Connext founder proposes 'Sovereign Bridged Token' standard after Multichain incident
EIP-7281 will allow token issuers to list official bridges and limit the rate at which they can mint tokens, potentially limiting losses from bridge hacks. An Ethereum Improvement Proposal (EIP) made on July 7 seeks to standard ize how tokens are bridged between networks. The “Sovereign Bridged Token” standard , or EIP-7281, allows token issuers to create canonical bridges across multiple networks. The proposal was co-authored by Arjun Bhuptani, founder of the Connext bridging protocol. In a July 7 social media post, Bhuptani claimed the protocol would help prevent issues like the July 6 Multichain incident , which some experts have described as a “hack.” Today's @MultichainOrg hack is a sad reminder of the systemic risks tokens face from bridges. We believe these risks stem from a single underlying problem: Token Sovereignty We're proposing ERC-7281 (aka xERC20) - an open standard to fix this.https://t.co/k9Vyd55Eb5 1/x — Arjun | ERC-7281 arc (@arjunbhuptani) July 7,...