The Cross-Chain Roundup #27
The Cross-Chain Roundup #27
Week Roundup (May 22 - 28, 2023)
The cross-chain ecosystem has been buzzing with activity, with groundbreaking advancements and exciting collaborations shaping the future of decentralized finance. Last week, Eclipse and Injective made waves by introducing the first IBC-enabled rollups, revolutionizing cross-chain integration wherein Solana integrated AI with its ChatGPT plug-in, enhancing user interaction and streamlining NFT-related tasks.
Binance's support for USDT on Polkadot's Statemint led to a significant boost in volume, while Stargate Finance unveiled seamless cross-chain interoperability for the PEPE token. These developments have set the stage for an eventful week, and we are thrilled to delve into the intricate details of these remarkable achievements. Join us in this week's edition of The Cross-Chain Roundup to explore the latest news and advancements that are shaping the future of cross-chain finance!
📰 Cross-Chain Updates
Eclipse and Injective have introduced the first implementation of IBC-enabled rollups, revolutionizing cross-chain integration. With the implementation of the Interchain Standards (ICS) 20 protocol, fungible token transfers are now possible, allowing tokens to be burned on the sending side and made available on the receiving side. This breakthrough eliminates the need for additional trust assumptions, as the IBC protocol ensures secure and decentralized communication between chains, opening up limitless possibilities for blockchain interoperability.
Solana has integrated AI into its network by launching a ChatGPT plug-in developed by Solana Labs. The plug-in will focus on assisting users with NFT-related tasks such as buying and listing NFTs, transferring tokens, and providing information on transactions and NFT collections. In addition, Solana Foundation has introduced an AI-focused accelerator program and expanded its grant program to support AI-focused projects on the Solana blockchain.
Binance's support for Tether (USDT) on Polkadot has led to a significant increase in the total volume of USDT on the system parachain Statemint, with a surge of 125% in just one day. This development allows Binance users to easily transfer their USDT to Polkadot, providing convenient access to the top stablecoin for Polkadot's users, parachains, and dApps. The increased liquidity across the Polkadot ecosystem is expected to have a positive impact.
EuroCoin, a euro-backed stablecoin, has officially expanded to the Avalanche blockchain, providing developers and users with native access to the digital currency. Developers can now build on top of EuroCoin on Avalanche to deliver faster, more efficient solutions for users to send, spend, save, lend, and borrow with a fully reserved, euro-backed stablecoin. Businesses and institutions can also access EuroCoin liquidity for payments and treasury purposes by leveraging Circle Accounts.
Celer Network, a leading cross-chain platform, has achieved a significant milestone by surpassing $14.5 billion in total transaction volume on its cBridge solution. The platform's success can be attributed to its extensive support for a wide range of blockchain networks, ensuring maximum interoperability for users. With the lowest fees in the industry and a fully non-custodial approach, Celer Network's cBridge offers a seamless and secure cross-chain experience without the risk of vendor lock-in.
Stargate Finance has introduced a groundbreaking cross-chain interoperability feature for PEPE tokens, enabling users to effortlessly transfer their holdings between Binance Smart Chain, Arbitrum, and Ethereum. This integration significantly enhances accessibility and convenience for PEPE token holders across multiple blockchain networks.
Multichain Protocol, a leading bridging platform, is currently experiencing temporary disruptions in specific cross-chain routes due to unforeseen circumstances. While the timeline for service restoration remains uncertain, the project assures users that pending transactions will be honored once the service resumes. Additionally, Multichain intends to announce a compensation program to address any inconveniences faced by affected users.
Blockchain platform Connext has unveiled Chain Abstraction, a new design pattern, and toolkit aimed at simplifying the user experience for web3 applications across multiple chains. With Chain Abstraction, developers can enable seamless interaction with dApps from any supported chain, eliminating the need for users to switch networks, sign transactions, or spend gas on different chains. The Chain Abstraction Toolkit, released by Connext, provides smart contract modules and pre-built UI components, allowing developers to implement chain-abstracted user flows quickly and significantly improve overall usability.
QuickSwap, the prominent decentralized exchange (DEX) within the Polygon ecosystem, has introduced QuickPerps, a fully decentralized Perpetual Exchange. Built on Polygon's zkEVM, QuickPerps empowers users to trade perpetual swap contracts for various cryptocurrencies with a leverage of up to 50x. Offering benefits such as fund custody, lucrative rewards, perk NFTs, and a fee-sharing model, QuickPerps delivers a seamless and secure trading environment for cryptocurrency enthusiasts.
📊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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