Stellar Community Fund

By Allbridge Core

Allbridge Core

SCF #20

$50.0K

Legacy v5.0 Activation Award

Awarded

Allbridge Core enables users to seamlessly access the Stellar ecosystem through native stablecoin swaps.

Products & Services

Allbridge is an accomplished cross-chain solution provider specializing in integrations of EVM with non-EVM chains. In 2022, we participated in the Bridge Bounty Program, successfully deploying Stellar integration on Allbridge Classic and connecting the Stellar ecosystem with Ethereum, Polygon, Solana, Celo, and BNB Chain.

The most unique aspect of the integration revolved around the absence of smart contracts on Stellar. This is why an intermediary smart contract was implemented to handle the signature validation. Throughout the integration process, we have expanded our knowledge of the Stellar blockchain and grown accustomed to building Stellar-based applications.

Fall 2022 marked the launch of our new bridging solution, Allbridge Core, which caters specifically to native stablecoin swaps. To enable native transfers, a liquidity pool is deployed per every supported asset. After initiating the transaction, incoming tokens enter the pool, and their value is sent via the messaging protocol to a destination chain. On arrival, this value is converted back to native stablecoins, which are then credited to the user.

Core’s user-friendly features ease the onboarding for new users by enabling them to attach additional gas on destination. This way, users can participate in the ecosystem dApps as soon as they bridge their funds without resorting to centralized entities to acquire gas.

However, in the case of Core, the bridge architecture relies on the availability of smart contracts, which was the main limitation of integrating Stellar in the past. The introduction of Soroban became a major breakthrough and a final missing piece for bringing the Allbridge Core experience to Stellar.

Deploying our stablecoin solution on Stellar will allow users from different chains to tap into the $110 million USDC market and create some unique bridging routes from Solana, Arbitrum, and Tron ecosystems.

Another major component of Allbridge Core is the availability of the SDK that provides a seamless integration process. By plugging our solution under the hood, Stellar dApps can benefit from extra liquidity transfers from different chains, which shapes Allbridge Core as a building block for the entire ecosystem.

The development will span across multiple milestones. As part of the Activation Award, we will finalize the architecture and implement the smart contracts, creating a foundation for the prototype. The Community Award resubmission would entail the implementation of the web UI and prototype’s deployment on the testnet.

After the prototype is deployed, we are looking to deliver additional functionality to the end product. We will participate in the next SCF rounds to support the ongoing development and bridge maintenance.

The next major milestone following the prototype’s deployment is the security audit and the implementation of follow-up fixes to address the findings. When the audit is complete, the bridge will be deployed on production, launching the USDC pool, supplied with the initial liquidity.

Another major feature we are looking to bring is the slippage-free USDC swaps through Circle’s CCTP. At the moment, we are developing a CCTP swap option for USDC-to-USDC swaps, and when it is available on Stellar, we are looking to implement its functionality in Allbridge Core.

The CCTP implementation will undergo a second round of security reviews, and once the fixes are complete, it will be deployed on production, allowing users to take advantage of seamless USDC swaps.