Introducing iMerkle — First Interoperable Token standard
Tl;DR:
- iMerkle — First interoperable token standard built on Merkle Network
- Wrap your normal tokens to convert to iMerkle tokens using a user friendly interface
- iMerkle Tokens can be instantly unwrapped to an underlying asset on any supported blockchain
- Applications will be able to allow cross chain transfers and actions within single transaction to improve user experience
- iMerkle Portal link — https://i.merkle.network
We are excited to unveil iMerkle — a first of it’s kind interoperable token standard built using Merkle Network. iMerkle allows any asset to be made interoperable and available to be used on any application on all supported blockchains.
Need for iMerkle
The growth of the multichain world led to the growth of ecosystems on multiple chains like Ethereum, Binance Smart Chain, Polygon, Avalanche, Polkadot, Fantom, Cosmos, Terra, Kusama and more. The emergence of new blockchains led to the ecosystems to flourish on these chains. But also led to the fragmentation of liquidity. Users were only able to access liquidity available on these chains only which led to the slowdown in the growth.
Earlier this year multiple bridges started popping up to solve this issue. However there were multiple issues that plague these bridges:
- 2 way bridges — Most bridges are designed to be 2 way bridges where a bridge is created between each blockchain pair. For every blockchain to be added to a bridge network, it requires atleast n number of bridges to be created (n is the number of blockchains already in the bridge network). This not only increases complexity but also highly inefficient by architecture.
- Lack of Decentralization — Most of the bridges are highly centralized and keeps users to their mercy when it comes to opening deposits and withdrawals and act as gatekeepers .
- Security — Due to the centralized architecture where a centralized party control the keys or sharded keys which not only makes them prone to attacks and hacks.
- High Wait Time — Users sometimes end up waiting for hours to move their tokens between the blockchains.
What are iMerkle Tokens?
iMerkle tokens are not just a way to move assets between the supported blockchains but they are the portal to interoperability. Cross chain applications will be able to directly use iMerkle tokens to offer seamless access to their services.
Users move tokens between the chains because they wish to either trade them or use them to interact with any application but they end up jumping through multiple hoops before they can finally use their tokens. iMerkle allows combining token unwrapping with other actions and significantly improve the user experience for applications.
iMerkle is a leap towards a future where cross chain transactions can happen while maintaining seamless user experience. iMerkle uses all the scaling and security features of Merkle Network
How iMerkle Tokens Work
iMerkle tokens uses a simple user interface which allows users to wrap their tokens on any supported chain. Once wrapped, the tokens becomes available on all the supported blockchains where the token has been listed and the underlying token is available. A user can chose to wrap their token on any blockchain with no rush to decide where they need their tokens and how much tokens they will need to unwrap at a time. Just simply convert your normal tokens to iMerkle tokens and they are available on all supported chains as and when they are needed.
iMerkle service monitors user’s token balance status on all chains and displays the token balance that is available for unwrapping, When a request to unwrap a token is made, the oracle network sources the state of token contract from all chains. The validator proof is submitted and a transaction is made to unwrap the tokens on the desired blockchain. The unwrapping can be done instantly after the proof is received. Thus, tokens are available for withdrawal on any supported chain instantly and the withdrawal can be combined with other functionalities. This opens up an opportunity for a whole range of cross chain applications to use iMerkle tokens to build product and also tap into the liquidity available on Merkle Network.
iMerkle token standard is now available on Merkle Network testnet and you can try it out using the below link
https://i.merkle.network/
Contract Details
iMerkle factory contract addresses are
Ropsten Testnet : 0x86586C89f1D73cEaD665d6ceC5d620c674C0Fa34
BSC Testnet : 0xFEAC932ed193862bC58DE8D264a138F836D92dE1
Polygon Testnet : 0xd050b7923dbD0dAE4fE680c28a2d84e4c9371dF1
iMerkle: DAI Pool on Testnet
Ropsten Testnet : 0x4D581F399606B5e85B21B336e0cbAC642D3fA925
BSC Testnet : 0xb62AD8e20228D188aF3B33798a13165090Fb73Ce
Polygon Testnet :0x56BE28eE9e1d58Aff1cdcac06De6aa163De2D915
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