Cross Mint Beta is now live! Hop over to mint.hotcross.com and have some fun. BSC, ETH, Polygon, and HECO are all supported with more chains to come. (And jump to the new updates site while you're at it.) | The feedback portal is also live.
$HOTCROSSis here! Read it now and bookmark it for later use. It's got all the goodies of the token use case and the token metrics.
Table of Contents
- Hot Cross Introduction
- Abstract Goals
- ELI5 Goals
- ELI5 Thesis
- The Opportunity
- The Hot Cross Team
- Supporting Cast
- Hot Cross History
- Hot Cross Product Suite
- Cross Bridge Introduction
- Cross Pool Introduction
- Ongoing Product Development
- 🔐 Security Audits
- $HOTCROSS Token
- Hot Cross Token Economic Model
- Hot Cross Token ($HOTCROSS) Information
- Hot Cross Socials
Hot Cross Introduction
The goal of this abstract is to explore in a preliminary fashion the design, development, and user journey of Hot Cross, a multi-chain tool suite created for both blockchain teams and their communities. At its core, Hot Cross aims to be a toolbox for EVM networks and if the thesis that cross-chain tools work, we will then expand to non-EVM chains (e.g. Polkadot, Cosmos, Solana, etc.). Our development philosophy is agile and we avoid overpromising based on potentialities and focus on meeting blockchain needs as they evolve.
The goal of this abstract is to explore in a preliminary fashion the design, development, and user journey of Hot Cross, a multi-chain tool suite created for both blockchain teams and their communities.
At its core, Hot Cross aims to be a toolbox for EVM networks and if the thesis that cross-chain tools work, we will then expand to non-EVM chains (e.g. Polkadot, Cosmos, Solana, etc.). Our development philosophy is agile and we avoid overpromising based on potentialities and focus on meeting blockchain needs as they evolve.
The first tool ever created in the Hot Cross ecosystem was an ERC20 to BEP20 bridge called Cross Bridge, and the following products that are under development or already launched are a multi-chain NFT minter named Cross Mint, a multi-chain StakeDrop/Launchpool product named Cross Pool, a UI component named Cross Connect, a rich data delivery endpoint named Cross API, an exploration into AMM-style bridging via Cross Swap, and a multipurpose application called Cross Vest for token management.
All of these were created with a product-market fit approach. They were either needs expressed by other blockchain teams or general users. In some cases, we take a Scratch Your Own Itch approach insofar as the effort put into creating Hot Cross goods and services do not go to waste through reinventing good enough wheels that already exist.
Hot Cross will become an extensive multi-chain and cross-chain tool suite that enables blockchain teams and their communities to thrive. We are a cohort of builders who aggressively seek out opportunities to meet the demands of the now for both B2B and B2C.
The core thesis that Hot Cross presents is that users and teams, when presented with sufficient tooling and freedom, will migrate in part to new networks and they will also “return home” when necessary.
Whether or not they stay on those networks is too early a prediction to make. What we have proven with a high degree of confidence is that the blockchain ecosystem has evolved to the point where single chain development right now is not prudent.
Our core focus is on building tooling on networks that allow other teams to create stickiness within their own sub-ecosystems. While Hot Cross is a company and an ecosystem in and of itself, our goals are towards allowing niche communities to flourish using our technologies, whether or not they know we are the ones building them.
On September 1st, 2020, Binance Smart Chain ("BSC"), an EVM-compatible PoSA chain, launched. (The white paper is here.) Interesting data emerged. The number of unique addresses on Ethereum was 112,924,458 with a daily increase of 96,625. At the same time, BSC had little-to-no traction with only 140 unique addresses and a daily increase of 51. Total Value Locked ("TVL") on the chain was also low.
As of March 27th, 2021 unique addresses on BSC are 61,778,696 with a daily increase of 136,770. This is largely in part due to the success of two prominent platforms on BSC: Venus and PancakeSwap; however, part of this increase was due to the successful value proposition made by EVM-compatible networks that they were faster and cheaper than Ethereum during a time when the chain was suffering from congestion and expensive transactions.
Fervent community interest has formed on these new networks; the single value proposition of “cheap and fast” is currently no longer relevant. Chain and product evangelism has now become extremely powerful while single chain tribalism (i.e. maximalism) has proven to be counterproductive by all means.
Hot Cross’ value proposition is to identify with vigor strong top chain evangelism and fill missing tooling voids where they exist. We wish to build wrenches and roads and fundamentally address the "I want this now" problem for underfunded teams or enthusiastic communities.
The Hot Cross Team
Hot Cross is made of web3, iOS, and Android builders whose competencies are "jack of all trades". Our team is made up of senior-level professionals with decades of experience in full stack, years of experience in DLT development, and deep experience with quality assurance and testing. We don't believe in boxing ourselves in with stringent labels inside the company and our creed is Find What's Missing. We avoid overly picking sides. If something's interesting we'll likely be researching or testing it. In short, we're tool makers in the Wild West. We're non-anonymous and proud of the work we do.
Hot Cross History
Ideas around Hot Cross were first formulated in November 2020, when we realized that Cross Bridge V1 was a void that needed to be immediately filled. TVL on BSC was around ~$100M USD, awareness was mostly centered around Venus and PancakeSwap, and the small, steady growth of not only BSC but other EVM networks was going ignored or outright dismissed. The origin story of Hot Cross isn't magical. It's boring. A few guys got together, made a bridge, proved in part our thesis that multi-chain mobility matters more than most builders were willing to accept at the time, and then developed a product suite around it.
- Nov 2020 - Jan 2021: Develop and Launch Cross Bridge V1;
- Jan 2021: R&D on prediction markets and Cross Bridge V2;
- Feb 2021: Initial Commits and Development on Cross Pool V1;
- Mar 2021: Initial Commits and Development on Cross API;
- Mar 2021: Initial Commits and Development on Cross Mint;
- Apr 2021: Client Onboarding for Cross Bridge V1; Audits on Cross Pool V1;
- May 2021: Exit stealth, finalize $HOTCROSS launch, and continue building;
- Jun 2021: Launch Cross Pool and continue working on Cross Mint;
- Jul 2021: Launch Cross Mint and begin work on Cross Pool 2. Deploy all vesting contracts out to mainnet and finalize token emission schedule for 2021;
- Aug 2021: Continue development of Cross Pool 2, exit Cross Mint Beta, and continue iterating on existing products;
- Sep 2021: Launch Cross Send; Launch Cross Mint on Harmony and Avalanche; Website Revamp; Introduce Cross Pool 2;
- Oct 2021: Let's get through September. Our creed is clear.
Immediate market objectives right now are primitive multi-chain Cross Mint deployment, Cross API documentation, Cross SDK delivery, and a thorough look back at the last several months to clean up any technical debt we have laying around. We've been operating at a rapid clip since November and it's time to prettify the work we've done thus far, including strong design systems, reusable code modules, and public GitHub repositories.
Hot Cross Product Suite
We operate on an agile, to-do basis way of development and pivot when business needs call for it. At the heart of most of our decisions are three simple questions: 1) Is this practical? 2) How quickly to market can we take it? 3) and Will this actually be used? Some ideas we had six months ago are irrelevant now. Some of them stand as the reason for Hot Cross' current success. In general, roadmap-driven development doesn't work well for us and never has. So we go with milestones and to-dos and tackle them as rapidly as we can, reassessing what's important to us on a weekly basis. Decisive and agile is how we roll.
Table of Contents
Cross Bridge Introduction
Hot Cross has built a bridge technology called Cross Bridge that allows end users to securely transfer ERC20 tokens to and from other EVM networks.
This is a continuation of the work we have already done with the first version (V1) of the bridge, which has, to date, successfully secured the transfer of approximately $40M USD in tokens.
There are a number of solutions available on market for creating cross-chain ERC20 to EVM network assets, but few of them offer B2B-style servicing and attention, analytics, and on-demand support.
For this reason we continue to bring in a healthy number of clients, especially those wishing to bridge over to Binance Smart Chain.
Our plan is to create the same level of success with other EVM network chains should the demand for them grow
Proof in the Pudding
Cross Pool Introduction
The protocol can technically work for various staking scenarios and on any EVM network.
However, in the first stage it will be used as a means of distributing a new token and rewarding users for staking other LP or BEP20 tokens.
The $HOTCROSS token itself will be distributed in part by using Cross Pool.
Ongoing Product Development
The following products are either being prepared for audit, in the middle of R&D, or shipped. More docs will come. We're shipping now.
🔐 Security Audits
At Hot Cross we take blockchain security seriously and do our best to ensure that products we ship are reviewed by multiple parties. In particular we have entrusted Beosin and SlowMist, two of the top security audit firms in the industry, to assist us with rapid, agile product deployment when needed.
We welcome other reputable firms to contact us for partnerships and ongoing engagements as we continue to build the Hot Cross product suite and thank our current partners for their ongoing dedication to keeping Hot Cross products secure.
The full audit repository for Hot Cross products is on GitHub.
Cross Bridge Audits
Cross Pool Audits
Cross Mint Audits
The native digital cryptographically-secured ecosystem utility token of Hot Cross ($HOTCROSS) is a transferable representation of attributed functions specified in the protocol/code of Hot Cross, which is designed to play a major role in the functioning of the ecosystem on Hot Cross and intended to be used solely as the primary utility token on the protocol/network which allows users to access a various number of products in the Hot Cross suite.
This includes access into Cross Pool, discounts or rebates on cross-chain B2B tool creation and associated B2C analytics, and DAO-style power over the decision making and governance of select portions of the Hot Cross ecosystem. We have found that overpromising token utilities can be dangerous, so from a top-level our primary objectives are as follows:
- $HOTCROSS acts as the native currency of the suite of cross-chain tools that are developed for the Ethereum and other EVM-compatible ecosystems, including, but not limited to, Binance Smart Chain, Huobi ECO Chain, and OKExChain. This means that $HOTCROSS may be spent for access into Hot Cross products, including, but not limited to, Cross Mint, Cross Pool, Cross Bridge, early alpha/beta access into components like Cross Connect, and preferred access into the set of API's that we are developing under Cross API;
- If in the future $HOTCROSS itself moves canonical from ERC20 to BEP20, Substrate, Solana, NEAR, et al. then the same ethos around utilities apply. Nothing fundamentally about the token itself is dependent on one chain surviving;
- The intention of Hot Cross is to start out centralized and then move into a DAO such that $HOTCROSS holders have say in how the protocols, tools, and blockchains related to Hot Cross operate. We are very aware that DeFi and governance have many problems that are incredibly hard to overcome and do not pretend to believe that simply holding a protocol's tokens has any merit in and of itself without meaningful contributions made. Some of the tools that Hot Cross builds are strictly B2B and some are B2C (or DTC); we will take a wait-and-see approach towards a DAO;
- $HOTCROSS will be a staked asset to protect the blockchain - tentatively called Hot Cross Chain - that's created to ensure that ecosystem actors are being responsible. This is similar to the rationale behind the use of PoS, PoSA, hybrid consensus, and PoH. Hot Cross Chain itself does not own or run any computing/storage servers, yet third-party computational resources are required for protecting a chain state, so providers of these resources (i.e. validators) would require payment for the consumption of these resources to maintain network integrity, and $HOTCROSS will be used as the network currency to quantify and pay the costs of the consumed computational resources.
- And during the lifespan of $HOTCROSS, we will pay close attention to ecosystem actors and reward them for participation and contributions for the benefit of the entire ecosystem. This can mean creating on-chain liquidity, minting NFTs via Cross Mint, staking LPs or single-sided tokens in Cross Pool, or staking $HOTCROSS to access our suite of premium API endpoints (Cross API). This also means retroactive rewards that we do not communicate ahead of time; we have found that rewarding participation in an ecosystem in a retroactive manner creates more psychological stickiness to a product suite.
If we discover that other blockchains are more suitable for our needs, then we will quickly pivot that way. In particular this means Substrate, Solana, NEAR, or any other chain that develops out an ecosystem that we are able to tap into with relevance. We remain agnostic about the technologies that we use and $HOTCROSS itself is meant to be cross-chain from the first day of its launch. Hot Cross as a team is focused on tooling and eschews dogma; if we find niches to fill then we will aggressively go after them regardless of where they are located.
Hot Cross Token Economic Model
The $HOTCROSS Economic Model can be found at the following location: https://www.notion.so/hotcross/HOTCROSS-Economic-Model-57eb47d1150242dd81c7cb6db7906eb0. We update it often with information that's important about the token on market so do be sure to bookmark it and follow along.
Hot Cross Token ($HOTCROSS) Information
- Token Name:
Hot Cross Token
- Token Symbol:
- Token Decimals:
- Total Supply:
- Initial Circulating Supply:
- ERC20 Contract Address: 0x4297394c20800E8a38A619A243E9BbE7681Ff24E
- BEP20 Contract Address: 0x4FA7163E153419E0E1064e418dd7A99314Ed27b6
Hot Cross Socials
We're new to most and out of stealth. If the expectation is that you'll find beautiful vanity metrics right now at the following locations you won't. They've been hiding in plain sight, some since last year.
These aren't always the funnest parts of websites or abstracts but they are necessary and important. They will evolve over time as we gradually exit out of stealth and into a more prominent development role moving forward so please do stay up to date with how we at Hot Cross progress.
Last Updated: May 2021