CoinMarketCap's Pick – Article of the Day Ferrum’s highly secured multi-chain token bridge hits $138 million in total transacted volume! FerrumNetwork $FRM DeFi DEX Crypto CoinMarketCap CrypTown
And while that's exciting, what’s even more exciting is that they’ve done this with an average of just $2 million a day in liquidity. Due to the fact that they’ve deployed a multi-chain bridge, they are able to keep track of native assets and their state across networks without having to lock up tokens on the bridge and mint new ones on the destination chain.
Most bridges use the lock and mint or burn approach, which requires them to hold the tokens on the original chain as backing for the wrap token, thereby minting them out of thin air. However, Ferrum has a multi-chain bridge that keeps track of native coins and their state across different networks. Speaking of the development, the CSO Taha Abbasi said: “ No software is immune to exploits. You can build the most secure app, but if a downstream or upstream provider or a dependency in your code has a vulnerability and gets exploited, you are at risk.
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