Selected questions and answers from the AMA
1. Can you please introduce yourself and also submit the team working on $PORTX?
Hey, I’m Maximiliano, Head of Marketing at ChainPort, I’ve been in crypto since late 2014 before DeFi and all the new ecosystems being created by the different protocols in the space. It’s amazing how the whole crypto ecosystem is becoming mainstream year after year! Happy to be part of it!
ChainPort came from the need for interoperability, the high gas fees of Ethereum, and the added benefit of being able to tap more than one community by being cross-chain
ChainPort.io is a product of Dcentralab.com – We’ve been in the space for more than 5 years building different types of products including Hord.app which had an amazing launch on DAO Maker last year with a 72x ATH
ChainPort.io is live, we have more than 130 tokens porting via ChainPort with a TVL of around $150M with the ATH being at around $450M before the small crash the crypto market had, we support 7 chains right now
Please meet Bill, he’s a Blockchain engineer at ChainPort and he will be answering some questions today!
2.Can you please tell us how Chainport works?
ChainPort is a next-gen hard-security blockchain bridge that lets you hop across chains with a click.
It delivers today the promise of full interoperability between blockchains and does it in a simple secure interface.
ChainPort is the only custodian bridge in the space. We secure all the assets with a multi-layer technology that combines the latest breakthroughs in MPC cryptography and hardware isolation.
We use 2 custodian technologies – Gnosis-safe and Fireblocks MPC.
We secure customer and investor funds from cyber attacks, internal collusion, and human error with multi-layer technologies and fund segregation.
Chainport has a very unique security architecture. With fund segregation, only up to ~5% of the assets are on the hot bridge contract with the remaining 95% + are held in multi sig treasury vaults.
Feel free to share the images below
Check our security architecture:
3.Can you tell us what critical problem does $PORTX solve? and what significant
advantages it offers for traders and investors to hold on to it for long term?
Chainport solves the issue of interoperability. Users and projects don’t want to be stuck on Ethereum and pay high gas fees. With Chainport you can port from Ethereum and Polygon natively to Avalanche, Fantom, Moonriver, BNB Chain (Ex-BSC) and we will soon support Aurora and Arbitrum – We also just launched our bridge to Cardano (First non-EVM bridge!) but it’s currently closed only as a private bridge for our partners, will be open for the public soon!
Check this Coingecko report:
4.Can you give an overview of the Tokenomics and Utility of $PORTX?
Yes, here is our tokenomics
– PORTX will give users 33% discount on the bridge usage (0.2% vs 0.3%)
– It will be used for staking and earning APY when pre-depositing the tokens for those fees
– and it will be used as an incentive to grow the inventory for stables once we support them!
For every port made on ChainPort, the fee taken will be utilized
- 20% to project of the source token. Claimable in PORTX (Ongoing incentive for projects to make ChainPort their official bridge). This is from the fees accrued on the ports of that token only. Any fees not collected in PORTX will be used to purchase PORTX for this purpose.
- 20% Participation Rewards – For each port in or out made by an address, that address will receive participation points, which will reward them with PORTX, regularly claimable.
- 20% Referral/Affiliation Rewards – distributed to eligible referrers/affiliates who referred the porter to ChainPort.
- 15% for PORTX buyback – In case the fee wasn’t paid in PORTX, 20% will be utilized to buy back PORTX. Some to all of this amount may be used for continued R&D funding and/or removing tokens from liquidity (burns). We make no initial or apriori guarantee to the usage of these funds, except to state they will be utilized in full to progress the token economy and/or the underlying R&D, marketing and bizdev.
- 10% added liquidity provision – This portion will be utilized to add liquidity in the various DEXs. Half of this amount will be used to buy PORTX, and the other half to purchase the base asset on the DEX pools with PORTX.
- 10% to PORTX Fee Stakers – This portion acts to reward PORTX stakers on the official ChainPort fees manager contract. If not in PORTX, those funds will also be used to purchase PORTX prior to distribution as staking rewards. All those ChainPort users who stake PORTX in the official fee manager contract, will be eligible to receive APY based on their relative stake in the contract.
- 5% for ChainPort Future Development
More information here: https://docs.chainport.io/chainport-token/tokenomics
5. Security is one of the main aspects of ChainPort. So can you give us a brief description of your security interface and some of the security firms you in business with?
Fund segregation is at the heart of ChainPort’s security model. By keeping funds segregated in multi-signature wallets and cold storage we remove single points of failure. By removing single points of failure we drastically reduce the chances of a malicious party gaining access to user funds.
A multi-signature wallet is a wallet that requires two or more private keys in order to execute a transaction. The benefits of a multi sig wallet are that there is no single point of failure. Multiple private keys would have to be exposed in order for a malicious party to take control of the wallet.
A cold wallet is simply a wallet that isn’t connected to the internet. The benefits of a cold wallet is that your assets are stored offline. A malicious party would have to have physical access to the cold wallet in order to take control of the wallet.
Chainport uses multi sig cold wallets to keep your assets safe. 95% of Chainports TVL are locked in multi sig/cold wallets so even in a worst case scenario funds are safu.
We work with Fireblocks MPC which is the biggest Multi-party-computation company in the world and Gnosis-safe with multiple ledgers.
6.With regards to your expansion and development so far. What can you tell us is to come for $PORTX?
For the very near future, our major milestones are:
- Supporting more chains (AURORA, ARIBITRUM, and more to come)
- Add support for non-EVM base chains – already added Cardano but only closed for some projects
- Introducing the fees which will be an integral part of our tokenomics
- Support for NFTs.
- Supporting Stablecoins (USDC, USDT, etc)
$PORTX will have a lot of token incentives for short/mid/long term success by having staking farms from day one and buybacks and more!
Amazing stuff coming!
7. And for my last question, can you briefly describe your PARTNERSHIPS and BACKERS?
Yes, we have been working with all the launchpads in the space and the best VCs, check some of them here: We will have a full private round closure article coming out in the next couple of days
List 1-3 killer features that puts us ahead of competitors
- Fast transaction times and full interoperability – Port any ERC20 to any supported chain in under 3 minutes!
- Custodial security – Chainport uses multi signature cold wallets to keep your assets safe. 95% of Chainports TVL is locked in multi sig cold wallets so even in a worst case scenario funds are safe.
- Easy to use – We have some of the best UI/UX in the business and a live support team available to help you