The Cross-Chain Roundup #22
Week Roundup (April 17 - 23, 2023)
Another week, another market reversal. Bitcoin’s been capricious for months now, posting green candles that inspire hope before replacing them with red wicks that undo all the gains. So it was in cryptoland this week.
When the market does finally slide into bull mode again, be it next month or next year, it’s good to know the infrastructure will be in place to handle the strain caused by all those new users flooding in. Ethereum might still be as expensive as ever to transact, not least due to the proliferation of memecoins lately, but on every other EVM chain, fees are cheap and bandwidth is plentiful. It’s a beautiful thing.
📰Cross-Chain Updates
Radix, the high throughput DeFi network, has gained a major thoroughfare connecting it to 25 other chains including Ethereum, Polygon, Arbitrum, and Aptos. The integration comes courtesy of LayerZero. The move will support cross-chain communication and asset transfers to the Radix ecosystem, benefiting dApp developers and their users.
Telegram Open Network (TON) has added support for BTC to its web wallet. As a result, wallet users can buy, withdraw and exchange Bitcoin directly. Using the TON wallet, they can convert stablecoins and the TON token to BTC and store them in the non-custodial web wallet.
Blockchain investor and incubator a16z is following Coinbase’s lead in creating its rollup on Optimism. Written in Rust, Magi will act as the consensus client in the execution/consensus split of Ethereum, feeding new blocks to the execution client to advance the chain. As a16z explains, “Magi performs the same core functionality as the reference implementation and works alongside an execution node to sync to any OP Stack chain, including Optimism and Base.”
Cross-chain bridging protocol Multichain has created a dashboard that displays the cost of moving assets to different networks. It enables DeFi users to determine at a glance the most efficient way of transferring tokens, allowing them to calculate the cost of each option. Using the dropdown menu, select the token you wish to transfer and the source and destination networks. Multichain’s dashboard will then calculate the total cost.
It’s been a long time coming, but EOS has finally got itself an EVM. With a little help from Multichain, EOS has also launched its cross-chain bridging solution that enables assets such as BNB, DAI, USDC, USDT, WBTC, and WETH to be moved to and from EOS. With its EVM mainnet now active, EOS is seeking a fresh start under a new, community-centric governance framework.
Does moving a significant portion of your net worth between blockchains cause palpitations? Sounds like you need bridge insurance. Jumper Exchange has just rolled out the product, courtesy of InsurAce.io. The optional insurance fee it levies is a small fraction of a user’s bridge amount, typically between 0.1-0.5%. Bungee has also just rolled out a similar product for its bridge.
Fuji Finance has received a grant from Compound to create a tool that will allow users to migrate their v2 and v3 positions to other networks. This ordinarily requires multiple transactions to close the position, bridge funds, and open a new position. Once the bridge migration tool goes live, all of this can be done in a single tx, saving precious time and money.
📊Bridge Stats
Key data insights from the bridging ecosystem in the past week👇
7-Day Bridge Statistics
Daily Active Users
Total Bridge Fees Collected
Total Value Locked
Disclaimer: Bridges covered are Stargate, Synapse, Across, Connext, Hop Protocol, Ren and Allbridge. Data sourced from Token Terminal.
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