AOX Cross-Chain Bridge 2024 Annual Report

Connecting AO with the multichain ecosystem, connecting users with opportunities.

Author: AOX

Source: Content Guild Translation

At the end of February 2024, Arweave launched the hyper-parallel computing network AO. As an OG institution within the Arweave ecosystem, EverVision Labs quickly initiated the development of cross-chain infrastructure and launched the AOX Beta version in May. As the first cross-chain bridge connecting AO with the multichain world, AOX's mission is to seamlessly bring more assets into the AO ecosystem. Despite AO still being in the testnet phase, AOX's cross-chain operations experienced rapid growth over the past year, with expanded application scenarios for the wrapped assets it created: wAR and wUSDC.

Product Development

On April 22, 2024, we released the AOX development plan. Shortly after, on April 29, we announced our technology choice, adopting MPC (Secure Multi-Party Computation) as the core technical solution for the cross-chain bridge.

In May, we launched the AOX Beta version, enabling AR to cross from the Arweave Mainnet to the AO network, where it was wrapped as wAR. At this stage, AOX had only one signing node, and cross-chain transfers were limited to 5 AR per address per day.

In July, we officially launched the AOX production version, expanding MPC signing verification nodes to four and removing the daily transfer limit per address, allowing unlimited cross-chain transfers.

The rapid development of AOX was made possible by our technological expertise accumulated through everPay. As a cross-chain asset custody center, everPay has been operating stably for four years, securely managing over $7,000,000 in assets.

In August 2024, as the AO network began supporting 0x addresses, AOX also became compatible with 0x addresses. Users could use wallets like MetaMask and OKX Web3Wallet to connect to AOX and bridge USDC from Ethereum to the AO network, where it was wrapped as wUSDC.

In September 2024, AOX launched its web wallet module. This allowed users to not only perform cross-chain operations on AOX, but also use AOX as a web wallet to view assets and transaction history on the AO network and send or receive assets. To facilitate asset payments and receipts on the AO network, we introduced a QR code payment module, enabling users to scan codes to input recipient addresses and complete transactions.

In October 2024, AOX introduced a centralized exchange (CEX) deposit feature that allowed users to directly deposit USDC from centralized exchanges to the AO network without first transferring funds to a Web3 wallet. This was further expanded in December to allow depositing USDC via the BSC or Base networks, avoiding Ethereum's high gas fees.

By the end of October 2024, we updated the AOX homepage to include guided workflows, enabling users to complete cross-chain transactions with ease.

In December 2024, we upgraded AOX's transaction history center to AOXScan, allowing users to query not only their own cross-chain history but also the cross-chain records across the entire network.

Throughout 2024, AOX's product development revolved around one core goal: to lower, lower, and further lower the barriers to bringing assets into the AO ecosystem!

In 2025, we plan to integrate third-party OTC(Over-The-Counter) services to help users easily deposit fiat into AO.

Data Growth

After its launch in May, wAR holders reached 5,000 within the same month, surpassed 10,000 in June, and exceeded 30,000 by the end of the year. Over 45,000 wAR tokens were minted, peaking at over 50,000.

wUSDC, launched in August, reached a minting volume of 50,000 in October and 120,000 in November. By the end of the year, it surpassed 200,000, with more than 400 holders.

AOX's Twitter followers grew rapidly after the development plan was announced, reaching 1,000, then 3,000 by the end of July, and exceeding 5,500 by year-end. This growth demonstrates the continuous expansion of our community.

AOX's cross-chain transaction volume also grew significantly. In July, AOX processed dozens of cross-chain transactions daily. By December, this number had surged to hundreds per day, peaking at over 2,000 transactions in a single day. To date, AOX has processed more than 45,000 cross-chain transactions.

Partnership Expansion

The growth of wAR and wUSDC stems from their expanding utility across the ecosystem.

Typr, originally known as AO-Twitter, is a Social-Fi network built on AO. From the launch of wAR, Typr supported it as a token for tipping content creators. Shortly afterward, wAR began trading on Arswap (now Perplex) and Permaswap, with its first trading pair being wAR/AOCRED.

Between June and July, BazAR, the largest NFT marketplace in the AO ecosystem, introduced wAR. Listed NFTs were priced in wAR, and users could use wAR to purchase NFTs on BazAR. Soon after, the Metaverse products Llamaland and Permaverse also integrated wAR. In Llamaland, users could interact with Llama King by consuming wAR and receive random $LLAMA token airdrops. In Permaverse, users could stake wAR to increase mining yields. These projects significantly boosted the minting of wAR.

In addition, AOX has established partnerships or intentions with lending protocols such as Lagent and LiquidOps, the Bonding Curve-based token launchpad Obtimus AI, the prediction market Outcome, and the lottery protocol Aolotto. Soon, you will see wAR and wUSDC generating passive income in lending protocols, exploring new investment opportunities on launchpads, and being used in prediction markets and lotteries.

Security Measures

Historical lessons from the cross-chain bridge sector remind us that security cannot be taken lightly. Although users don’t see it directly, we have made significant efforts to ensure the security of the AOX cross-chain bridge.

First, in terms of technology, we chose the relatively mature MPC technology instead of Light Client. While Light Client eliminates third-party trust assumptions, its complex implementation could introduce unforeseen security vulnerabilities. In September, we integrated Cloudflare's rsa-tss library, significantly enhancing the security and efficiency of multi-signature processes. In the future, we will also introduce TEE technology, requiring MPC nodes to operate within TEE environments, further solidifying security. Additionally, we will ensure node authenticity and invite more entities to join, increasing the number of nodes.

Second, we implemented comprehensive risk control strategies. A daily cross-chain volume limit is set, and once the limit is reached, further transactions require manual resets by MPC nodes. In emergencies, AOX can pause cross-chain operations via any single MPC node, with a 2/3 majority of nodes required to resume operations.

Finally, we established emergency communication channels with major centralized exchanges. In the event of a hacking incident, we can quickly freeze stolen assets to prevent their dispersion, aiding recovery efforts.

These measures further minimize the likelihood of security incidents and limit their impact if they do occur.

Conclusion

Reflecting on 2024, we take pride in leveraging technical strength and efficient execution to promote the extensive use of the AOX cross-chain bridge. AOX has offered AO users new opportunities by connecting them to the greater blockchain ecosystem.

In 2025, we will continue to optimize the cross-chain experience, strengthen security measures, and expand ecosystem partnerships. We extend our heartfelt gratitude to the community and our partners for their unwavering support. Together, we will explore even greater possibilities for AOX and witness the continued growth of the AO network.

🏆 Spot typos, grammatical errors, or inaccuracies in this article? Report and Earn !

Disclaimer: This article does not represent the views of PermaDAO. PermaDAO does not provide investment advice or endorse any projects. Readers should comply with their country's laws when engaging in Web3 activities.