from Osmocon Video Part 1: 01:00:00 - 01:29:50
tl;dr
Basic philosophies:
Axelar — bridge as safely as possible to outside ecosystems as quickly as possible: focus on building the transport layer outside of IBC
Composable: focused on IBC and light-clients as the transport layer to Polkadot and Near and Ethereum 2.0 — other ecosystems harder and will happen later
Nomic: light-client to BTC, and nBTC within IBC
Bridged Asset Fragmentation:
—all agree that initial fragmentation will be followed by consolidation into canonicity
—disagree slightly on the mechanism by which this will happen: apps / DAOs / users a priori deciding on canonicity, vs. market arbitrage by expert vs. normal users
-will be easier to decide as market matures
Generalized Message Passing:
-also, assets may eventually not even move cross-chain very much, as apps either sit on bridges, or as generalized cross-chain message passing takes over (e.g. borrow on one chain against collateral on another)
Race to zero fees?
Sergey: no, there will be different pricing structures based on risk, speed, guarantees/insurance, amounts being transferred
Matt and BrainJar: yes, race to zero.
BrainJar: relayers/transport/bridging infra. will eventually make money with MEV rather than fees
Matt: we just like building cool stuff with/on top of Bitcoin — it’s the largest and most untapped market in DeFi
Introductions:
**Leland (mod.) - Cosmos has its own native bridging through IBC**
-very interesting to see how these other bridges will interact with IBC
Matt: Nomic is different bc focused on bringing a single asset to Cosmos: BTC
-benefit of single-asset focus is security
-we also want to do DeFi on Bitcoin-type things
-nBTC (Nomic Bitcoin) - we want pools of that on Osmosis
-an entry port to Cosmos: you deposit to a Bitcoin address and have it in Cosmos
Sergey: Axelar Network is working on secure cross-chain interoperability across all sorts of ecosystems (Osmosis, Cosmos, Ethereum, Polygon, Moonbeam, etc.)
-not a one-off bridge, but a network and transport layer with robust security
-uniform routing, etc.