SEDA The Modular Data Layer Launches A Token Upgrade With Wormhole Support.
Upgrade date: 30/04/2024
Upgrade Interface: https://upgrade.seda.xyz
The second phase of SEDA’s mainnet V1 launch comes with the community being able to upgrade their tokens from FLX to SEDA, signaling the final stages of SEDA’s evolution from Flux. Traditionally, cross-chain token upgrades have been subject to security concerns due to the lack of secure tech available. SEDA has been working alongside Wormhole to build a secure and bespoke cross-chain pathway leveraging Wormhole’s Guardian Network, enabling the FLX to SEDA token upgrade. Additionally, SEDA’s token upgrade contracts that communicate with The Guardian Network have been thoroughly audited by leading security firm Trail of Bits.
SEDA’s Modular Data Layer & Wormhole Collaborate For Bespoke Token Upgrade Pathway
The FLX To SEDA Upgrade
SEDA’s modular data layer evolved out of the foundations of the Flux Oracle in 2022. During the height of Flux’s success, having $3.58 billion in TVS and enabling $152 billion in cumulative value transfers, it became clear that Web3 oracles couldn’t scale to meet demand. After this realization, the team decided to expand on the concept of Flux, which evolved into the SEDA network as a complete solution to oracles’ shortcomings. The FLX to SEDA token upgrade via Wormhole’s Guardian Network will allow the existing Flux community to upgrade FLX 1:1 for SEDA from Ethereum to the SEDA network.
A Closer Look At Wormhole’s Guardian Network
Source: https://antematter.io/blogs/Wormhole-Journey-Across-the-Chain
Standing between Ethereum and the SEDA Network is Wormhole’s Guardian Network, which will assist in communicating between SEDA-built Ethereum source contracts, a SEDA relay, and a user application on the SEDA network.
The Guardian Network, critical to Wormhole’s ecosystem, relies on distributed nodes known as Guardians. These Guardian Nodes monitor multiple blockchains, observing messages and signing payloads individually. They then combine signatures into multisigs called Verifiable Action Approvals (VAAs), ensuring state agreement.
As Wormhole’s oracle component, The Guardian Network embodies design principles, including decentralization, modularity, chain agnosticism, scalability, and upgradeability. This architecture ensures network control dispersal, modular design for flexibility, support for various chains, scalability for high transaction volumes, and adaptability to evolving decentralized computing landscapes. Due to the robust and flexible nature of The Guardian Network, SEDA was able to integrate custom code elements, creating a safe and secure connection for the token upgrade that was not possible with other infrastructure options.
SEDA’s Implementations Working With The Guardian Network
With Wormhole’s Guardian Network, SEDA’s implementations connect the missing links in the user journey, starting with a SEDA-built Web3 App that communicates with both the SEDA source contract on Ethereum and the SEDA network.
Ethereum Source Contract
The Ethereum Upgrade Source Contract manages the token upgrade by burning FLX tokens on the Ethereum network and initiating message transfers to the SEDA network via the Wormhole Core Contract.
Wormhole’s Relayer
The relayer is responsible for listening to a Spy Node and forwarding any messages (Wormhole-signed VAAs) relevant to the token upgrade. SEDA uses the Relayer engine to filter for messages from the Ethereum source contract, which we pass to our queue for later processing.
SEDA Target Contract
The SEDA Target Contract oversees the final step of the token upgrade process. The contract interacts with the SEDA Wormhole Core Contract to ensure the authenticity and integrity of the token upgrade payload. Upon validation of Wormhole messages, it executes the transfer of token upgrade amounts to designated SEDA addresses.
SEDA Wormhole Core Contract
The SEDA Wormhole Core Contract is critical in facilitating cross-chain communication and ensuring the integrity of token upgrades. Its functionalities include verifying VAAs and managing the guardian set for network security.
The SEDA contracts built to facilitate the token upgrade in parallel with The Guardian Network were recently audited with success by Trail of Bits. To learn more about the audit, you can find all the details in SEDA’s Trail of Bits blog here.
Connect With SEDA And Wormhole
Join Wormhole's community channels below to learn more about Wormhole’s Guardian Network and other cross-chain solutions. Connect with the SEDA team via the links below to keep up to date with the FLX to SEDA token upgrade event.
If you are participating in the FLX to SEDA token upgrade, follow the official documentation here. For more information and direct SEDA team engagement, use the support service on our homepage.
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