Inspiration
The growing number of blockchains is leading to massive Web3 ecosystem fragmentation. Assets created on one chain are not a value added to the other networks. Additionally, there's a strong shift leading towards modularity and thus the ability to easily deploy whole blockchains. Developing the abstraction layer to communicate all these existing and future chains is not an option anymore but a requirement. The crucial part of any blockchain is digital assets - fungible tokens. Allgate is aiming to build a framework for the creation, deployment, and management of OFTs - Omnichain Fungible Tokens (standard developed by LayerZero Labs). Such tokens are natively cross-chain transferable with full composability meaning that 1) They don't require an external contract (bridge) to be sent between chains, and 2) after successful transfer, it's possible to call any external contract / invoke custom logic on receive. It guarantees the possibility to build chain-agnostic solutions and fully abstract Web3 infrastructure such as manual bridging or switching networks in a wallet.
What it does
- Using Dapp user is able to create a new OFT or migrate existing ERC-20 tokens to the OFT standard.
- After that, the deployer has full access to the OFT management dashboard where it's possible to connect OFT instances (Remotes) via intuitive UI. The deployer decides on which chains OFT should be present.
- Analytics show OFT cross-chain inflows, outflows, transfers count, etc.
- After deployment, OFT Transfer Page is automatically available where Holders can perform cross-chain transfers.
- Additionally, we're building a SubZero subprotocol that creates Omnichain Account Abstraction and allows you to call any contract from any supported blockchain.
- Cross-VM transfers: for example from Aptos to Fantom.
How we built it
We use Solidity for EVM chains like Fantom and Move for Aptos contracts. Our Team is small, we're working in the Scrum system using Jira to track our progress. This month we intend to launch MVP on Testnet, open a Discord server, and iterate having in mind also the first Users' feedback.
Challenges we ran into
- We fund the initiative out of our own (limited) resources. We seek opportunities to learn and grow our capabilities as a Team.
Accomplishments that we're proud of
- Contracts development.
- Testnet launched (1st of March) with 253 OFTs created so far (61 on the Fantom Testnet).
- Company (LLC in Europe) foundation.
- Idea and rapidly progressing execution.
- Deep understanding of the subject.
What we learned
- Improved Solidity and Move programming languages skills.
- Project Management.
- Networking.
- That even the smallest team can aim big to make an impact, especially in the Web3 space.
What's next for Allgate
After the successful Testnet launch on the 1st of March, we aim to collect feedback, iterate, and introduce Phase Two of the Testnet (in April). We want to develop continuous communication with the community to achieve the best possible product and in the meantime look for the company's growth opportunities - especially funding to scale the team and product. We'd love to receive support from an experienced organization, grow Allgate and build the industry standard for the cross-chain composable fungible tokens, therefore uniting the growingly fragmented Web3 ecosystem.
We think of the OFT as a cross-chain primitive that can be easily used not only to simply transfer value between blockchains but also to be the foundation of various, chain-agnostic protocols - cross-chain DeFi, Gaming, multi-chain governance, etc. We consider ourselves the first mover in this specific sector.
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