Reliable Event Logs for Bridges
Muon increases interoperability between blockchains by providing reliable event logs.
Reliable event logs provided by a secure oracle are crucial for interoperability, particularly for Web3 bridges. Bridges are made up of two smart contracts, one on the source chain and the other on the destination chain, called home and foreign chains respectively. As the source and destination chains have different protocols, the foreign chain’s smart contract has no way of getting notified of the event of the tokens being locked on the home chain’s smart contract. Thus, the smart contract on the foreign chain requires an oracle to provide reliable event logs of the home chain’s contract.
Though necessary, bridges are vulnerable to attacks. In fact, blockchain bridges have become major targets for attackers in recent years due to unreliability in their oracle modules. According to figures from blockchain analytics firm Chainalysis, a total of $1.4 billion has been lost to breaches on cross-chain bridges in 2022.
By using Muon Oracle Network, bridges are provided with reliable event logs so that they can securely transfer tokens and messages across chains. This augments interoperability across different blockchain networks dramatically.