Introducing Crosschain.xyz: Cross-Chain interoperable Bridge powered by MERKLE Network
This announcement comes right before Merkle Network gears up for the launch its mainnet. Merkle Network is all set to launch its own bridge called CrossChain.xyz which will provide a new kind of infrastructure for crypto users.
Need For CrossChain
As of Dec. 2021, the TVL recorded across different blockchain stands at upwards of $225 Billion. Where ETH leads with $171+B, followed by BSC with $20+ Billion, Solana with $14+B and Terra with $10+B. Currently, these blockchains do not communicate with each other — limiting the potential of the cross-chain decentralized applications.
One of the key problems seen is that there are over 10,000 cryptocurrencies and tokens in existence today, each operating on a limited, isolated infrastructure. This results in liquidity and functionality silos, where one platform is unable to access liquidity and features from another chain.
The current solution is mere bridges that are highly centralized and limit innovations in cross-chain applicability. There is a need for a bridge which is compatible with cross chain applications that can use the token transfer process seamlessly within the applications.
What is Cross-Chain Bridge?
CrossChain is natively built using Merkle Network’s iMerkle token standard and propels a new era of interoperability in this highly fragmented blockchain space. The bridge will enable much smoother, safer and faster token transfers between the blockchains. Additionally, the tokens listed on the CrossChain bridge will be able to tap into the other cross-chain applications that can be built using the Merkle Network. CrossChain will open up doors for interoperable applications to access iMerkle tokens directly. This will enable people to operate in a multichain world and easily access their assets on the different blockchains of their choice.
CrossChain operates at the highest level of the interoperable environment, allowing faster and smoother transfer features for every user. The goal is to enable users and applications to access Merkle’s interoperable infrastructure with seamless integration with iMerkle tokens.
CrossChain Features:
- Multichain Support — CrossChain connects multiple blockchains and instant asset transfer between the supported chains.
- Instant Transactions — CrossChain transactions are fast and token withdrawal on any supported chain is almost instantaneous.
- Secure — CrossChain is powered by multiple validators making the token transfer process secure and decentralized.
- User Friendly — CrossChain removes excess steps/processes involved in doing a cross-chain transaction. Users enjoy hassle free cross chain transfers.
- Seamless Integration With Applications — Applications can directly integrate tokens listed on Crosschain bridge and use other Merkle Network’s interoperable features.
- Permissionless Listing — CrossChain allows permissionless listing of assets on the bridge, making cross-chain transfers accessible for every user and token.
About Merkle Network:
Merkle Network is a Web3.0 interoperability protocol that enables cross-chain transfers of blockchain assets and data between blockchains. Based on the observation that transferring assets and data between the chains has been one of the biggest challenges in the crypto space, it is proposed to solve the interoperability issue with cross-protocol that allows blockchains to communicate.
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