Spin Partners with Axelar to Enable Cross-Chain Trading on NEAR Protocol
Being on a mission to provide a CEX-competitive trading experience to DeFi users by offering a wide range of on-chain trading and investment solutions, Spin is thrilled to announce our strategic partnership with Axelar. Axelar is a universal overlay network delivering secure cross-chain communication for Web3 users that supports different EVM-compatible blockchains including Aurora. The partnership of the two Web3 projects will simplify user access for DeFi from various chains to the wide variety of instruments offered on Spin including spot and perpetuals trading, decentralized option vaults, and other types of derivatives and investment products.
The upcoming integration of Spin and Axelar will allow users from EVM blockchains to trade on Spin without the actual need to create a wallet and transfer funds to NEAR Protocol.
How will the Spin and Axelar integration work?
Say, you want to deposit 1,000 USDC (ERC-20) to Spin to trade Perpetual Contracts. How will you do that after Spin integrates with Axelar?
- You simply click deposit and insert the amount of USDC you want to deposit.
- Axelar receives the deposit and locks it on Ethereum, after that, passes a message to mint the equal amount of axlUSDC on Aurora.
- The second message is sent via the Rainbow Bridge to Spin to confirm that the ERC-20 USDC has been locked.
- Your balance is topped up by the necessary amount of NEAR Protocol’s USDC and you can start trading.
If the user’s balance on Spin increases after a few successful trades, they receive their gains directly to their ERC-20 wallet. If they suffer losses, Spin receives the difference from Aurora over to the platform, and the user receives the remaining difference. As simple as that — super smooth for the end customer!
Axelar delivers secure cross-chain communication. At its core is a permissionless overlay network that delivers Turing-complete message passing and composability of programs. A simple API enables developers to build cross-chain dApps that connect users to any application, any asset, on any chain via 1-click experiences. Axelar is for Web3 what Stripe is for mobile and internet applications.
Axelar has raised capital from top-tier investors, including Dragonfly Capital, Polychain Capital, Coinbase, and Binance. Partners include major proof-of-stake blockchains, such as Avalanche, Cosmos, Ethereum, Polkadot and others. Axelar’s team includes experts in distributed systems, cryptography, MIT/Google/Consensys alumni; the co-founders, Sergey Gorbunov and Georgios Vlachos, were founding team members at Algorand.
Spin is a decentralized trading platform built on NEAR Protocol that aims to bring a CEX competitive experience to DeFi users. The DEX was the first on NEAR Protocol to offer on-chain order book trading and to release decentralized Perpetual contracts. Shortly, the team will also release the first decentralized option vaults on NEAR. With 18,000 weekly transactions and 1,000 active accounts, Spin is one of the largest and fastest growing platforms in the NEAR ecosystem.
Spin aims to make derivatives trading and investments more accessible to DeFi and CeFi users by offering them fast onboarding, handy interface, low fees, instant speeds and a wide range of trading instruments.