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pNetwork logopNetwork

pNetwork aims to be a decentralized system facilitating cross-chain movement of assets.
TVL 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.
  • Total value locked
    $3.55 M25.73%
  • Destination
    Various
  • Validated by
    Third Party
  • Type
    Token Bridge
  • ...

    Tokens

    Choose token

    Bridged Tokens (Top 15)

    Gala (GALA)
    pNetwork Token (PNT)
    Tether USD (USDT)
    USD Coin (USDC)
    0x Protocol Token (ZRX)
    Basic Attention Token (BAT)
    LoopringCoin V2 (LRC)
    Dai Stablecoin (DAI)
    Milestones

    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

    pBTC token on BSC exploit

    2021 Sep 21st

    Due to the bug in the validators code, unauthorized token transfers were processed on BTC.

    Learn more

    pNetwork rebranding

    2020 Sep 16th

    Provable Things, pTokens and Eidoo gets rebranded as pNetwork.

    Learn more

    pBTC launch on Ethereum

    2020 Mar 5th

    Launch of the first pToken, pBTC on Ethereum.

    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
    TVL 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.
    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 (CRITICAL).

    • 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 (CRITICAL).

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

    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 (CRITICAL).

    Permissions

    The system uses the following set of permissioned addresses:

    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 a MPC network.

    pNetwork DAO 0x2211…BfF4

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

    pNetwork Multisig 0xb597…CfDB

    Can upgrade ERC20 Vault V2. This is a Gnosis Safe with 2 / 4 threshold.

    pNetwork Multisig participants (4) 0x4b87…8C450x3aA6…72620xb959…dB200x3fcf…Bd1f

    Those are the participants of the pNetwork Multisig.

    Smart contracts
    Note: This section requires more research and might not present accurate information.

    The system consists of the following smart contracts on the host chain (Ethereum):

    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).