Take Your Asset Multichain With Native Token Transfers | Nikhil Suri - Wormhole

with nil Siri from Wormhole give it up thank you so everyone thanks for joining me today um my name is Nick huri I'm product lead at the Wormhole foundation and today I'm very excited to talk to you all about Wormhole native token transfers um it's our new open source framework for or that allows you to take to make any any token natively multi-chain and provides you with flexibility for the long term but first off before we get deep into native token transfers I want to spend a little bit of time talking about the state of Cross chain messaging and the way that we currently view the ecosystem today and ultimately I want to explain to you all why we're building a new framework so the first thing that we see today is that cross chain messaging is operating at a massive scale um this screenshot is from Wormhole scan and a few numbers pop out to us right away when we look at it the first one is that Wormhole has processed over 1 billion messages all time and the second number is that in terms of cross chain token transfers Wormhole has facilitated transferring over 40 billion dollar of Value Cross chain and looking Beyond just this screenshot um I did some quick analysis on the aggregate volume of all interop protocols and I found that in total interop protocols have processed over $65 billion of Value Cross chain and so it's definitely cool to see that Wormhole is a large percentage of that volume but the cooler thing that this shows us is that cross chain messaging is being used frequently and it's being used to transfer a lot of money and as a result it's reached a very impressive scale the second thing that we see today is that interoperability protocols have paved the way in terms of security so generally interop protocols run the largest bug Bounty programs and they're also the most audited out of all crypto protocols so doing a quick search across protocols um across interop protocols showed me that on immuni at least there are over $20 million in bug bounties being offered by the top interop protocols um I also looked through the Security Programs of these interop protocols and I found that in total they've had over 60 audits done and I was able to find those 60 audits because it's become a standard and expected practice to make make audit reports and mitigations to those bug findings publicly available and then in what I think has been an interesting development um the crypto Community has started to develop to develop these standardized security Frameworks um through which to evaluate interop protocols so one example of this was the Unis swap Bridge assessment report that um was that was done last year and that was produced by this Committee of independent researchers evalua the security of various interupt protocols and a set of clear criteria and the cool bit about that for Wormhole was that the Unis swap Community found Wormhole as uh the most secure protocol out there um and I expect a similar assessment to happen again this year and as a result of all of this interop protocols must implement this standard set of security features so for example it's the Baseline requirement or expectation that interop protocols use a sufficiently decentralized validator set that attests to messages anything less than that doesn't get you very far anymore in this business the third thing that we see today is that cross chain messaging is everywhere so the use cases for interop have just exploded cross chain messaging is being used for all kinds of crypto protocols um all the ones you can see here and then I put the and more there because there are so many more Beyond what you can fit here and another way of saying that is that crypto protocols all crypto Protocols are now thinking of going multichain and so in summary what we're seeing today is that cross chain messaging um is very mature um The Wormhole contributors are building for a multi-chain world and the majority of protocols view going multi-chain as a core part of their strategy today and and so the demand around multi-chain offerings has changed Protocols are now thinking about permissionless systems for going multi-chain that they can stick with for the long term and I'm talking about truly long term what what we're hearing from protocols is 10 plus 20 plus years out Protocols are looking for these flexible systems that will let them be resilient and also adapt to Future changes so where does that bring us enter Wormhole native token transfers or NTT for short so NTT is an open framework for seamlessly taking your token multichain when you use NTT to take your token multi-chain you preserve ownership over your token upgradability over your token and customizability over your token NTT integrates with any kind of token so that means you can preserve the custom logic for your protocol that's been built into your token for example it works with governance tokens rebasing or reaking tokens um stable coins even nfts and this is a really important point to emphasize which is that NTT is not a token standard um NTT is a framework that is open source that is flexible and that is composable since it's open source anyone can use it the outof the-box framework is very configurable and integrates with any kind of governance process and we'll get into all the different kinds of things that you can configure in some of the following slides um another benefit of being open source and having these standardized interfaces configurable parameters and custom payloads is that it's composable so you can integrate NTT into other dii protocols you can also build on on top of NTT if needed to add features that might be specific to your use case um so to say it again NTT is not another token standard NTT is a permissionless and configurable framework for multi-chain token transfers so how can you use NTT NTT lets you transfer new or existing tokens cross chain with new tokens you can deploy in this pure burn and mint model where when you perform a transfer between a source chain and destination chain the tokens are burned on the source and minted on the destination and this is the purest kind of multi-chain token that you can have um but we realize that there are a lot of existing tokens out there that either cannot be burned or cannot be upgraded to be burned um so if you have an existing token you can make it natively multi-chain via this Hub and spoke type of model where you lock the token when transferring out of the chain it's already deployed on and you mint the new token that you deployed to the destination chain that you want to go to and then between destination Chains It's burnam mint um and it's important to note that these aren't the only two options that you can pick from when using NTT they're just the most common that we're seeing um NTT is really flexible and so if you have unique requirements for your tokens come and talk to us uh come and find me after this and we can talk about how exactly to configure um NTT to fit your use case and as I mentioned previously NT is meant to be a configurable framework that protocols can use for the long term so the contracts are ownable and upgradeable protocols have full sovereignty over their deployment um this also enables these important administrative functions uh to be gaded by whatever your protocol governance is um via governance you can configure exactly the right level of security that you need you can set access roles you can configure rate limits inbound and outbound rate limits um you can pause the contracts to stop all new outbound transfers um you can also opt in to use Global accounting which is a token balance Integrity Checker that's enforced by the Wormhole Guardians and you can also freely configure additional verifiers so whether these are custom verifiers or other third party verifiers um you can add or remove these verifiers and among them you can set threshold attestation requirements so I want to dig more into these security features because I feel that they are what helps set NTT out from the rest so security is the lifeblood of Wormhole we bake security into every kind of product that we build and NT is no different it offers defense and depth security that's completely configurable so for every chain that you're deployed on you can configure inbound and outbound rate limits um The Wormhole contributors also have a lot of experience working with security features like rate limits and so if you set rate limits we know that you need to prepare for the eventuality and the user experience around actually being rate limited um so we built this queuing mechanism into NTT so that users who get rate limited can still have confidence that their transfer will go through after capacity opens up again the global accountant is enforced by the Wormhole Guardians and ensures that you cannot transfer more tokens out of an ecosystem than the amount that's been transferred in and so it enforces these token Supply and balance and variance and these features together with access controls and pausing functionality already cast a wide sort of net of defense and death security but with NTT we decideed to go one step further when we were thinking about permissionless systems for the long term we realized that those systems should not have lock in and therefore with NTT you can freely manage uh configuring additional verifiers um these additional verifiers can be um your custom verifiers that enforce your own custom protocol rules or they can be other third parties and between these verifiers you can set M ofn threshold requirements for attestations for example you can configure two verifiers with a two out of two threshold and we're pretty excited to offer this kind of feature to protocols it empowers protocols to have full control of the framework and over time they can adjust the framework based on their own product Evolution or the evolution of the broader crypto ecosystem and we view having complete control over your stack as non-negotiable and we built NTT to accommodate for that going Beyond just the NTT smart contract framework NTT like all other Wormhole products will benefit from the full power of the Wormhole stack um The Wormhole contributors have built this encompassing Suite of products to make going multi-chain a very simple and safe process and thinking multichain can be very complicated and so we've worked very hard to abstract that complexity away while still empowering protocols to to tune their Integrations so NTT will be integrated into all this all these products um Wormhole verification underpins the Wormhole protocol it's provided by the 19 Wormhole Guardians that attest to cross chain messages before they're considered to be valid um Wormhole contributors are hard at work building ZK verification as well um we recently announced a partnership with AMD for Hardware acceleration and we also recently brought on some of the premier ZK teams on board as Wormhole contributors lurk succinct and zoken um Wormhole connect is a UI widget that any project can easily pull into their own front end to access the entire Wormhole ecosystem of products um connect will be integrated into NTT so that users can seamlessly transfer their tokens in and out using connect um any front end that already has connect integrated will also be able to leverage this new fun functionality uh Wormhole Rel layers greatly improve the ux of cross chain messaging Rel layers are this network of delivery providers that get cross chain messages from point A to point B and when sending a message users or Protocols are able to pay Upfront for delivery on the destination chains and Wormhole scan is an Explorer for Wormhole that's been built by Wormhole contributors and that'll support displaying NT transfers at launch so this combination of Wormhole connect Wormhole relaying and Wormhole scan is going to enable projects to make transferring tokens this seamless oneclick experience for users so we are really excited to announce some of the protocols that are going to be using NTT uh these protocols cover the range of rebasing tokens reaking tokens governance and utility tokens um for examp example Lio will be using NTT to power native transfers of rap stake deth from ethereum Main net to BMB um ethery will be using NTT to take the LRT multi-chain um Pike will be using NTT to take their governance and utility token multichain puffer will be using NT to take their LST puffe multi-chain and we're really excited to announce that NTT will be the frame workk that powers cross chain transfers for n for uh wormholes natively multi-chain W token and here is a quick teaser video for [Music] NT [Music] uh one second let me figure this out okay sweet um so thanks for joining me today NTT is a fully open source protocol you can view the GitHub repositories under the Wormhole GitHub organization github.com Wormhole Foundation um the docs will be going live soon but if you want to see them now feel free to reach reach out to me and I'm happy to provide what we have worked in progress um I'm also always excited to chat on NT or worm or just cross chain in general um so you can reach me on Twitter at _ and telegram at Nick Hill Sur just my first and last name and um if you're shy and you don't want to reach out directly you can scan this QR code that'll take you to a form where you can submit your interest uh in Wormhole and NT generally so thanks everyone and excited to build the multi-chain future with you all