Transmuter

Inspiration

CCIP is such a huge leap forward for the entire Web3 industry, and as a developer its a very exciting product to be able to take advantage of.

Especially from the lens of someone like myself with a security background, I love the idea of a solution to what are one of the largest drains on our industry. Bridge hacks.

So I wanted to leverage the security of CCIP, to create a decentralized bridging protocol. Which is how Transmuter was born.

What it does

Although CCIP already has its own bridging mechanisms, they are not readily available to all tokens.

So Transmuter allows liquidity providers to make their tokens available to be swapped cross-chain (at a 1:1 ratio). Essentially creating decentralized CCIP token bridge liquidity pools.

Liquidity providers only need tokens on a single network, and as users bridge their tokens, so are the providers tokens, just in the opposite direction. This allows for providers to dynamically adjust their positions, and take advantage of trends in token bridging.

It also means that users willing to wait, can actually get paid to bridge their tokens by becoming liquidity providers!

How we built it

The smart contracts were written in foundry, and the frontend was developed with NextJS and Typescript. Thirdweb was used for wallet connections, account abstraction, and blockchain interactions.

What's next for Transmuter

There are some bugs in the smart contracts, and testing that needs to be done. Then I'd like to deploy to mainnet with some improved frontend quality of life features, and start to create a community of liquidity providers and users who find value in the project.