Search

Search for projects by name

L2BEAT Bridges is a work in progress. You might find incomplete research or inconsistent naming. Join our Discord to suggest improvements!
SummaryValue SecuredMilestones & IncidentsDetailed descriptionRisk summaryTechnologyPermissionsSmart contracts

pNetwork logopNetwork

This project is archived.
TVS of the bridge does not take into the account pTokens minted on Ethereum. These are wrapped tokens that should be backed 1:1 with their native counterparts on other chains, for example pBTC being backed by BTC on Bitcoin or pFTM backed by FTM on Fantom.

About

pNetwork aims to be a decentralized system facilitating cross-chain movement of assets.

  • Total value secured
  • Destination
  • Validated by
    Third Party
  • Type
    Token Bridge
    • Explore more in Discovery UI

    About

    pNetwork aims to be a decentralized system facilitating cross-chain movement of assets.

    Value Secured

    2024 Jul 01 — 2025 Jul 01

    Milestones & Incidents

    pGALA token on BSC exploit

    2022 Nov 5th

    Due to the misconfiguration of BSC the exploiter took over the control of pGALA tokens.

    Learn more

    Mainnet Launch of pNetwork v2

    2022 Oct 18th

    Whitelist got removed, there are no restrictions on who can transact with the network.

    Learn more
    Detailed description

    pNetwork aims to be a decentralized system facilitating cross-chain movement of assets.

    It is built as a simple Token Bridge that uses a single EOA address to move assets across. For a typical token transfer, “pToken” is minted on the destination chain.

    Risk summary
    TVS of the bridge does not take into the account pTokens minted on Ethereum. These are wrapped tokens that should be backed 1:1 with their native counterparts on other chains, for example pBTC being backed by BTC on Bitcoin or pFTM backed by FTM on Fantom.

    Users can be censored if

    1. validators decide to stop processing certain transactions.
    Technology

    Principle of operation

    This is a Token Bridge that locks tokens in the escrow contracts on Ethereum and mints “pTokens” on the destination network. The validation of cross-chain transactions is performed by a group of Validators running MPC protocol that control one EOA address on Ethereum.

    Transfers are externally verified

    External Validators observe events on pNetwork bridge and sign transfer requests on destination chain. On Ethereum a single EOA address controls such transfers.

    • Users can be censored if validators decide to stop processing certain transactions.

    • Funds can be stolen if validators allow to mint more tokens than there are locked on Ethereum thus preventing some existing holders from being able to bring their funds back to Ethereum.

    • Funds can be stolen if validators sign a fraudulent message allowing themselves to withdraw all locked funds.

    Destination tokens

    Tokens transferred end up as their wrapped representation (pTokens). Note: on November 2022, due to misconfiguration, control over pGALA token on BSC was taken over by an unknown attacker that could have resulted in minting unlimited amount of unbacked pGALA tokens.

    • Funds can be stolen if destination token contract is maliciously upgraded.

    Permissions
    A dashboard to explore contracts and permissions
    Go to Disco
    Disco UI Banner
    Disco UI BannerExplore in Disco

    Ethereum

    Actors:

    PNETWORK (3) 0x341a…6D1b0xDffE…B1320x14C4…cBe9

    A set of EOA addresses (different ones for different Vault contracts) that can transfer tokens and perform admin functions. It is supposed to be controlled by a group of Validator nodes in an MPC network.

    pNetwork DAO 0x2211…BfF4

    A voting contract that controls the inflation withdrawal logic of PNT token.

    pNetwork Multisig 0xb597…CfDB
    • A Multisig with 2/4 threshold. Can upgrade ERC20 Vault V2.

    Participants (4):

    0x4b87…8C450x3aA6…72620xb959…dB200x3fcf…Bd1f
    Smart contracts
    A dashboard to explore contracts and permissions
    Go to Disco
    Disco UI Banner
    Disco UI BannerExplore in Disco

    Ethereum

    ERC20 Vault V2 0xe396…2db8Implementation (Upgradable)Admin

    Has special logic for handling inflation of PNT token.

    • This contract stores the following tokens: GALA, PNT, USDT, USDC.
    ERC20 Vault V1 0x1123…8135

    This contract stores the following tokens: WETH, LRC, BAT, DAI, ZRX, PNT.

    UOS Vault 0x9f86…968D

    This contract stores the following tokens: UOS.

    PProxyAdmin 0xDc2c…ee2a

    Proxy owner of ERC20 Vault v2.

    The current deployment carries some associated risks:

    • Funds can be stolen if a contract receives a malicious code upgrade. There is no delay on code upgrades (CRITICAL).