DeFi

Nomad Restarts Cross-chain Bridge Progress

On December 7, according to the official announcement, Nomad, a cross-chain interoperability protocol, released a cross-chain bridge restart guide.

At present, the upgrade of smart contracts has been completed, KYC verification has been started, and front-end testing is in progress. Cross-chain and minting NFT functions are temporarily unavailable.

This smart contract upgrade mainly fixes the vulnerability that caused the Nomad token bridge to be hacked and allows users to bridge madAssets and get a proportional return of funds.

There are three steps for users to bridge assets:

Submit KYC information;
Bridge back and receive NFT;
Use NFT to access recovered funds.

Users can now start submitting their KYC for verification. KYC verification will be done by Coinlist, and the process is expected to take 1-7 days for individuals and 1-3 weeks for other entities (companies, DAOs, etc.).

Once users receive notification that KYC has been approved, users will be able to bridge madAssets (and subsequently mint NFTs) within 48 hours.

Previously, Nomad had stolen nearly $200 million due to a contract loophole in August. In September, it announced that it would release the code to restart the cross-chain bridge after completing the audit.

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Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.