Base and CCIP, Swarm x Wrapped, Etherspot x Scroll & More
Base and CCIP, Swarm x Wrapped, Etherspot x Scroll & More
Week Roundup (September 25 – October 01, 2023)
Welcome to Swing's Weekly Newsletter, your source for major cross-chain developments in the blockchain world.
🔀Cross-Chain Updates
1. Chainlink Incorporates Cross-Chain Protocol with Coinbase's Base
👉 Chainlink has enhanced its cross-chain functionalities by integrating its Cross-Chain Interoperability Protocol (CCIP) with Coinbase's Ethereum layer-2 network, Base.
This collaboration will foster the development of cross-chain decentralized applications and services, further promoting interoperability between blockchains and traditional web applications.
The move is expected to broaden the scope of cross-chain applications, allowing for seamless message transfers, token transactions, and action initiations across blockchains.
2. Swarm and Wrapped Team Up to Expand DeFi Cross-Chain Capabilities
👉 Swarm and Wrapped partnered to enhance Wrapped.com's cross-chain crypto transfer services. They aim to ease the conversion of cryptocurrencies for DeFi applications.
This collaboration highlights the importance of custody-based solutions in managing cross-chain assets. It offers both institutional and retail investors better access to DeFi platforms through more secure and efficient wrapping and unwrapping of crypto assets like Bitcoin.
Image source: https://cryptonews.com/news/cross-chain-partnership-between-swarm-and-wrapped-expands-defi-capabilities.htm
3. Chainlink Co-founder Highlights Bridge Security Concerns
👉 Sergey Nazarov, the co-founder of Chainlink, spotlighted the prevalent security lapses in blockchain bridges in a discussion with Blockworks. He underscored that although these bridges aim to facilitate value transfer between different blockchains, they frequently fall short in ensuring secure transactions.
Nazarov proposed a transition towards a cross-chain communication platform administered by multiple networks to bolster both security and scalability, indicating a pathway to a more secure and efficient cross-chain ecosystem.
4. Polkadot Advances Cross-Chain Ambitions Amid Market Uncertainty
👉 Polkadot is forging ahead with its cross-chain integration aspirations, undeterred by prevailing bearish market trends.
The network is committed to technological growth and has set an ambitious goal of supporting 1,000 parachains. This shift in strategy towards blockchain interoperability will create extensive prospects for developers and users.
Image source: https://www.newsbtc.com/news/polkadot-cross-chain-bid-takes-flight-as-dot-battles-uncertainty/
5. Shanghai Launches Action Plan to Boost Blockchain Development by 2025
👉 Shanghai has disclosed a robust action plan targeting accelerated blockchain technical advancement within the city by 2025.
This initiative, part of Shanghai's broader endeavor to propel web3 technologies, aligns with China's sustained backing for domestic blockchain solutions, notwithstanding last year's crypto ban.
The plan covers various aspects of blockchain technology, such as system security, cryptographic algorithms, and smart contracts.
It also emphasizes the importance of human capital, urging research and corporate entities to attract blockchain experts and nurture emerging talent in this field.
📰 Swing Ecosystem Updates
1. Etherspot and Scroll Announce Integration Completion
👉 Etherspot has successfully integrated with Scroll's Sepolia testnet, marking a significant stride in their collaboration. This integration facilitates developers on Scroll to seamlessly optimize gas and incorporate ERC4337 Account Abstraction technology into their decentralized applications.
Image source: https://twitter.com/etherspot/status/1706409343988502620
As Scroll continues to augment its scaling tools, it also anticipates commencing tests on P2P mempool sharing to mitigate censorship, underscoring its ongoing efforts to enhance the ecosystem for Ethereum apps and tools.
2. deBridge Unveils Rapid Settlement Between Solana and EVM for dApps
👉 deBridge has showcased a solution for nearly instantaneous settlements between Solana and Ethereum Virtual Machine (EVM) within decentralized applications (dApps). Through a recent Spaces session, deBridge elucidated how developers can build high-performance dApps capable of transferring value and information between Solana and EVM ecosystems swiftly.
This initiative reflects deBridge's aim to foster end-to-end composability and value exchange, thereby bridging the interoperability gap between these two prominent blockchain environments.
3. AshSwap Introduces First Multi-Reward Pool Featuring Extra $ASH Earnings
👉 AshSwap announces its inaugural Multi-Reward Pool, allowing farmers to earn additional $ASH alongside 8M $CGO farming rewards in the $CGO-$wEGLD pool.
This new offering, which commenced recently, aims to entice participants of the Cathena Knights community to enhance their farming activities. The initiative is a limited-time offer, urging farmers to seize this chance and optimize their earnings through the AshSwap platform.
Image source: https://twitter.com/ash_swap/status/1707323770233618594
4. Xenify Announces Integration with ChangeNOW Enhancing Asset Swaps
👉 Xenify unveiled a collaboration with ChangeNOW, aiming to enrich the user experience by offering more asset options and quicker swaps.
This integration brings over 900 cryptocurrencies and fiat currencies directly to the Xenify dashboard, promoting a seamless, account-free, and swift swapping process.
In conjunction with Xenify's ongoing Genesis Airdrop, each swap now has the potential to earn users up to 25,000 $XNF daily, embodying the #SwapToEarn ethos and providing more avenues to accrue rewards.
5. Coreum Community DAO Debuts on OmniFlix, Pioneering Interactive Videos
👉 Coreum Community DAO has made its debut on OmniFlix.tv, marking itself as the first Coreum project on the platform known for interactive videos.
The collaboration invites individuals to join a dynamic community and delve into blockchain's future. Coreum Community DAO, where community empowerment meets blockchain innovation, envisions a journey of education and innovation.
The platform also features a video elucidating the staking process on Coreum, providing an educational resource for the community.
📊Bridge Stats
Key data insights from the bridging ecosystem in the past week👇
Bridge Volume
Bridge Inflows
Disclaimer: Data sourced from DefiLlama
📜Interesting Reads
1. Demystifying Cross-Chain Token Transfers with Chainlink
Cross-chain token transfers are pivotal for leveraging the varied advantages of different blockchains, facilitating a multi-chain ecosystem.
The recent Chainlink blog post delves into cross-chain transfers, distinguishing between "Burn and Mint" and "Lock and Mint" mechanisms. The former is lauded for capital efficiency and native asset usability across chains, while the latter locks tokens on the source chain, minting a wrapped version on the destination.
Image source: https://blog.chain.link/cross-chain-token-transfers/
These mechanisms are instrumental for secure, seamless interoperability, crucial as large financial institutions eye blockchain adoption, heralding a potential influx of tokenized assets onto chains if a robust interoperability standard is established.
2. Arkham Tracer: A Novel Tool for On-Chain Investigations
Arkham Intelligence has launched Arkham Tracer, a groundbreaking tool to simplify on-chain analysis and investigation. It enables users to trace fund flows across wallets and blockchains, providing a chronological view of transactions.
Image source: https://www.bsc.news/post/arkham-tracer-how-to-become-an-on-chain-detective
The tool, geared towards "On-chain Sleuths," facilitates detailed blockchain activity examinations, including identifying illicit actions. With Arkham Tracer, Arkham Intelligence addresses the challenges of tracking transactions in the digital world, significantly lowering the barriers to cryptocurrency investigation, and making blockchain analysis accessible to a wider audience.
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