Connext (NEXT)

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Cross-Chain Transactions

Connext enables sending tokens or data (calldata) across different blockchains and rollups quickly and securely. This helps users move assets or interact with apps on multiple chains without complicated steps.

Chain Abstraction

With Connext’s Chain Abstraction Toolkit, developers can let users interact with decentralized apps (dApps) from any blockchain using any token. It handles bridging, swapping, and gas payments behind the scenes in a single transaction, making cross-chain use smooth and easy.

xERC20 Tokens

Connext supports deploying cross-chain native tokens called xERC20. These tokens have zero slippage and high security, letting users keep full control of their token contracts on every chain without relying on third-party bridges.

Building Cross-Chain Apps (xApps)

Developers use Connext to build cross-chain applications that work seamlessly across multiple blockchains. This allows apps to interact with users, tokens, and other apps on any supported chain, unlocking new possibilities for Web3 tools like wallets, identities, and governance.

Fast and Trust-Minimized Communication

Connext provides a modular, trust-minimized protocol for fast communication between blockchains and Layer 2 networks, improving the user experience for cross-chain DeFi, gaming, and other decentralized applications.

Pros of Connext

• Fast and Secure Cross-Chain Transactions: Connext enables quick and trust-minimized communication between blockchains, allowing users to bridge funds and developers to build cross-chain apps easily.
• Low Fees and Latency: It aims for less than 20 basis points in fees and under 60 seconds transaction latency, making it efficient for users.
• Developer Friendly: Offers simple tools like xCall and SDKs that let developers build cross-chain applications with minimal code.
• Modular and Scalable: Uses a hub-and-spoke architecture that leverages Ethereum’s security and supports multiple chains and layer 2 solutions.
• Capital Efficient: Supports native cross-chain tokens (xERC20) that are more secure and efficient than wrapped tokens.
• Open Source and Community Driven: Encourages community governance and open development, fostering innovation and transparency.

Cons of Connext

• Complexity for New Users: While designed to simplify cross-chain use, some users may still find multi-chain interactions confusing initially.
• Dependent on Ethereum Security: Its security model relies heavily on Ethereum and canonical bridges, so any issues there could affect Connext.
• Limited Offline Use Cases: It does not support offline data or batched conditional transfers, which limits some micropayment scenarios.
• Relatively New and Evolving: As a newer protocol, it may face growing pains and requires ongoing development to reach full potential.

Overall, Connext is a powerful tool for building and using cross-chain blockchain apps with speed and security, especially suited for developers and users looking for seamless multi-chain experiences.

Founders

Connext was founded by Arjun Bhuptani, Layne Haber, and Rahul Sethuram.

These individuals started Connext to build a fast, trustless interoperability protocol that connects different blockchains.

Investors in Connext

Connext has raised a total of $23.2 million in funding over 7 rounds from 30 investors. Some of the key investors include:

• Polychain Capital
• NGC Ventures
• Polygon Ventures
• IOSG Ventures
• Fenbushi Capital
• A.Capital Ventures
• No Limit Holdings
• Factor[e] Ventures
• DOKIA CAPITAL
• Coinbase Ventures
• Ethereal Ventures
• Hashed
• 1kx
• Scalar Capital

These investors participated in Connext's latest Series A funding round on June 14, 2023, which raised $7.5 million at a $250 million valuation. The group includes both institutional and angel investors, with some notable angel investors like Sandeep Nailwal.

Halal Status of Connext

No, Connext is generally not considered halal because it involves elements like speculation and uncertainty, which are not aligned with Islamic finance principles.