Chainflip contributed the following description of Chainflip:

Chainflip is a cross-chain asset exchange protocol. At its core are two major innovations:

1. Fully distributed and permissionless 100-of-150 multi-signature vaults using the FROST signing protocol.

2. A novel and highly capital-efficient JIT (Just-In-Time) AMM.

This allows transfer and exchange of assets across chains without the need for wrapped tokens or trusted intermediaries.

Zellic conducted a security assessment for Chainflip from July 29th to August 1st. During this engagement, Zellic reviewed Chainflip's code for security vulnerabilities, design issues, and general weaknesses in security posture.