Magic Eden Continues its Ascendance in the Cross-Chain Wars
As Magic Eden adds Polygon NFTs and Bitcoin ordinals — web3 dives deeper into cross-chain
Magic Eden is launching Polygon NFTs and Bitcoin ordinals. Wild.
Remember chain wars? Me too. Now it feels like the cross–chain is becoming the standard rather than the exception to the rule. The world of DeFi and NFTs is rapidly evolving, and cross-chain integration is becoming increasingly important for the growth and success of the space.
Let’s go over that one more time. Magic Eden just made an exciting announcement — they will add Polygon NFTs and Bitcoin ordinals to their platform (they are also launching on Ethereum). The big move demonstrates the increasing relevance of cross-chain compatibility as a way to stay competitive and highlights the need for seamless interoperability between different blockchains.
Zelus will be right there with ’em — we are also committed to becoming a cross-chain platform — with Bitcoin support coming very soon.
What is Magic Eden… And Why Do I Care About Polygon NFTs?
Magic Eden is a platform for creating and trading NFTs. With the addition of Polygon and Bitcoin, they are expanding their capabilities and making it easier for users to trade and interact with different types of digital assets.
By embracing cross-chain interoperability, Magic Eden acknowledges that the world of DeFi is not confined to one blockchain or ecosystem. Instead, it is a constantly evolving landscape that requires collaboration and integration across different platforms.
Adding Polygon NFTs is particularly exciting because it offers a scalable and efficient way to create and trade NFTs on a layer 2 solution. Polygon is a popular scaling solution for Ethereum, and it has gained significant traction in the DeFi space due to its fast transaction speeds and low fees.
By integrating with Polygon, Magic Eden provides users an alternative to traditional Ethereum NFTs, which can be expensive and slow to transact. Hold on, ETH maxis, don’t walk away just yet. We’re just saying Polygon has some benefits. ETH is good too. That’s why Magic Eden also announced plans to launch on Ethereum.
The Rise of Bitcoin Ordinals
Magic Eden’s integration of Bitcoin ordinals is arguably even more significant. It demonstrates the growing interest in using Bitcoin in DeFi applications. Even if Bitcoin OGs hate DeFi.
Bitcoin has long been seen as a store of value, with little utility in DeFi ecosystems due to the limitations of the Bitcoin blockchain. However, with the development of layer 2 solutions like the Lightning Network, it is now possible to use Bitcoin in a more flexible and efficient way.
Pssst. Zelus has cross-chain swaps.
Although Magic Eden won’t have ordinals support on day one, their move to integrate Bitcoin is an important step towards a more cross-chain future. As more and more DeFi platforms embrace interoperability (like Zelus), it will become easier for users to access and trade different types of digital assets, regardless of the blockchain they are on.
Cross-Chain Isn’t a Feature, It’s a Requirement
Who doesn’t love teamwork? The increasing focus on cross-chain integration is also a sign of the maturation of the DeFi space.
As more institutional investors and traditional finance players enter the space, there is a growing need for interoperability between different blockchain ecosystems. This will enable users to access a wider range of investment opportunities and create more diverse portfolios of digital assets.
Magic Eden’s decision to add Polygon NFTs and Bitcoin ordinals is an exciting development for the DeFi and NFT space. That much is clear. It demonstrates the growing importance of cross-chain interoperability and the need for seamless integration between different blockchain ecosystems. We just want to repeat that so Kyle from Product can get it through his thick skull.
As the DeFi space continues to evolve, we expect to see more platforms and projects embrace cross-chain compatibility, leading to a more connected and accessible world of decentralized finance.
Sincerely yours,
– Z-fam
