2022 marks an interesting point in crypto’s timeline as it sits between the largest bull market in crypto history and a looming bear market with warnings of a global recession abound. While 2022 gave promise to new crypto innovations, much of it has been overshadowed by some of the worst crypto events in modern history paralleled with some of the largest hacks ever to face the industry.
As many of the events this year have proved to be major setbacks in the crypto space, especially in regard to cross-chain networks, projects like Wanchain have been pioneering one of the largest cross-chain networks in the world Wanchain has maintained strength, trust, and optimism in an otherwise pessimistic market climate thanks to its industry-leading standard for secure, transparent, and decentralized cross-chain infrastructure.
As the primary leader in cross-chain technology, we’ve decided to highlight some of Wanchain’s most notable achievements of 2022. Enjoy!
Wanchain Supercharges The Cardano Ecosystem
Back in April, Wanchain announced a major partnership with Cardano. This partnership was crucial for the Cardano ecosystem as its inherently different architecture makes it difficult to interact with other blockchain environments and applications. These range from incompatible programming languages with Ethereum and other currently popular chains, to different transaction models (UTXO), and different signature schemes.
With this ecosystem upgrade, Cardano has been able to tap into Wanchain’s colossal cross-chain network which supports over 18 different blockchain networks and 45 different assets ranging from different L1 and L2 chains. Such an improvement in interoperability on this scale makes this one of the most significant upgrades to the Cardano ecosystem in years.
Not only do these cross-chain bridges offer maximum security and flexibility for the Cardano ecosystem, they also double as a scalability solution! With its own network, Wanchain is able to act as a functional side-chain that allows transactions to be safely moved off of the Cardano chain. Lastly, because Wanchain boasts full EVM compatibility, Cardano can now benefit from increased frameworks, coding languages, and more integrated developer environments.
With Wanchain’s industry-leading cross-chain capabilities, Cardano benefits from limitless potential as a full-fledged multi-chain ecosystem!
July was a historic month for the Wanchain ecosystem as its fifth major hard fork, “Saturn”, went live. While its previous hard fork, “Jupiter”, allowed for compatibility with Ethereum’s Byzantine EVM and support for popular applications like Metamask, the Saturn upgrade provides:
- Support for EIP-1559;
- Support for SHA3;
- Support for the latest EVM opcodes
- Support for the Gas Limit up to 50 million per block
- Support for the seamless migration of new DApps.
With Saturn, Wanchain’s EVM becomes fully compatible with Ethereum’s London EVM.
With the adoption of the EIP-1559 protocol, Wanchain now is able to implement a sustainable $WAN burning mechanism with each and every transaction in the network. With Wanchain currently nearing its maximum supply, having a burning mechanism in the network provides an extra benefit to the tokenomics.
Maintaining compatibility with Ethereum London EVM was one of the primary motivations for the Wanchain Saturn hard fork. Achieving compatibility with the London EVM also means that Wanchain is now compatible with previous versions of EVM, including but not limited to Constantinople, Petersburg, Istanbul, Muir Glacier, and Berlin. Now, Wanchain can smoothly and seamlessly migrate existing Solidity smart contracts and Dapps from Ethereum to Wanchain in a low-cost, efficient manner.¹
Back in September, Wanchain announced the launch of its new native-to-native USDT Xflows! USDT Xflows is a new bridging solution that greatly simplifies cross-chain USDT transactions and offers decentralized, non-custodial, native USDT cross-chain transfers between Ethereum, Polygon, Arbitrum, BNB Chain, and OKC (and now Tron!).
With the wanbridge support of USDT liquidity pools on each supported chain, users can receive the native chain USDT of the destination chain.
When bridging USDT to another chain, users will automatically receive the native USDT of the destination chain. This is all made possible with the wanbridge’s support of USDT liquidity pools on each chain. If for any reason native USDT on the destination chain doesn’t exist, users will automatically receive wrapped USDT.
Native-to-native USDT/USDC cross-chain transfers are currently live on Ethereum, BNB Chain, OKC, Tron, Polygon & Arbitrum! Avalanche and C-Chain are coming soon!
In 2021, Wanchain’s released the world's first decentralized XRP bridges! This news was monumental for the XRPL ecosystem as it opened the floodgates for DeFi capabilities with the XRP token itself. In October, Wanchain revved up these capabilities by launching support for a basket of new XRPL assets for cross-chain transfers. Now, users can transact $xBIBLx, $XList, $NVL , $GZX, and more cross-chain!
In October, Wanchain announced it had successfully launched one of the first-ever NFT cross-chain bridges. This wanbridge upgrade lets users enjoy non-custodial, fully decentralized cross-chain transactions between Wanchain, Ethereum, XDC Network, BNB Chain, and Polygon!
These Wanchain’s NFT bridges use an in-house variation of the lock-mint-burn-unlock method that's specifically catered to work with NFTs.
Since NFTs typically carry unique individual attributes, each cross-chain bridge is engineered to preserve these attributes during the cross-chain process. Wanchain accomplishes this by mirroring and minting a copy of the NFT on the destination chain with all the same attributes as the original NFT!
Conclusion
While 2022 has shown itself to be one of the most difficult years in the crypto space, Wanchain has proved resilient in its pursuit of becoming the world's most advanced cross-chain platform in existence. On another note, while we could have included the many new chains and assets added to the Wanchian ecosystem, we’ve ultimately decided to spare the reader from a very, very, long article and include only the highlights of Wanchain’s activities excluding all the new bridges!
