Relaunch Development Update #1
Dear Community, We know everyone is eager to know what we have been working on behind the scenes. Below is quick summary of the most important recent developments.
Development Updates
Key Milestones
The development team has successfully rebuilt and tested the baseline contracts, which is the first step required to re-engineer all the smart contracts from scratch.
With the complete adoption of the latest released version of Solidity, and the industry-standard OpenZeppelin suite, as well as the integration of individual source code control, we have laid the strategic foundations for enhanced security, efficiency, and sustainability.
Team Developments
As mentioned in our Post-Exploit AMA, we were fortunate to re-build and scale our team swiftly.
Our new team members have settled in well, and we are glad to see a much more collaborative style of working emerging. New team members bring with them a wealth of expertise is already starting to become noticeable. Standards, quality awareness and assurance are now the focus.
Crosswise V2 Architecture
The overall architecture is transitioning from a transfer-centric model, to a user-centric one.
The previous techniques used, focused on a particular token transfer event without consideration as to the type of transfer — buys, sell, send.
With a more granular logic, these improvements allow for greater overall flexibility and more precise targeting of fees.
Improvements to Control of Transfer Amount
As opposed to verifying the transfer amount of individual transfers, CRSS v2 now verifies the total transfer amount across all individual transfers that belong to the same transaction or even to multiple adjacent transactions initiated by the same account/attacker. This can and will be further developed to refine the detection of malicious transfer patterns.
The exploit on January 18th, 2022 was a single transaction that consisted of 12 individual token theft transfers and other auxiliary transfers. The attacker was able to launch similar transactions in series. However, CRSS v2 is designed to detect and mitigate such attacks.
Improvements to User Protection
Users were previously exposed to inefficiencies related to the forked PancakeSwap codebase.
CRSS v2 will eliminate these inefficiencies by extending the PancakeSwap router with innovative functions. These new contracts have been written and extensively tested by our lead developers.
Crosswise DApp Updates
UI/UX
In addition to the exciting development updates, we are also very happy to share that we have upgraded the Crosswise DApp with a fresh UI, which aims to enhance ease of use and provide greater functionality.
Our new design consists of several important elements that have been relocated, and organized in a manner that makes more sense when it comes to DApp functionality.
For example, Farms and Pools are now grouped more closely together, and you are now able to quickly switch between them.
Last but not least, we’ve also improved our infrastructure with upgraded servers.
Website & Marketing Collaterals
Our website will also be redesigned over the comings weeks, as we pull everything together and build towards a more consistent and cohesive brand image.
A lot of effort will also go into improving our documentation, including the CrossDocs, Litepaper, and Pitch Deck, leading up to the relaunch.
Partnerships & Initiatives
Since prior to the exploit, we have several collaborations in the pipeline that had to be re-scheduled. Fortunately, most of our partners have been very supportive and gracious in accepting resulting delays.
Compensation
The details of the compensation scheme and exactly how it will be executed remains to be defined. As we have already pointed out in our previous AMA, monetary value will be restored, and we will do something for qualified dip buyers.
Please understand that we had to make a choice between either a pragmatic, swifter but likely less satisfactory scheme, and a principled yet much more complicated basis for compensation.
We chose the latter and would just ask you to please be patient. Compensation will not happen way before the re-launch, so our focus right now is on the code review so that we can commence the audit process in time.
Crosswise Relaunch — What to Expect?
Since the last Post-Exploit update & AMA Recap, we’ve been quietly working away and have had all hands on deck for development. Going forward, we’re going to shift some of that focus towards marketing and expansion of Crosswise.
Our ongoing code audit has been very successful in identifying and fixing fundamental issues in our contracts. With the refactoring we are taking the opportunity to tweak certain features and most importantly, make sure that security is assured.
In terms of timing, we hope to submit our code to CertiK in March, and thus cannot as yet provide an estimated date for the re-launch.
We know this is frustrating, but as you can hopefully tell, everything is going in the right direction. Our primary objective is to ensure the safety and security of our user’s funds, and we therefore need to see this process though until the very end. We simply have no more room for mistakes.
We appreciate your patience and are working as quickly and diligently as possible to prepare Crosswise for a secure, and sustainable future.
About Crosswise Finance
Next-gen cross-chain Decentralized Exchange (DEX) building a seamless DeFi user experience. Crosswise Finance bridges the gap between centralized and decentralized exchanges, bringing together the best of both worlds. Crosswise is committed to it’s community and brings back customer service and support to the DeFi space.
Disclaimer: This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. You should consult your own advisers as to those matters. References to any securities or digital assets are for illustrative purposes only, and do not constitute an investment recommendation or offer to provide investment advisory services. Furthermore, this content is not directed at nor intended for use by any investors or prospective investors, and may not under any circumstances be relied upon when making investment decisions.
