3 Cross-Chain Use Cases Enabled by pNetwork
The ability to seamlessly move digital assets cross-chain is missing in the DeFi ecosystem — at least in the way the blockchain infrastructure was originally devised. pNetwork, however, is filling this gap by setting a layer of interoperability across blockchains that will boost the entire decentralized ecosystem and unlock blockchain liquidity.
pNetwork’s pTokens power bridges between blockchains and enable cross-chain transactions, eliminating the need for third-party involvement at every turn which, furthermore, increases the protection of shared data.
pTokens have the ability to interact with advanced smart contracts — and lay the foundation that sustains the continuous development of the infrastructure and the services it can support.
The benefits of blockchain composability are already materializing in the sprout of use-cases. Here we present some of the applications that pNetwork’s composability can achieve.
The Power of Cross-Chain Transactions
Ups and downs have marked the history of blockchain, without doubt, leading individual chains to develop independently — away from public scrutiny and in an isolated manner. Blockchain architecture varies greatly, with the first ones (think of BTC and LTC) being able to neither execute nor interact with smart contracts.
With pTokens, users can easily transfer crypto assets from the native blockchain to a host chain maintaining a 1:1 peg, allowing users to interact with any ecosystem effortlessly. It is evident, after all, that decentralized platforms have a lot to offer — and not only in the financial sector.
pNetwork currently powers 50+ pTokens bridges for the execution of cross-chain transactions — and the number is constantly rising. All the bridges are secured by a TEE-powered network of nodes and are based upon an architecture that supports metadata transfer, a function that enables users to create pNetwork Portals (more about them below).
pTokens enables interoperability and composability of connected blockchains, allowing their components to be combined and best features to be leveraged.
For instance, the interconnection of Ethereum and the Binance Smart Chain (BSC) via pNetwork not only enables free movement of assets between two major DeFi ecosystems but also leverages BSC’s fast processing at low transaction fees whilst letting users continue to hold on to their preferred cryptocurrencies without leaving the ecosystem.
The architecture of pTokens, ultimately, enables endless opportunities for users — where they can, via the decentralized finance platform, profit from collateralization, lending solutions, and trading.
Additionally, pNetwork is able to sustain larger infrastructures to hold and transfer different kinds of digital assets such as NFTs as well as metadata via pNetwork Portals.
Here are 3 examples of use-cases enabled by pNetwork Portals.
pNetwork NFT Portals
While pTokens power cross-chain communication, pNetwork Portals translate actions from a host blockchain into actions of a different ecosystem using the pTokens dApp. This is significant progress in the way assets like NFTs are managed, as they can now be moved across connected blockchains instead of being constrained to their original chains.
With the most active blockchain for NFTs and the progressively decentralized solutions offered by BSC on board, pNetwork and its network of node operators who run the various cross-chain transactions (pNetwork portals, pTokens bridges, etc), support the decentralization of the system which, simultaneously, opens up a path free of restrictions to distribute and trade NFTs on different marketplaces — just as with traditional art pieces.
NFT Portals, more than letting users store and visualize their minted assets — be music, GIFs, art, collectibles, avatars — not only permit digital projects to become available on different ecosystems. By expanding the reach of NFT owners across multiple blockchains via enabling the easy movement of this token class, more interest is generated, which is bound to translate into the assets’ value increase.
On top of cross-chain transactions, portals are equipped with a metadata tool that allows users to create their own portals and with this, to boost their portfolios.
pNetwork Portals are not limited to NFTs — and the list of relevant use-cases will only be longer in the future. The introduction of pNetwork v2 will contribute to simplifying the development of pNetwork Portals thanks to a new powerful component: Postman (read more here).
pNetwork DeFi Opportunities
The raison d’être of pNetwork is to boost the potential of DeFi by providing composability and liquidity on blockchain.
To this, pNetwork Portals encompasses sub-use-cases that anyone can utilize and build. As an example, by connecting DeFi platforms, pNetwork would allow the mutual interaction of smart contracts on multiple blockchains as if they were all issued by one and the same platform.
Those pNetwork DeFi Portals would allow arbitrageurs to operate cross-chain and profit from differences in the market between decentralized exchanges on multiple blockchain networks.
The decentralized finance platform has finally made its way up to cutting off unnecessary costs by eliminating intermediaries who take a large portion out of the cake, making it incredibly difficult for startups and non-profit organizations to reach their goals and stay afloat.
Decentralized lending platforms not only offer loans free of charges set by third-party but they are also crafted to distribute rewards among anybody who holds stable coins — finally fully enabling lenders to profit from this distribution system. There are decentralized lending networks on different blockchains like Ethereum, Polygon, Binance Smart Chain, etc.
And by connecting different DeFi lending platforms, pNetwork Portals could also enable lenders and borrowers alike to stack opportunities leveraging the various lending systems available in the industry.
Stay tuned for more use-cases!
To get involved and stay up to date: