Trustless Bridge - USDT (EOS) Support v1

[stephenpdeos]

Problem

Opportunity: What are the needs of our target user groups?

Developing the Advanced Trustless Bridge addresses the need for seamless cross-chain transfers of EOS Native tokens between the EOS Native chain and the EOS EVM network. This bridge expansion, especially focusing on USDT (EOS version), aims to enhance the DeFi ecosystem within EOS EVM. As the DeFi space thrives on stablecoins like USDT, their integration can bolster liquidity, yield farming, lending, and user-friendly onboarding.

Strategic alignment: How does this problem align with our core strategic pillars?

The Advanced Trustless Bridge aligns with our "Blockchain made easy" core pillar by simplifying access to DeFi capabilities within EOS EVM. It's particularly beneficial for newcomers familiar with DeFi ecosystems and stablecoins.

Context

Competitors: Who are our top competitors (up to 5) and why? How do they solve this problem today?

The solution differentiates itself by expanding the Trustless Bridge functionality and integrating a broader range of EOS Native tokens for DeFi within EOS EVM.

Product differentiation: what would make our solution different?

Our approach focuses on enabling seamless cross-chain transfers with a particular emphasis on EOS Native tokens. By concentrating on USDT (EOS version) and addressing the needs of the DeFi community, we can enhance liquidity, accessibility, and stability.

Solution

Solution name: How should we refer to this product opportunity?

Advanced Trustless Bridge

Purpose: Define the product’s purpose briefly

Facilitate cross-chain transfers of EOS Native tokens, especially USDT (EOS version), between EOS Native and EOS EVM, to empower DeFi within EOS EVM.

Success definition: What are the top metrics for the product (up to 5) to define success?

1. Increased Total Value Locked (TVL) within EOS EVM DeFi.
2. Enhanced liquidity through active trading pairs involving EOS Native tokens.
3. Higher participation in yield farming and lending activities.
4. Elevated user onboarding due to simplified access via stablecoins.
5. Positive feedback and engagement metrics from DeFi users.

Assumptions

EOS Native tokens integration, particularly USDT (EOS version), will generate significant engagement within EOS EVM DeFi.

Business Objectives/Functionality

The Advanced Trustless Bridge will allow seamless cross-chain transfers of EOS Native tokens, starting with USDT (EOS version). It will involve comprehensive integration with DeFi protocols and interfaces, ensuring a smooth user experience.

User stories

• DeFi users can seamlessly transfer EOS Native tokens between EOS Native and EOS EVM.
• Traders can access stablecoin-based trading pairs, ensuring efficient market-making.
• Yield farmers can utilize EOS Native tokens as collateral for lending protocols.
• Newcomers can enter the DeFi space easily by converting fiat to stablecoins.
• Users can engage in cross-chain liquidity provision, increasing their DeFi participation.

EVM Tasks

Beta Give feedback

1. Spike - find a solution for Trustless bridge tp support USDT bridged between EOS Native and EOS EVM eos-evm#573
   duplicate enhancement 👍 lgtm +3
2. Silkworm changes to support advanced trustless bridge eos-evm#609
   enhancement 👍 lgtm +2
   
3. Basic message emission mechanism of advanced trustless bridge eos-evm#610
   enhancement 👍 lgtm +2
   
4. Initial iteration of eosio.erc2o contract eos-evm#611
   enhancement 👍 lgtm +2
   
5. Continue development of eosio.erc2o contract eos-evm#612
   enhancement 👍 lgtm +2
   
6. Complete MVP version of eosio.erc2o contract eos-evm#613
   enhancement 👍 lgtm +2
   
7. Add call action eos-evm#608
   enhancement 👍 lgtm +2
   
8. https://github.com/eosnetworkfoundation/eos-evm-internal/issues/46
9. Add CI to evm-bridge-contracts evm-bridge-contracts#1
   OCI 👍 lgtm +2
   
10. Bridge message receiver can specify alternative contract account to receive messages eos-evm#644
    enhancement 👍 lgtm +2
    
11. https://github.com/eosnetworkfoundation/eos-evm-internal/issues/51
12. https://github.com/eosnetworkfoundation/eos-evm-internal/issues/54

FE Tasks

Beta Give feedback

1. Spike - Figure out the solution to support USDT evm-bridge-frontend#20
   enhancement 👍 lgtm +2
   
2. Send USDT from EOS EVM wallet to EOS account (Withdraw) evm-bridge-frontend#22
   👍 lgtm +1
   
3. Send USDT from EOS account to EOS EVM wallet (Deposit) evm-bridge-frontend#23
   👍 lgtm +1
   
4. Update error messaging in bridge fe to have more contrast evm-bridge-frontend#39
   bug 👍 lgtm +2
   
5. Update Deposit Page Copy for USDT support evm-bridge-frontend#41
   👍 lgtm +1
   
6. Bridge frontend v0.9.0 finishing touches evm-bridge-frontend#46
   👍 lgtm +1
   

Fast follows

Beta Give feedback

1. Add assertnonce action eos-evm#645
   👍 lgtm +1
   
2. Use assertnonce whenever doing a contract deployment evm-bridge-contracts#8
   👍 lgtm +1
   

Possible next steps

• Expanding Trustless Bridge functionality.
• Introducing USDT (EOS version) integration.
• Seamless onboarding for DeFi users.
• Enhanced liquidity and yield farming opportunities.
• Collaborating with DeFi protocols to ensure compatibility.