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TIP-198 Bridge Thales using CCIP Draft Kiril (Thales) Use CCIP to bridge THALES across all supported networks discordlink 2024-03-20

Simple Summary

Use Chainlink Cross-Chain Interoperability Protocol (CCIP) to bridge THALES token across all supported networks.

Abstract

Chainlink CCIP has proven as a reliable protocol which can be used as a secure bridge along current bridging options.
THALES token holders may benefit from lower fees without compensating security.

Motivation

Currently Celer bridge, native OP bridge and other bridge aggregators are used for bridging THALES token.

After successful implementaion of TIP-181, this TIP proposes the use of Chainlink CCIP to enable THALES token holders to bridge accross all supported network. The idea is to provide multiple secure bridging options for THALES token holders. Chainlink CCIP operates at the highest level of cross-chain security by taking a defense-in-depth approach, where multiple decentralized oracle networks and an independent Risk Management Network secure each transaction.

The implementation details are laid in the specification

Specification

New ThalesBridgePool contracts are deployed on every supported network. Each ThalesBridgePool contract is pre-loaded with THALES tokens.
A user initiates bridging of THALES tokens from origin network by depositing X amount of THALES to the origin ThalesBridgePool and triggering a CCIP message to be sent to a destination ThalesBridgePool on destination network. Upon successful CCIP messaging, the destination ThalesBridgePool transfers (X - fees) amount of THALES to the user address on the destination network.
In case of unsuccessful bridge operation, the funds are refunded to the user on the origin chain.
Note: the destination address can differ from the user address and can be arbitrary chosen.

For example, if user decides to bridge from Optimism to Arbitrum network an amount of 100 THALES with 0.5% fees:

  1. The user approves ThalesBridgePool on Optimism.
  2. The user triggers bridging function that deposits 100 THALES to the ThalesBridgePool on Optimism.
  3. Fee of 0.5% is applied and 0.5 THALES are stored ready to be burned.
  4. The Optimism ThalesBridgePool generates a CCIP message that is sent to Arbitrum ThalesBridgePool.
  5. The Arbitrum ThalesBridgePool receives the message and obtains a destination address.
  6. The Arbitrum ThalesBridgePool transfers 99.5 THALES to the destination address.

If the transfer at the destination network fails (e.g. due to low THALES tokens on destination), the destination ThalesBridgePool sends back a CCIP message to the origin ThalesBridgePool to fully refund the user due to unsuccessful bridging.

Test Cases

  • Bridge between OP Sepolia and Arbitrum Sepolia.
  • Bridge from OP Sepolia to Arbitrum Sepolia with unsuccessful execution on destination. Refund funds back to the user on origin chain

Implementation

  • ThalesBridgePool contract - perform cross-chain messaging and holds pool of THALES tokens.
  • Fees - percentage fees for bridging.

Copyright

Copyright and related rights waived via CC0.