deBridge's New IaaS Solution, Multichain’s Restart, Synapse X Modular Bridging System, & More
Week Roundup (October 30 - November 05, 2023)
Welcome to Swing's Weekly Newsletter, your source for major cross-chain developments in the blockchain world.
🔀Cross-Chain Updates
1. OpenSea Launches Pro Version with Cross-Chain Trading on Polygon
OpenSea has launched Pro on Polygon, enabling users to trade NFTs across blockchains with a new cross-chain bridge by Socket. This allows token swaps in one step, enhancing cross-chain interactions.
OpenSea, supporting multiple ledgers like Ethereum and BNB Chain, is focusing on sophisticated traders. Despite reduced royalties affecting creators like Yuga Labs, NFTs are branching out into new markets, with Pudgy Penguins notably increasing revenue through merchandising over NFT sales.
Image source: https://twitter.com/openseapro/status/1720125510305386586/photo/1
2. Arta and Chainlink Labs Team Up for Regulated Cross-Chain Investment Tokens
Arta has partnered with Chainlink Labs to create cross-chain, regulatory-compliant fund tokens that merge traditional and blockchain investments. Awaiting financial regulators' approval, these tokens will enable Arta's customers to invest using fiat like dollars or euros. This initiative, driven by Chainlink technology, aims to bridge the gap between cryptocurrency and conventional investing. Arta Global is set to manage the token sales and funds once approved, marking a significant step towards integrating blockchain finance with traditional currency systems.
3. Coin98 Debuts Decentralized dApp Store on NEAR's Platform
Coin98, with over 7 million users, has launched a decentralized dApp store on NEAR's B.O.S, boosting user access to Ethereum Layer-2 apps. The Coin98 Super Wallet now supports over 70 chains and 15,000 dApps, streamlining the DeFi experience with a single interface for cross-chain bridging and exchanges.
The store features top Layer-2 ecosystems like Polygon zkEVM and zkSync, accessible via the Coin98 website and mobile app. NEAR's B.O.S. provides a fully decentralized frontend, simplifying onboarding and user interaction in the Web3 space, positioning Coin98 as a leader in blockchain accessibility.
Image source: https://finance.yahoo.com/news/coin98-launches-decentralized-dapp-store-130000576.html
4. OKX Wallet Integrates Interport for Simplified Cross-Chain Swaps
OKX Wallet has integrated with Interport DEX to enable easy cross-chain swaps, sourcing liquidity from over 250 DEXes. Users can download the OKX Wallet web extension, create or add an existing wallet, and connect to Interport for decentralized exchange services. OKX Wallet supports 3,000+ cryptocurrencies, connects to 60+ networks, and includes a Bitcoin testnet for risk-free experimentation. This integration enhances liquidity and crypto market accessibility, establishing OKX Wallet as a comprehensive platform for crypto transactions and a sandbox for innovation and development within the cryptocurrency ecosystem.
5. Injective Integrates Kava Native USDT to Advance DeFi Trading
Injective, a Cosmos blockchain, has integrated Kava Chain's USDT for its perpetual trading, leveraging Kava's speed and Ethereum's developer infrastructure. This union is set to better DeFi with improved trading, liquidity, and cross-chain flexibility. Eric Chen of Injective and Scott Stuart of Kava Labs titled this as a milestone for their communities, expecting to transform DeFi possibilities. Tether's Cosmos integration via Kava has already advanced the ecosystem, with Injective being the second major protocol to adopt Kava's USDT, improving stablecoin transactions between Cosmos and Ethereum.
Image source: https://the-blockchain.com/2023/11/03/injective-chooses-kava-native-usdt-for-its-perps-trading/
6. Multichain Restarts Transaction Services Following $126M Hack
Multichain resumed confirming transactions 117 days post a $126 million hack. Activity on the blockchain showed confirmed transactions, although inconsistencies and a lack of official updates caused confusion. CertiK suggested a private key compromise caused the hack. Despite transaction resumption, Multichain's official account hasn't confirmed the service restart, leading to speculation about an inside job and subsequent disabling, leaving many transactions stuck.
📰 Swing Ecosystem Updates
1. deBridge's New IaaS Facilitates Ethereum-Solana Cross-Chain Communication
DeBridge has launched an IaaS solution improving Ethereum-Solana cross-chain communication, aiming to resolve interoperability issues. This service uses deBridge’s products to enable authenticated message transfers, cross-chain trading via DeSwap Liquidity Network, and asset custody with dePort.
Additionally, deBridge has onboarded Neon Labs as its first IaaS client, which could enhance Neon's adoption through various cross-chain functionalities. This launch coincides with partnerships to boost cross-chain liquidity, allowing seamless, large-scale asset transfers.
2. Synapse X Debuts Modular Bridging System
Synapse X introduces modular bridging with transactions routed through external pools like CurveFinance, VelodromeFi, Uniswap, and GMX for wider stablecoin support and efficient routes. It allows the bridging of any stablecoin from supported pools and improves capital efficiency without needing new incentivized pools. Synapse provides the most cost-effective bridge quotes by calculating the cheapest transaction pathway, like converting USDT to USDC before bridging, and then back to USDT. This service is available on networks like Avalanche, Optimism, and Arbitrum, aiming for the best user experience with more assets and better rates.
Image source: https://twitter.com/SynapseProtocol/status/1719475093342965812/photo/1
3. Crypto.com Unveils On-Chain Staking for EGLD
Crypto.com has added ATOM and EGLD to its on-chain staking options within its app, joining other supported assets like CRO, ETH, SOL, and DOT. On-chain staking allows users to earn rewards and contribute to blockchain security. While it offers daily rewards and the flexibility to unstake at any time, rewards stop during any unbonding period. However, staking for AVAX and ETH is not available to Australian users. The service is accessible to most jurisdictions for Crypto.com app users.
🔥What’s Trending
1. TON Claims Title as Fastest Blockchain
TON blockchain has reportedly set a new world record for transaction speed, achieving 104,715 transactions per second during a public performance test. This milestone surpasses the transaction capabilities of major blockchains and traditional payment systems like Visa. TON's integration with Telegram to introduce a wallet feature has significantly contributed to its recent bullish trend.
2. MetaMask Integrates Blockaid's Security Alerts
MetaMask has partnered with Blockaid to introduce native security alerts to its browser extension, a move to enhance user security against scams and hacks while maintaining privacy. This feature, starting in November, will be available for desktop users via MetaMask's experimental settings.
📊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. KlaytN’s RWA Tokenization
The article from Klaytn explores the potential of tokenizing real-world assets (RWAs) like real estate or gold on the blockchain. It highlights how RWAs can provide stability to crypto investments, provide fractional ownership, and increase liquidity. The process involves evaluating assets, ensuring legal compliance, creating digital tokens, and managing these assets on the blockchain. Despite challenges such as regulatory hurdles and the need for technological advancements, RWAs could bridge traditional finance with DeFi, opening up a market worth trillions. Klaytn is actively working on supporting RWA tokenization, with projects like gold tokenization and real estate tokenization already underway.
2. Investigation of FTX’s fund movement
A popular crypto news website shared the full story of the former US-based crypto giant FTX and its investment fund Alameda Research. The article investigates all the on-chain movements that occurred that month, supporting their statements with on-chain data and related tweets.
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