Please describe your proposed solution
Wanchain, the blockchain industry's longest-running decentralised interoperability project, has already deployed several cross-chain bridges connecting Cardano to multiple EVM and non-EVM networks. Over the past 9+ months, Wanchain's Cardano Bridge has secured the transfer of 10s of millions of dollars worth of value to-and-from Cardano (primarily in the form of BTC, USDC and USDT). This bridge is accessible publicly here: <https://bridge.wanchain.org/>
In 6+ years of operations, Wanchain's Bridges have not suffered any security incidents or exploits. Despite this unmatched track record, it is understandable that there remains concerns about the security of all cross-chain bridges. The repeated failures of poorly-designed cross-chain bridges has left a black mark on the industry and dissuades people from engaging with these vital solutions. Individuals who have suffered losses due to a bridge hack naturally develop a distrust for all cross-chain bridges.
Nevertheless, one of the prerequisites for the mass adoption of Cardano remains secure and seamless cross-chain interoperability.
With this in mind, a comprehensive smart contract audit of Wanchain's Cardano Bridge by an reputable auditing firm will be conducted to enhance security and trust in the Cardano Bridge. The audit will involve a line-by-line examination of the smart contracts that power Wanchain's Cardano Bridge to identify any potential security vulnerabilities, inefficiencies, or bugs. This will make it easier for Cardano DeFi protocols – especially those who have specifically requested this second audit – to leverage assets like USDC and USDT in order to expand Cardano's DeFi Ecosystem.