L0’s 'Gas Station', Polkadot's Bifrost SLPx Pallet, Etherspot x Linea & More
L0’s 'Gas Station', Polkadot's Bifrost SLPx Pallet, Etherspot x Linea & More
Week Roundup (October 09 - 15, 2023)
Welcome to Swing's Weekly Newsletter, your source for major cross-chain developments in the blockchain world.
🔀Cross-Chain Updates
1. LayerZero Makes A Leap Towards Simplified Cross-Chain NFT Swaps
LayerZero has unveiled 'Gas Station,' a noteworthy initiative in partnership with Magic Eden, engineered to simplify cross-chain NFT swaps significantly. The project continues its work towards achieving seamless interoperability among diverse blockchain networks, thereby providing a streamlined NFT trading experience to its users.
“The way Gas Station works is quite different from hot wallets which are charging a gas fee upfront. What is unique about this is that it isn’t a service, it’s an entirely open-sourced protocol-based solution, it’s decentralized and doesn’t put the security in the hands of a third party,” LayerZero’s head of strategy Irene Wu said.
2. UXUY's Lightning Node is Bridging Bitcoin with Multi-Chain Trading
UXUY has disclosed its implementation of a Bitcoin Lightning Node to serve multi-chain trading for Taproot assets. This strategic move was made to enhance the trading ecosystem for Taproot assets across various blockchain networks.
By bridging Bitcoin with multi-chain trading, UXUY also fosters a more integrated and efficient blockchain trading infrastructure.
Image source: https://finance.yahoo.com/news/uxuy-implements-bitcoin-lightning-node-094000803.html?guccounter=1&guce_referrer=aHR0cHM6Ly9zd2luZ3h5ei5zdWJzdGFjay5jb20v&guce_referrer_sig=AQAAAFWjcbSkychD730EXaE5yJt-s0gYSRbrc7sS25UiYtNNJ7AqjcvMXqEYU3hHJ17AgXkA67_NOcMoSP9HjclAuzpjcOPu7ZayKCNauEhele_d-CGRH1MvpFndnRAMeRuyaPR3Qa74BvO3DjPbBNX5ptzL8X_2sy_QsZSuTL1jOab1
3. Polkadot's Bifrost SLPx Pallet Launch
The debut of Bifrost's SLPx Pallet on Polkadot marks a groundbreaking advancement in bridging liquidity across networks. This is a protocol that is designed to leverage the Polkadot native cross-consensus messaging format.
SLP is constructed as a module facilitating vToken mining and their subsequent redemption via the Bifrost chain. This entails an initial transfer of users' assets to the Bifrost chain. The newly introduced SLPx, an extension of SLP, aims to address any apparent issues encountered by users through this process.
This launch is perceived as a game-changer, propelling Polkadot closer to its vision of achieving an interoperable blockchain network.
4. THORChain: Resurgence Post-Blocking Illicit Transactions
THORChain, a Layer 1 blockchain facilitating cross-chain swaps, has reactivated its primary exchange, THORSwap, following a week-long pause.
The suspension ensued on October 6 after the identification of funds associated with the November 2022 FTX hack. To curb the influx of illicit funds and align with legal standards, the team has fortified the security infrastructure.
Besides illicit funds, it has revised its terms of service to exclude users from US-sanctioned countries like Iran, North Korea, and Cuba.
5. Axelar's Tokenomic Revamp
Axelar is gearing up for a tokenomic overhaul to transition its native token, AXL, to a deflationary model, alongside infrastructure enhancements for smoother blockchain integrations.
This initiative is a cornerstone of Axelar's broader vision of fostering a robust cross-chain communication platform. The proposed overhaul is anticipated to propel the blockchain domain towards new horizons by establishing a deflationary tokenomic model, thereby potentially creating a more sustainable and economically viable ecosystem for AXL token holders and the wider blockchain community.
📰 Swing Ecosystem Updates
1. Etherspot Extends Skandha Bundler & Prime SDK Support to Linea
Etherspot collaborates with Linea, integrating its Skandha Bundler & Prime SDK to support the developer-friendly zkEVM L2, Linea. Now, developers can employ Etherspot's highly-rated Account Abstraction (AA) tools, improving user experience while significantly cutting down gas costs.
2. Xenify Celebrates A Year of #XEN
Marking its first anniversary, Xenify celebrates with the community, reflecting on a year filled with remarkable growth and engagement.
The message resonates among the Xenians, igniting enthusiasm for the milestones achieved and the exciting path that lies ahead. The celebration captures the spirit and the unique project’s mission that has been the hallmark of Xenify's journey so far.
3. deBridge and Solflare Wallet Power Cross-Chain Exchange for Solana on MetaMask
In a recent collaboration, deBridge joined forces with Solflare Wallet to facilitate high-performance cross-chain exchange between Solana and Ethereum/EVM chains directly on MetaMask.
This integration, featuring a unique off-chain order book design, shields transfers from MEV and AMM slippage, providing accurate, efficient cross-chain movements.
By leveraging the DLN cross-chain trading infrastructure, users can now swiftly trade assets between Solana and Ethereum, enhancing the overall trading experience.
Image source: https://twitter.com/deBridgeFinance/status/1701626869244936553?s=20
4. cBridge Integrates with Chain Guardians for Seamless $CGG Bridging
cBridge has collaborated with Chain Guardians to support $CGG bridging, unifying the gaming experience on Oasys Games.
With this integration, $CGG can now be bridged between Oasys Games Hub, Ethereum, BNB chain, and Polygon. This is a truly significant stride towards creating a cohesive gaming ecosystem.
Gamers can expect fostered interoperability and an enriched cross-platform experience, as they can now seamlessly bridge $CGG across various platforms.
📊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. Bridging Liquidity Across Chains with Cross-Chain Liquid Staking Tokens
Chainlink covered the potential of Cross-Chain Liquid Staking Tokens (LSTs) in a recent blog, outlining their role in bridging liquidity across different blockchains, a leap from traditional staking mechanisms.
This innovation enables assets staked on one blockchain to be represented and utilized on another, addressing the liquidity silo issue in DeFi. Chainlink's infrastructure is deemed crucial for enabling this cross-chain functionality, particularly its Cross-Chain Interoperability Protocol (CCIP), which simplifies secure token transfers across chains.
Image source: https://blog.chain.link/cross-chain-liquid-staking-derivatives/
Enabling cross-chain functionality for liquid staking tokens not only augments the liquidity of LSTs but also promotes connectivity within the DeFi area. Leveraging Chainlink's Web3 services platform, cross-chain LSTs have the potential to boost capital efficiency throughout the multi-chain ecosystem and extend a wider utility spectrum for staking in proof-of-stake systems.
2. Investor Engagement in Cross-Chain Token Development
Investor engagement is crucial in cross-chain token development, impacting the adoption and success of cross-chain projects. Understanding the psychology of investor engagement helps in crafting strategies that resonate with the investor community, ensuring a smoother transition toward a more interoperable blockchain ecosystem.
The discourse delves into the nuances of investor behavior, offering a lens through which developers and stakeholders can better align their approaches with investor expectations and market dynamics.
👨💻 Get Started with Swing Today
📓 Learn more about Swing:
Website | Docs | Developer Hub
👥 Join the community: