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Blockchains are siloed by nature. A longtime limitation of blockchain technology is that individual cryptocurrencies are bound to their own chains. Users and applications need to transfer arbitrary data and funds across blockchains. At its peak in 2021, cross-chain bridges custody over 20B in various cryptocurrencies, serving users' needs to engage in DeFi, gaming, etc. Plagued by a lack of ability to do so in a decentralized way, applications force its users to rely on centralized exchanges to achieve cross-blockchain interoperability. User flow thus becomes significantly more complicated, and developers are prevented from defining and building applications that are uniquely enabled by on-chain bridges. Furthermore due to hacks of over 2B, a loss of faith in natively on-chain solutions force users to look to off-chain solutions like Coinbase.
Xiangan He (Wed,) studied this question.