The Next Step in the Evolution of Crypto Bridges- Metachain Bridge
The DeFi industry has emerged as one of the fastest growing segments in the crypto ecosystem, with numerous projects spread across various blockchain protocols. While the number of projects continues to rise, the industry is faced with problems surrounding interoperability of blockchain protocols, hampering the widespread adoption and expansion of the ecosystem.
Interoperability Issues and its Impact on DeFi
The developer community continues to introduce new blockchain protocols as they attempt to overcome the shortcomings of existing ones. They are built using different programming standards and have their benefits and shortcomings making them suitable for specific applications. The failure to adopt a universal standard prevents interoperability of blockchains, effectively turning them into silos. It has, in turn, forced projects looking to leverage advantages of different protocols to create multiple native versions of their dApps from scratch on each protocol, leading to unnecessary expenditure of time and resources at the cost of liquidity fragmented across ecosystems.
Crypto Bridges as a Solution
Blockchain bridges are smart contracts that establish a connection between different blockchains, enabling cross-chain movement of digital assets. Most of the existing bridges are capable of bridging two blockchains, with the smart contract receiving the native tokens of one protocol to lock or burn them and issue an equivalent of wrapped tokens representing the locked/burnt asset on the other blockchain. By doing so, they enable not just the flow of liquidity across protocols but also data in the form of smart contract queries, oracle feed, decentralized identifiers and more.
Advantages and Disadvantages of Crypto Bridges
The existing blockchain bridges not only promote cross-chain compatibility and enhanced liquidity by enabling free movement of assets across the ecosystem, but also provides an opportunity for users to participate in multiple DeFi protocols to earn maximum yields. Meanwhile, projects can create different versions of their dApps across protocols to tap into a broader liquidity pool.
However, most existing bridging solutions currently support only two blockchains at a time, and depending on whether they are federated or trustless bridges, their levels of decentralization and security also vary. They are yet to address issues of composability and inter-compatibility across protocols, allowing direct import of smart contracts and dApps from one blockchain to another to promote the creation of truly universal applications.
Introducing the Metachain Bridge
ShuttleOne, a leading project on the verge of becoming the go-to operating system for all blockchain based financial applications is creating the first of its kind multichain infrastructure called the Metachain. The Metachain offers a single interface access to multiple blockchain protocols, enabling the developers to consolidate their products on one interface while benefiting from the advantages offered by different protocols. Using the Metachain infrastructure, they can also create applications capable of working on any of the supported blockchain protocols.
The multi-blockchain capabilities of the Metachain ecosystem is derived from the Metachain bridge, a first of its kind two-way asset bridge that supports Ethereum, Binance Smart Chain and Tezos protocol. Currently on the testnet, the Metachain bridge presents itself as the future of multichain crypto networks by enabling fast, secure, convenient, and inexpensive transfer of tokens across all the supported networks. All cross-chain transactions on the Metachain are fueled by the ShuttleOne ecosystem’s native $SZO token, saving users the hassle of holding multiple tokens to pay transaction fees across their respective networks.
A Superior, Future-Ready Multichain Bridge
The multichain bridge working in conjunction with oracle feed from all supported blockchains offers highly reliable, real-time market data from leading DEXs and DeFi protocols, making it a powerful tool for crypto investors and traders.
ShuttleOne’s Metachain is a first of its kind technologically advanced bridging solution that offers the kind of flexibility any developer or a crypto investor desires. The universal compatibility of the Metachain makes it a one-size-fits-all solution, which utilizes blockchain and AI technologies that not only enables individual developers and businesses to create a single blockchain application that can work seamlessly on any protocol, but also enables the app to dynamically choose the most suitable protocol to execute each transaction.
With its qualities and the capabilities displayed so far by the Metachain on the testnet, it could be the solution to all fragmentation problems plaguing the crypto sector, which makes it ideal for enterprise and business blockchain implementations across different domains. The integration with multiple blockchains, ready availability of real-time statistics from across these networks on a single dashboard, support for the development and deployment of cross chain compatible smart contracts and dApps makes Metachain a serious contender in the race to develop universal blockchain solutions.
A Universal decentralized App Store in the Making
As Metachain evolves to support more protocols, it plans to create an ecosystem where developers can make use of the tools and services provided by the project to create dApps that can be accessed from anyone on any protocol. The collection of these dApps on the Metachain will give rise to a global app store for all blockchain related applications, which may as well be the first decentralized app store for Web3 solutions.
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