The Cross-Chain Roundup #28
The Cross-Chain Roundup #28
Week Roundup (May 29 - June 04, 2023)
Last week, the cross-chain industry witnessed some groundbreaking developments. From Binance's support for Tether (USDT) on Polkadot, leading to a significant increase in the total volume of USDT on the system parachain Statemint, with a surge of 125% in just one day, to Solana’s integration of AI into its network by launching a ChatGPT plug-in developed by Solana Labs, and Eclipse and Injective introducing the first implementation of IBC-enabled rollups, the blockchain space is evolving at an unprecedented pace. These are a testament to the cross-chain space's evolution and the industry's commitment to innovation as these developments are set to radically change the space and make it more accessible to a broader audience.
In this week's edition of The Cross-Chain Roundup, we bring you exciting news and updates from various projects and platforms shaping the future of decentralized finance, cross-chain interoperability, and blockchain technology. From partnerships to integrations, these developments are set to transform the trading landscape, improve asset transfers, expand ecosystems, and enhance user experiences. Let's dive into the highlights:
📰 Cross-Chain Updates
Bounce Finance has announced its support for Sei Network, the Layer 1 blockchain designed for trading. Sei Network's cutting-edge chain-level optimizations empower decentralized exchanges, NFT platforms, gaming applications, and DeFi protocols to provide users with an unparalleled trading experience. With this collaboration, Bounce Finance aims to revolutionize the trading landscape by leveraging Sei Network's unique capabilities.
Polaris Finance has announced that cBridge is now available on its platform, providing its users with a fast, easy, and low-cost bridge to transfer assets from other chains to Aurora. Users can try it themselves by accessing the bridge portal on the Polaris Finance website. In addition, Polaris Finance has created an FTM/USDC pool for its users. The integration of cBridge on Polaris Finance is part of the platform's efforts to provide its users with more options for asset transfer.
SpaceFi has announced a partnership with CelerNetwork to add cBridge in the SpaceFi bridge portal, available both on zkSync and Evmos. The move aims to bring more assets to the ecosystem and explore better cross-chain experience. As the ecosystem grows and zkSync Era becomes more battle-tested, additional bridging support via xLiquidity, the liquidity pool, will be added.
Celer Network has announced that cBridge now supports the bridging of Neptune Mutual's $NPM. Users can bridge $NPM quickly, securely, and with low costs between Arbitrum and Ethereum using cBridge, a multi-chain interoperability platform that allows users to bridge assets and arbitrary messages across 15+ different chains in an instant, low-cost, and secure fashion. With decentralization at the core of its design and values, Celer is on a mission to bring blockchain adoption to the masses.
deBridge has released a new node upgrade, v2.5.7, that brings major improvements to cross-chain messaging decentralization, resilience, and transparency using Bundlr Network. deBridge has a unique off-chain validation mechanism that eliminates on-chain message and transaction constraints, ensuring unlimited throughput, gas efficiency, and increased security. The integration with Bundlr SDK enables instant signature uploads to Arweave with permanent retrievability. Cross-chain message deliverability in deBridge now comes with even stronger uptime and performance guarantees to power unstoppable dApps.
The Multichain protocol has experienced multiple issues due to unforeseeable circumstances, including limited server access and the inability to contact CEO Zhaojun for necessary maintenance. In the past two days, there have been issues with the scanning node network of Router5, which has affected the normal cross-chain service of some chains. The problem is beyond the team's current permissions and ability, and in order to protect the interests of users, cross-chain services for the affected chains on the UI have been suspended. The same issue happened on Router2 last week.
Hop Protocol and Rocket Pool have collaborated to enable cross-chain bridging for $rETH, the liquid staking token produced by the Rocket Pool protocol. This is the first cross-chain bridge supported for any liquid staking token. The bridging is now supported on Ethereum, Optimism, and Arbitrum, and it allows seamless transfers between chains through market makers. The $rETH pool has been incentivized with $RPL rewards and an $rETH bonder has been set up to encourage users to stake their $rETH on Optimism and Arbitrum and start accruing $RPL on top of the AMM trading fees.
Stargate, the LayerZero cross-chain bridge protocol, has announced that it is winding down the Fantom pool following a recent DAO vote. As a result, users will no longer be able to transfer USDC to or from Fantom on Stargate, effective immediately. However, users who have provided liquidity on Fantom are still able to withdraw their USDC on Fantom and should do so. The emissions on this pool have been set to 0, and it has been disconnected from all other pools on Stargate.
Cashmere Labs has launched its testnet on Avalanche, allowing users to swap testnet assets between 11 different chains. The testnet is a significant step towards the future of omnichain, establishing MEV-protected cross-chain swaps for decentralized liquidities. The platform's MEV-protected cross-chain swap module and related interfaces can be explored on the testnet, providing an opportunity to learn more about Cashmere Labs and become an early adopter with access to early access.
Moonbeam has integrated with HydraDX, a DeFi protocol, and AMM designed to bring liquidity to Polkadot via the HydraDX Omnipool. The integration enables cross-chain token transfers between parachains, expanding Moonbeam's role as the hub for routing liquidity to and throughout Polkadot. The community-approved bi-directional HRMP channel between Moonbeam and HydraDX allows tokens to flow freely across the ecosystem.
Algorand Governance is introducing xALGO, a new cross-chain solution built by Folks Finance, which will allow ALGO holders to easily bridge xALGO from Algorand to Binance Chain. This move will enable Algorand to expand its governance and DeFi capabilities, while also providing users with more options and flexibility. For the first time, access to Algorand DeFi will be available on Binance Chain, giving ALGO holders access to the yield generated from Algorand governance while maintaining liquidity in another ecosystem.
MetaMax is now live on 9 major blockchains, including Ethereum, Polygon, BNB Smart Chain, Gnosis, Celo, Arbitrum ONE, and now Fantom. With its expansion to Fantom, users can now access deeper liquidity and more alternatives for efficient and cheap swaps. MetaMax's deployment on Fantom is set to offer users more efficiency and flexibility, as well as access to yet deeper liquidity. This move promises to revolutionize the decentralized trading experience for every web3 user, elevating their DEX trading experience today.
GameSwift has announced its integration with Arbitrum, Ethereum's most active Layer2 scaling solution. With daily transactions exceeding 250 million txns, Arbitrum sets the new standard for the entire industry. GameSwift and Arbitrum's shared vision is to transform how users engage with Web3 gaming through cutting-edge technology and scalability. The integration will empower developers in creating user-focused decentralized games, pushing Web3 games into adoption at lightning speed while fueling their rapid development.
TaskOn has integrated with Cronos Chain to help accelerate the development of the Cronos ecosystem and boost user engagement. Users can claim specific CAPs by visiting the TaskOn website. This integration is a step towards a brighter future for both TaskOn and Cronos Chain. Cronos Chain has been making efforts to empower developers and explore new opportunities for growth through initiatives such as the Cronos Builders Program, ecosystem grants, hackathons, and the incubator project. The partnership with TaskOn is expected to further enhance the ecosystem and attract more users to the platform.
HelixApp has listed MATIC on Injective, bringing one of the first use cases for 0xPolygon assets. Users can trade MATIC on Helix for best-in-class security, deep liquidity, and zero gas fees. MATIC is the native token of Polygon, an interoperability and scaling framework for building Ethereum-compatible blockchains. The token is used for a variety of purposes in the Polygon ecosystem, including participating in network governance, contributing to security through staking, and paying gas fees. The listing of MATIC on Injective is expected to increase its adoption and trading volume, as well as provide more opportunities for users to interact with tens of thousands of dApps in the Polygon ecosystem.
📊Bridge Stats
Key data insights from the bridging ecosystem in the past week👇
Bridge Volume
2. Bridge Statistics
Disclaimer: Data sourced from DefiLlama
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