What is exocore? Exocore is an Omnichain Restaking protocol that allows users to restake any token from all supported chains to a variety of AVSs.
So, with the implementation of omnichain on its protocol, what is special about Exocre? Let’s find out with me through the article below.
Exocore Overview
The problem arises
The problem raised in the Proof of Stake system is that tokens are staked to improve security for the entire network, but the number of tokens being mortgaged is not fully utilized to expand to participate in protection. DApps like Oracle, Bridge, App-chains….
Realizing that security fragmentation does not only take place on a specific Blockchain, but it appears across Blockchains, especially in applications such as Bridges and Oracles, this makes it impossible for service providers to develop maximize their growth potential.
So Exocore creates an open market that solves the problem of security fragmentation and reliability in networks.
Inspired by EigenLayer, Exocore developed the staking concept into an omnichain protocol, introducing consensus-based governance. Unlike EigenLayer’s smart contract-based model, Exocore itself is a decentralized network that acts as a buffer to prevent consensus overload on the Layer 1 network due to Restaking. Vitalik – the father of Ethereum once wrote an article about not placing more tasks on Validators, this will cause dangers to the network, everyone can read more here.
What is exocore?
What is exocore?
Exocore is an Omnichain Restaking protocol that facilitates retakes for a variety of tokens including Native Tokens of Layer 1 and Layer 2, Liquid Staking Tokens, DeFi LP tokens, Stablecoins… Each type of token will be retaken into one With suitable AVSs, Exocore effectively synthesizes and extends the fundamental decentralized security of blockchain networks to any off-chain service.
They call this ‘Pooled Security’, which is a bit different from ‘Shared Security’ in that Pooled Security has a network effect that increases in power and value as more Layer 1s and tokens are added. As an omnichain staking platform, Exocore brings additional profits to users, a new revenue stream for operators plus reduced network launch complexity for off-chain services across all ecosystems. blockchain status.
Exocore uses Zero-Knowledge light client technology developed by Polyhedra and hosted by Layer Zero. This provides a trustless mechanism for verifying state on client chains.
Mechanism of action
Exocore shares a similar Modular design to Babylon, allowing for easy integration with AVS. Furthermore, Exocore can integrate with multiple blockchains and extend their security to PoS and AVS Blockchains as well.
Exocore allows tokens from Blockchains to have Restaking functionality to support off-chain systems in addition to App chains.
Exocore enables AVS integration through both Smart Contracts and Native Modules. By using smart contracts, any AVS can integrate seamlessly without needing permission from the Exocore board. Additionally, AVS can integrate with Exocore as a native Blockchain module, which requires Exocore community approval to launch their module in the Exocore protocol. Using this module, AVS developers can define logic related to their protocol, such as operator selection, slashing provisions, and rewards. They can also use Cosmos IBC to connect their AVS to Exocore for message transmission.
In addition to allowing AVSs to borrow and pay security from external chains, Exocore also allows AVSs with native tokens to obtain mutual security without incurring additional costs. For these AVSs, Exocore introduces a new concept called ‘Union Restaking’, in which AVSs can form an alliance to take full advantage of the Crypto Economic security of their tokens. their own. In this alliance, each AVS is secured by staked tokens from all participating AVS. This strategy allows each AVS to achieve an enhanced level of security without having to borrow external tokens, thus avoiding additional costs.
Structure of Exocore
In the structure of Exocore there will be 3 main components:
Structure of Exocore Network.
- Exocore Network: The Exocore network is built with the ability to adapt to EVM Blockchains that act as the control and accounting system, facilitating the retake of tokens into AVS by coordinating methods. interaction between restaker, operator and AVS. In addition, Exocore also handles the registration and management of Operators and AVS as well as the logic of AVS integration.
- Client chain bridge: The Client Chain Brigde manages Cross-chain Communication between Exocore and other Client Chains, where tokens are retaken. These communication segments mainly include “Reading” and “Writing” operations of the Exocore network on the Client Chain. Reading is intended to reflect the status of retake tokens and other related data from the client chain to Exocore. Writing allows Exocore to send control actions to the Client Chain, such as Locking, Unlocking or Slashing (penalty for tokens being retaken).
- Client chain contracts: Client Chain Contracts act as endpoints deployed on each client chain, where restakers perform restaking such as deposits, authorizations, and withdrawals. A Trustless Bridge will forward retake actions from the Client Chain to Exocore, which in turn will respond with control actions or confirmation messages.
Exocore “Exosystem”
In Exocore’s Ecosystem, there are 3 main participants:
- Restaker: Restakers are owners of tokens on external client chains who want to participate in the Exocore network. They use their tokens to staking and earn more profits. Restakers interact with client chain contracts on native chains with actions such as deposits, authorizations, and withdrawals.
- Operators: Operators run nodes for the network of AVSs they choose. They will offer resources such as computers to support the decentralization of the network. They will receive commissions from the profits they generate.
- Actively Validated Service (AVS): AVS are off-chain services or applications that require operators to perform specific off-chain tasks for the AVS to function properly. AVS provides a reward amount of tokens to attract both operators and restakers, encouraging them to provide computer resources and restaker tokens to the network to help increase security for AVS.
Development Roadmap
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Core Team
Co-Founder & CEO: Warren Paul Anderson
- He graduated with a bachelor’s degree in Arts and Sciences from Northwestern University. In 2014, he worked as Co-Founder and Head of Product at Hedgy for 2 years.
- In 2015, he worked as Yex Advisory Bord at Nasdaq Entrepreneurial Center for 2 years. By 2016 he had been developing products at Ripple for 5 years.
- He is working at Discreet Labs as CEO and starting the Stealth project also as CE0.
Investor
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Tokenomics
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Exchanges
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Project Information Channel
- Twitter: https://twitter.com/ExocoreNetwork
- Website:
Summary
With a very new concept as well as a unique idea, Exocore is bringing a new breeze to the DeFi market, especially Narratives Restaking, which is waiting to explode. Hopefully through the article, everyone can get general information about what Exocore is.
