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Poly Network

Zilliqa Unveils Cross-Chain Interoperability Tool ‘ZilBridge’ to Enable Greater Collaboration with Ethereum Ecosystem

SINGAPORE — 30 September 2021 — Switcheo Labs, the creative and experimental think tank that bootstraps and nurtures decentralised ecosystems in the DeFi space, has successfully completed and deployed the mainnet for ‘ZilBridge’, a cross-chain interoperability bridge built on Zilliqa, the high-performance blockchain platform.

Users of ZilBridge will be able to bridge WBTC, ETH, USDT assets between the Zilliqa and Ethereum blockchains, and provide liquidity for and trade the aforementioned assets on ZilSwap, Zilliqa’s own decentralised exchange. Over time, Zilliqa will be working with Switcheo to accommodate additional assets for cross-chain transfers.

The bridge has also been standardised for cross-chain services with Poly Network’s expertise. Enabled by their heterogeneous cross-chain technology, ZilBridge improves the interoperability of the entire blockchain ecosystem. Poly Network’s suite of services, such as cross-chain asset transfer, swap, and NFT cross-chain services will be instrumental in attracting more users and developers to the Zilliqa ecosystem.

With ZilBridge, millions of users will be able to benefit from a more enriched smart contract ecosystem across both Zilliqa and Ethereum. Ethereum token holders and developers alike will be able to access Zilliqa’s comparatively affordable gas fees by transferring existing decentralised applications (dApps) into Zilliqa. Zilliqa’s transaction throughput is designed to accommodate complex smart contracts without compromising on speed, performance, and security. In addition, developers will also benefit from a greater pool of resources while also being able to build cross-chain logic in their Scilla smart contracts in order to integrate them with Ethereum smart contracts.

Starting 6 October, Zilliqa will offer “Lightning Liquidity Mining Rewards” worth US$3.75 million over the course of 6 weeks as an added incentive scheme for all potential liquidity providers, who can earn $ZIL and $ZWAP rewards by using the wBTC-ZIL, wETH-ZIL, and USDT-ZIL pools. By 13 October, eligible liquidity providers will receive both their $ZWAP and $ZIL rewards.

To experiment with the bridge, visit https://zilswap.io/bridge

About Zilliqa

Zilliqa provides secure, scalable, and affordable blockchain solutions for enterprises and decentralised applications. Developed through academic research, Zilliqa is helmed by a team of experienced scientists, leading engineers, financial services specialists, and venture creators. Driven by the mission to commercialise blockchain-based applications, Zilliqa focuses on use cases across asset securitisation, decentralised and open finance, incentivised marketing, and secure tokenisation.

In 2019, Zilliqa became the first public blockchain platform to be built on sharded architecture, with smart contracts written in the platform’s secure-by-design programming language, Scilla. To date, the Zilliqa blockchain has processed over 25 million transactions since launching its mainnet and is home to a flourishing decentralised application ecosystem of over 200 projects.

For more information, visit: zilliqa.com.

About Switcheo

Switcheo Labs is a creative and experimental think tank that bootstraps and nurtures decentralized ecosystems in the DeFi space. Founded in 2018, Switcheo Labs was born out of a simple desire to make finance accessible and trust optional. Recognizing the financial challenges that currently exist, Switcheo Labs innovates on robust alternatives to put power back where it rightly belongs, in the hands of the people.

About Poly Network

Poly Network is an interoperability protocol for heterogeneous blockchains. Poly Network has implemented interoperability with 11 heterogeneous chains including Bitcoin, Ethereum, Neo, Ontology, BSC, HECO, OKExChain, Polygon, Elrond, Zilliqa and Cosmos-SDK. Since the launch, the protocol has enabled cross-chain asset transfer of more than $10 billion USD involving more than 260K addresses on different blockchains, and its TVL surpasses $1 billion USD.

For more info about Poly Network

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Representing both a technical breakthrough and a milestone for blockchain adoption, Poly Network is well positioned to become the pillar of NGI and the smart economy of tomorrow.

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Poly Network

Enhancing connections between ledgers by providing interoperability in Web 3.0.