"Over the past few months we've been doing deep research into the challenges and broken incentives around token bridging. Today's multichain hack is a great example of the systemic risks that token issuers face through bridges. At the core of this problem is what we call Token Sovereignty.
Today, we're unveiling ERC-7281 (aka xERC20), an open standard for bridged tokens that puts token issuers in control of their tokens on every domain. This approach is the first and only mechanism for bridging tokens that:
- 1) Fixes costs and monopolization around liquidity;
2) Preserves fungibility of tokens between bridges; and
3) Gives token issuers granular control over their tokens' security
4) Seamlessly scales to a 1000+ rollup world[/li]
https://twitter.com/arjunbhuptani/status/1677363289964306432?s=20 "
