Project Name: Orbiter.Finance
Author Name: Gwen
Number of OP tokens requested:
Proposal for token distribution (under 1000 words):
Orbiter Finance is a decentralised cross-rollup bridge that aims to offer infrastructure at Layer 2 and permit instant, low-cost transactions of Ethereum-native assets.
We support cross-rollup transfers among Ethereum, Optimism, StarkNet, zkSync, Loopring, Arbitrum, Arbitrum Nova, Polygon, BNB Chain, ZKSpace, Immutable X, dYdX, Metis and Boba.
Contract System Design
Three contracts deployed in Orbiter’s system guarantees the security of transactions and avoids disorders.
- MDC contract (Maker Deposit Contract). MDC contract has two functions - keep Makers’ margin and handing the send-back and compensation for Senders.
- EBC contract (Event Binding Contract). EBC contract is used to make the validity proof of Source Tx and Target Tx. EBC also keeps the rules of Orbiter: ① The rule for Maker to deposit margin on different rollups. ② The rule of the correspondence between the Source Tx and Target Tx.
- SPV contract. SPV is used to make the existence proof of Source Tx on the Source Network.
How Does SPV Function on Optimistic Rollups
On Optimism, every tx will be sent to “sequencer”, which provides the following services:
● Providing instant transaction confirmations and state updates.
● Constructing and executing L2 blocks.
● Submitting user transactions to L1.
Periodically, these pending transactions are uploaded to Ethereum in huge batches (with rudimentary compression) for finalisation. All Batches are stored in the Ethereum contract CTC(CanonicalTransactionChain). In essence, this CTC constitutes the Optimism blockchain.
When the transaction batch has been uploaded to Ethereum (or an individual wallet transmits a transaction directly from the CTC Contract’s enqueue method), the CTC contract will emit a “TransactionEnqueued” Event. The “sequencer” service monitors this event to update the L2 transaction state.
After the tx’s data has been submitted to Ethereum, the sequencer’s other service “batch-submitter” will periodically submit these tx’s (block’s because each tx has a block) stateRoot to Ethereum in larger batches to prove a transaction is on-chain. These batches are held in an Ethereum contract known as SCC(State Commitment Chain). The SCC comprises a list of state roots, which correspond to the result of applying each transaction in the CTC to the prior state in an optimistic scenario.
After that, Fault proofs can function. Since there is no direct verification of stateRoot’s validity, every stateRoot can be contested via “fault-proof.” If the stateRoot is successfully challenged, it is removed from the StateCommitmentChain and replaced with a different proposed stateRoot. A successful challenge does not roll back Optimism itself, but rather the public stateRoot of the chain. The sequence of transactions and the state of Optimism are unaffected by a challenge that is flawless.
How will the OP tokens be distributed?
All OP tokens we receive will be distributed in user incentives in the OP ecosystem.
Over what period of time will the tokens be distributed?
How much will your project match in co-incentives?
Number of OP tokens requested: 30000 OP
Did the project apply for or receive OP tokens through the Foundation Partner Fund?: NO
If OP tokens were requested from the Foundation Partner Fund, what was the amount?: NO
How much will your project match in co-incentives?: 90%
Please provide any additional information that will facilitate accountability:(smart contracts addresses relevant to the proposal, relevant organizational wallet addresses, etc.)
Organisational Wallet Addresses: