Axial joins the OpenSwap Bridge Founders Program
We’re excited to announce that Axial has joined the OpenSwap Bridge Founders Program that will be initially introduced on the BNB Chain & Avalanche Fuji Testnet. By integrating OpenSwap’s decentralized native-token cross-chain bridge, we will be opening ourselves up to the unlimited possibilities of having $AXIAL accessible to liquidity sources from any of the chains that the OpenSwap Bridge will support. This is an important and exciting opportunity that will help Axial grow towards more adoption and higher trading volume! Ultimately, this creates a more exciting and seamless user experience, as our community members can experience cross-chain swaps without impermanent loss and involvements of synthetic tokens.
Axial is a decentralized value-pegged asset exchange that provides ultra low fees and slippage for traders. Axial provides robust decentralized determination of pool rewards while ensuring DeFi users are able to participate in a comprehensive governance structure through sAxial.
In order to provide the opportunity for cross-chain users to have exposure to Axial, we need access to a secure and decentralized cross-chain bridge that would allow cross-chain users to conduct chain-native cross-chain swaps.
Currently, the most common cross-chain approaches in the DeFi space are ‘Lock and Mint Synthetics’ and ‘Cross-chain Liquidity Pair Pool.’
‘Lock and Mint Synthetics’ is a method where native tokens are given to a custodian, who in turn mints a synthetic version of the token on a target blockchain. ‘Cross-chain Liquidity Pair Pool’ is a method where liquidity providers need to stake pairs consisting of a native token with the platform token into pools, which is a highly complex mechanism. These traditional cross-chain bridging models contain many flaws that are yet to be resolved, such as slow speed, high costs, high complexity, and the proliferation of synthetics of the same underlying asset.
After reviewing various solutions, we selected OpenSwap Bridge. Their DEX Aggregator and Hybrid Smart Router are core offerings that will help Axial users scan for the best price available across all the supported DEXs. This opens up $AXIAL to liquidity from all chains OpenSwap Bridge supports and is possible because of the unique mechanism of the bridge, where it enables a cross-chain purchase of any token with a stable coin.
About OpenSwap
OpenSwap is the world’s first DEX providing on-chain swaps at zero slippage with hybrid smart routing, and a single asset crosschain bridge. As the DeFi universe continues to expand, liquidity becomes increasingly scattered across multiple chains and the situation is poised to get worse as new chains emerge with individual DEXs on each chain. The OpenSwap team has been working for the past several months on building up a vision of a greater OpenSwap ecosystem that will become every crypto project’s BFF through a set of key offerings that will empower teams to establish funding and sustained token health, allowing teams to focus on what they do best — BUIDL.
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About Axial
Axial is an Avalanche-native decentralized exchange that is the center-piece for liquidity of value-pegged assets in the ecosystem. It provides traders swap functionality with ultra low fees and slippage, and is integrated into the best DEX aggregators in the space. Axial specializes in providing liquidity between a variety of stable assets including bridged, synthetic, or derivative assets.
