network (usually ERC20) is different from the standards used for non-fungible tokens on the same chain.
In response to this, Snowfall uses unique bridging protocols for fungible and non-fungible token swaps, which makes it a one-stop multi-chain swap protocol, for every token type and chain type. Also, Snowfall offers cross-chain swaps for EVM and non-EVM chains alike, making its application limitless across the entire market.
The remaining part of this section explores Snowfall’s various bridging solutions.
- Canonical token bridges for fungible-Tokens
- Snowfall NFT wrapping and swap protocol
Snowfall’s canonical token bridge allows for a back-and-forth swap from an original protocol and reversed swap via a canonical burn mechanism for reverse swaps. This makes it possible for a two-way swap of fungible tokens over the Snowfall bridge protocol, initiated from any user's wallet. All that's required is the Snowfall dAPP.
Before a swap from chain A to chain B, C, D, E… or Z starts, an EVM contract for the pegged fungible token must already exist on all intended EVM destination chains. Subsequently, the peg token contract will mint new tokens whenever a mint command is signed from a user’s original wallet; this command simply instructs the smart contract protocol to mint a peg of the swapping tokens on the new destination wallet. The mint command also comes with details of mintable units and the mint's origination point.
Following the command for a new peg token mint, on a given destination chain, the original token is locked on the source chain, by the Snowfall bridge smart contract. This will create a fraction of what is a circulating token supply on the original chain over on the destination chain, with everything still remaining in the user's control, without distorting the original token supply.
Similar to a bridge swap to a new destination chain, a reverse swap mechanism requires the user to initiate a reverse swap command, which burns up the specified amount of the bridged token in the destination chain wallet. Instantly, this unlocks the original token in the source chain.
With Snowfall’s canonical bridge, token mints, lock, burn and unlock operations allow for autonomous swaps to be initiated by any user swiftly in both directions.
The idea of token wrapping has been around for quite some time. Before token wrapping protocols became a thing for NFTs, token wrapping was originally being used to onboard non-EVM tokens like Bitcoin chains onto the Ethereum chain. The rise of decentralized finance protocols and decentralized collateralization paved a way for NFT wrapping making NFTs available as collateral for fungible-token loans, which were being used for yield farming purposes across related Defi protocols.
On the contrary, NFT wrapping for cross-chain swaps has quite a lot of research supporting it. A google keyword search of the term “NFT silos solutions” will bring in a whole lot of ideas and suggestions to the challenge. Most notable is Vitalik Buterin’s (Co-founder of the Ethereum blockchain) Cross-rollup NFT wrapper and migration post suggestion, which is found on the Ethereum community research website.
A similar solution is Pavel Sinelnikov’s (a user of the Ethereum research website) post suggestion titled “Bridging NFTs across layers''. Several NFT swap protocols have been successfully implemented on the basis of these researches.
Snowfall uses a similar iteration, albeit, there are differences that make Snowfall’s protocol more efficient and functional in solving the NFT silos problem. The Snowfall token wrap and cross-chain swaps are executed by users via the Snowfall bridge contract.
- Mint wrapped NFTs: Every swap will begin with the user initiating an NFT mint command, from the Snowfall NFT swap dAPP. This dAPP works with the Snowfall bridge contract. The new NFT mint is a wrapped NFT copy of the original now on another chain. This creates a copy of the same NFT on both chains. However, usage can only be possible with an on-chain validation broadcast of the swap event, which of course requires a gas fee.
- Freeze NFT: A mint command is followed by a lock command, which freezes the original NFT on the Snowfall swap contract. This in essence results in only one possible copy of that NFT existing on the second chain.
- Choose an originating chain.
- Choose destination chain.
- Select and enter the destination address.
- Send to a new destination address, which locks the original token in the source chain.
The Snowfall project is founded on a belief in a highly efficient interoperable cryptocurrency market where assets can move freely across chains unhindered. This belief drives the Snowfall vision of creating a simple line of communication across chains that is highly efficient for whatever scale the market may test it with. It is also why the Snowfall solution spans across all market categories; from Defi, infrastructural cryptocurrencies, and stablecoins to NFTs; Snowfall is essentially built for the entire cryptocurrency market.
- 1.Accessibility: to make crypto accessible to everyone, by onboarding millions of new users.
- 2.Great user experience: To create a highly efficient user experience, through rigorous U.I tests and updates.
- 3.Security: Snowfall’s development, across all phases, uses cybersecurity best practices and recommendations by the American National Institute of Standards and Technology, for cybersecurity risk for enterprise risk management. Also, every of Snowfall’s smart contract codebase is rigorously reviewed and tested over many weeks before the project launch. All of these security checks, stress tests, and analysis underpins the team’s security guarantees to its community, regarding fund safety, data privacy, and smart contract integrity.
- 4.Network: As a multichain solution Snowfall will be operational on both EVM and non-EVM smart contract chains.