Gnosis introduces a new security product for blockchain bridges.
Gnosis has announced the launching of Hashi, an EVM Hash Oracle Aggregator that will bolster the security of cross-chain bridges by requiring multiple independent mechanisms to participate in validating transactions.
The company explained that a “built-in redundancy” would help reduce the impact of security incidents on blockchain bridges.
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Various industry leaders, including Celer, LayerZero, ZK Collective, Succinct Labs, Axiom, LiFi, and Wormhole, have shown support for the new security product by integrating with it.
According to Gnosis CEO Martin Köppelmann, Hashi will help protect these bridges and secure transactions in the blockchain ecosystem.
The Gnosis executive also stated that Hashi is set to protect bridge protocols from multi-sig governance attacks since it enables a protocol to strip the governance of any role on the network except when there is conflict among individual parties or a bug that requires fixing.
Gnosis also cautioned users about the potential increase in cost that will come with using the new oracle aggregator. However, it believes the price is reasonable considering the benefits of Hashi.
Hashi's additional redundancy obviously comes with a higher gas cost, along with moving only as quickly as the slowest oracle in a given set. However, this trade-off seems well worth it given the scope and frequency of past bridge-related security incidents.
Blockchain bridges are one of the most targeted areas by crypto hackers. Cross-chain bridge protocols lost over $5 billion in major hacks, including $1.4 billion stolen in this year’s attacks. Some of the bridges that have suffered attacks in 2022 include Ronin Network, Wormhole Bridge, and Nomad Bridge.
