Universal Cross-Chain Bridge Is Live on Ethereum!
Floodgates of Opportunity Open Up For DeFi With DAPP Network Tech
Financial innovation is booming on blockchain, but the absence of cross-chain connectivity has limited the extent to which assets could be utilized in the decentralized finance (DeFi) ecosystem and other dApps. Until now. The DAPP Network community pioneered a revolutionary cross-chain communication channel that allows tokens to flow freely across networks.
Thanks to the cross-chain communication channel spearheaded by DAPP Network’s DAPP Service Providers (DSPs), projects and users on other chains can now take advantage of the superior liquidity and exchange opportunities on Ethereum. At the same time, other chains can migrate Ethereum tokens over to their ecosystem for usage and trading, while retaining a seamless connection to the mainnet. Projects can also choose to keep their tokens on Ethereum while running their dApp logic on a Universal Layer-2 for gas-reduced, high-throughput transactions and smooth integration.
Empowering tokens with the ability to exist simultaneously on multiple chains opens up a world of groundbreaking use-cases including:
- Multi-chain automated market makers (AMMs) and liquidity pools
- Leasing markets on Ethereum
- Universal marketplaces for Non-Fungible Tokens (NFTs)
- A new wave of super oracles that update every second
And so much more. With the cross-chain connectivity alive and interoperability unlocked, DeFi’s glass ceiling has been smashed to give rise to a universe of multi-chain DeFi powered by DAPP Network.
Recapping a Huge Bridge Activation Weekend And Next Steps
Under the hood, the Bridge to Ethereum utilizes a combination of DAPP Services, including vRAM, LiquidOracles and LiquidScheduler, to pass data between chains. This unique combination makes up DAPP Network’s Cross-Chain Communication Channel, or LiquidC4, which could potentially extend beyond tokens to enable the transfer of rich data sets in between chains.
Seeing so many talented, capable individuals collaborating across continents and cultures was inspiring. To all those DSPs that took the time to be a part of interoperability’s next generation — Blockstart, DAPP Solutions, EOS Nation, EOS Options, EOSphere, EOS USA, Phoenix — we toast you.
After working with one another, DSPs managed to introduce and verify a working POC that harnesses a combination of DAPP Network services to shuttle tokens between Kylin and Ethereum, testing the tech with excellent results. With the code for the bridge out and about, it’s now up to the DAPP Network community to deploy bridges, configure them to their needs in accordance with the licenses and use it to unlock unprecedented liquidity for an exciting range of use-cases.
Want to see bridges built far and wide? Reach out to your favourite communities and encourage them to get moving!
Soon, DSPs and developers will have an opportunity to play an active role in improving the code by participating in a Bridge to Ethereum Bug Bounty. Stay tuned for more.
One Giant Leap for Liquidity
Pooling liquidity across different ecosystems is essential for DeFi if it is to improve on the centralized system and offer immense opportunities for all. As such, the Bridge Activation Party signified the start of a new era and the maturation of the blockchain space. Not only was the cross-chain bridge deployed, but the code and infrastructure were also designed in such a way as to allow anyone from the community to leverage the bridge for their own purposes. And thus begins the mass movement of interoperability and scalability with the potential for many bridges servicing teams across many communities.
Join the movement that’s manifesting blockchain interoperability in the biggest way!