MECURY: Practical Cross-Chain Exchange via Trusted Hardware

• URL: http://arxiv.org/abs/2409.14640v1
• Date: Mon, 23 Sep 2024 00:52:13 GMT
• Title: MECURY: Practical Cross-Chain Exchange via Trusted Hardware
• Authors: Xiaoqing Wen, Quanbi Feng, Jianyu Niu, Yinqian Zhang, Chen Feng,
• Abstract summary: We present MERCURY, a practical cryptocurrency exchange that is trust-minimized and efficient without online-client requirements. We show that MERCURY significantly reduces on-chain costs by approximately 67.87%, 45.01%, and 47.70%, respectively.
• Score: 22.99870575331708
• License: http://arxiv.org/licenses/nonexclusive-distrib/1.0/
• Abstract: The proliferation of blockchain-backed cryptocurrencies has sparked the need for cross-chain exchanges of diverse digital assets. Unfortunately, current exchanges suffer from high on-chain verification costs, weak threat models of central trusted parties, or synchronous requirements, making them impractical for currency trading applications. In this paper, we present MERCURY, a practical cryptocurrency exchange that is trust-minimized and efficient without online-client requirements. MERCURY leverages Trusted Execution Environments (TEEs) to shield participants from malicious behaviors, eliminating the reliance on trusted participants and making on-chain verification efficient. Despite the simple idea, building a practical TEE-assisted cross-chain exchange is challenging due to the security and unavailability issues of TEEs. MERCURY tackles the unavailability problem of TEEs by implementing an efficient challenge-response mechanism executed on smart contracts. Furthermore, MERCURY utilizes a lightweight transaction verification mechanism and adopts multiple optimizations to reduce on-chain costs. Comparative evaluations with XClaim, ZK-bridge, and Tesseract demonstrate that MERCURY significantly reduces on-chain costs by approximately 67.87%, 45.01%, and 47.70%, respectively.

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