L2Beat did a great review on this! I also checked out the contracts this morning.
Quick post on if this changes the security model related to bitcoin (as bitcoin is mentioned in the OP 🙂)
For bitcoin-backed tokens, there's another consideration past the Ethereum <> BOB bridge program being secure. The bitcoin-backed tokens locked in this escrow contract are Threshold tBTC, Lombard LBTC, and Bitgo wBTC. These tokens are not bridged to BOB from bitcoin. They're bridged to BOB from Ethereum.
So in addition to trusting the bridges security model, and Ethereum itself, users additionally trust the custodians, and federations, behind these wrapped tokens to maintain their 1:1 peg with bitcoin. All three have different trust models.
Now, BOB does want to build a direct bridge between bitcoin and BOB through BitVM.
All in all, great to see BOB improve its trust assumptions on the Ethereum side. This does ensure the proposer cannot publish a malicious state update to rug the bridge contract and steal the bitcoin-backed tokens. So this upgrade does improve some of the core trust assumptions.
But, as we've pointed out, there's a few more considerations for bitcoin users.
PS. It's worth noting that the bridge contract is immediately upgradable by a centralized admin. So, it still has training wheels on. But once these are removed, you could argue that the system would have Ethereum-level security guarantees. So, nothing on our risk diamond changes 🙁
Excited to announce that BOB becomes the first-ever 𝗛𝘆𝗯𝗿𝗶𝗱 𝗭𝗞 𝗿𝗼𝗹𝗹𝘂𝗽 in collaboration with @RiscZero @boundless_xyz & @conduitxyz
We believe that BOB's Hybrid ZK fraud proofs are the best and most efficient proving system in use by any rollup today:
> ZK rollup speed & on-demand finality
> Optimistic rollup efficiency & low costs allowing anyone to participate
> Full Ethereum security
Learn more:
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