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Satellite (Axelar) logoSatellite (Axelar)

Satellite is a token bridge powered by Axelar network. It allows for cross-chain transfers of assets between Ethereum and other chains, typically to/from Cosmos ecosystem. Axelar is used as both escrow and message relayer.
  • Total value locked
    $116.77 M5.17%
  • Destination
    Various
  • Validated by
    Third Party
  • Type
    Hybrid
  • ...

    Tokens

    Choose token

    Bridged Tokens (Top 15)

    USD Coin (USDC)
    Wrapped BTC (WBTC)
    Wrapped Ether (WETH)
    Tether USD (USDT)
    Dai Stablecoin (DAI)
    ChainLink Token (LINK)
    Frax (FRAX)
    Maker (MKR)
    Uniswap (UNI)
    Risk summary
    Technology

    Principle of operation

    This is a hybrid bridge that can pass arbitrary messages as well as act as a lock-mint Token Bridge. Different external Routers can be built on top of it, for example Squid Router. It acts as a canonical bridge for many tokens on Cosmos.

    Validators running PoS consensus

    Transfers are verified by the Validators running the Axelar network which, technically is a Cosmos chain. As in any standard Cosmos chain, Validators are bonded by staking tokens and can be slashed for misbehavior.

    • Users can be censored if validators on Axelar decide to not mint tokens after observing an event on Ethereum (CRITICAL).

    • Funds can be stolen if validators decide 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 relay a withdraw request that wasn't originated on the source chain (CRITICAL).

    Destination tokens are upgradeable

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

    Tokens transferred end up as wrapped ERC20 proxies (axlTokens), some of them may be upgradable. The contract is typically BurnableMintableCappedERC20.

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

    Permissions

    The system uses the following set of permissioned addresses:

    Members of the Multisig that can set mint limits.

    Operators

    Axelar operators are a list of Axelar validators for the current epoch that can relay messages.

    AxelarGasService Admin 0x6f24…3F05

    Can set arbitrary addresses as AxelarGasService admins, who can in turn modify the gas price for all chains. Is also the upgradeability admin of AxelarGasService and can withdraw accumulated fees.

    Smart contracts
    A diagram of the smart contract architecture
    A diagram of the smart contract architecture

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

    Main Gateway contract acting also as an escrow for bridged tokens. This contract stores the following tokens: USDC, WBTC, WETH, USDT, DAI, LINK, FRAX, MKR, UNI.

    AxelarAuthWeighted 0xE3B8…8AD0

    Contract verifying Axelar network Verifier signatures. It stores the list of operators that can relay messages. Operators can be changed by the owner of this contract. Owner is set to be the Gateway itself.

    InterchainGovernance 0xfDF3…6a66

    Governance contract that executes on-chain governance proposals from Axelar network. It is authorised to upgrade Axelar Gateway.

    Multisig 0xCC94…EC68

    Admin Multisig setting mint limits. Acts as a 3-of-6 multisig.

    Allows users to pay for native gas at the destination with tokens or ETH. It also manages refunds.

    Can be upgraded by: AxelarGasService Admin

    Upgrade delay: none