The Cross-Chain Roundup #33

Week Roundup (July 3 – July 9, 2023)

Jul 10, 2023

Welcome to this week's edition of the Cross-Chain Roundup, featuring developments, upgrades, and other recent occurrences that are shaping the cross-chain industry. Highlights include LayerZero Labs expanding cross-chain capabilities on Fantom, Polygon Labs unveiling network stability upgrades, Multichain service suspension, Glitter Finance enabling cross-chain wrapped-token-liquidity transfer on Arbitrum, and more.

Now the news in detail:

📰 Cross-Chain Updates

LayerZero Labs Expands Cross-Chain Capabilities with Four New Assets on Fantom Network.

LayerZero Labs, in collaboration with Fantom Foundation, has introduced four major assets into the Fantom ecosystem namely $USDC, $USDT, $wETH, and $wBTC. These assets are built on the LayerZero technology, facilitating seamless bridging between Ethereum and Fantom networks. With the support of the majority of the ecosystem, users can now transfer these assets between the two networks via the Stargate platform. The Stargate Widget further simplifies the bridging experience for projects seeking to enhance their users' access to the Fantom ecosystem. This development significantly boosts cross-chain interoperability, expanding the opportunities and convenience for users within the decentralized finance (DeFi) space.

Polygon Labs Unveils Inborg Upgrade to Enhance Network Stability in PoS Protocol.

Polygon Labs has announced the Inborg Upgrade, a major enhancement to their proof-of-stake (PoS) network, aimed at bolstering network stability and user experience. The upgrade addresses previous issues with long block reorganizations and potential BADBLOCK errors, minimizing disruptions within the network. The Indore proposal [PIP-12] forms a key part of the upgrade, focusing on improving the State Sync mechanism by introducing a time-based approach to determine the "to" value for retrieving State Sync events. This modification ensures greater consistency across parallel dimensions, eliminating discrepancies during network partitions and enhancing overall stability. With the Inborg Upgrade, Polygon PoS Network is poised to deliver a more reliable and seamless user experience for its growing ecosystem.

Multichain Service Suspended Indefinitely, Bridge Transactions and Assets Stuck on Source Chains.

Multichain, previously known as Anyswap, has announced the temporary suspension of its service, resulting in bridge transactions being halted and assets remaining stuck on the source chains. The service interruption occurred due to the abnormal movement of locked-up assets from the Multichain MPC address to an unknown address, prompting the team to launch an investigation into the incident. As of now, there is no confirmed timeline for the service to resume, and users are strongly advised against utilizing the Multichain bridging service. Additionally, it is recommended that users revoke all contract approvals and refrain from any further interaction with Multichain services until further notice.

Stargate and SpookySwap Facilitate $STG/USDC Swaps on Fantom Network.

Stargate and SpookySwap have introduced the $STG/USDC liquidity pool on the Fantom network, enabling seamless swapping between Stargate's native token, $STG, and $USD Coin (USDC). By introducing the $STG/USDC liquidity pool, this collaboration enhances liquidity and accessibility for participants in the Fantom ecosystem. The initiative expands the trading options available on Fantom, supporting the growing decentralized finance (DeFi) landscape.

Axelar Network Brings $USDC, $USDT, $wETH & $wBTC to Fantom Platform, Empowering Seamless Cross-Chain Integration.

Axelar Network proudly announces the addition of $USDC, $USDT, $wETH, and $wBTC to the Fantom platform, leveraging their robust cross-chain network, renowned for its security and scale within Web3. This achievement has been made possible with the support of the Fantom Foundation and prominent applications within the Fantom ecosystem. Eminent players such as Beethoven_X, Bytemasons, Curve Finance, Equalizer, Granary Finance, Morphex, Mummy, OpenOcean, Qidao, SpiritSwap, SpookySwap, and WigoSwap are among the ecosystem leaders facilitating seamless and secure connections to Fantom through Axelar.

PancakeSwap Enables Zero Slippage Trades for $OP(BEP20)/USDT Pair on the BNB Chain, Supported by cBridge.

PancakeSwap, in partnership with Celer Network's cBridge, introduces the option for zero slippage trades on the $OP(BEP20)/USDT pair within the BNB Chain ecosystem. This collaboration enhances the trading experience for $ARB(BEP20) and $OP(BEP20) tokens, ensuring seamless and secure transactions. With the integration of Market Makers and the user-friendly cBridge solution, PancakeSwap expands its support and functionality for traders, facilitating efficient and frictionless trades.

Glitter Finance Enables Cross-Chain Wrapped-Token-Liquidity Transfer on Arbitrum and Interconnects Major L1 and L2 Networks.

Glitter Finance proudly announces the launch of cross-chain wrapped-token-liquidity transfer on Arbitrum through their Token Bridge. This integration allows users to seamlessly transfer liquidity between Arbitrum and other prominent Layer 1 (L1) and Layer 2 (L2) networks, enhancing accessibility and interoperability in the decentralized finance (DeFi) ecosystem. Glitter Finance's initiative opens up new possibilities for efficient and interconnected token transfers across multiple blockchain networks.

Polygon Enables Seamless Access to zkEVM Testnet and Enhances Testnet Faucet Support for Developers.

Polygon has announced a significant improvement for developers, stating that there is no longer a need to bridge assets from Goerli to access the testnet for Polygon's zkEVM. The announcement highlights that the testnet faucet now supports Polygon zkEVM ETH, allowing developers to obtain testnet ETH and start testing on the advanced and fee-friendly ZK rollup.

EUROC Goes Live on DeltaPrime, Empowering Traders with Margin FX and Cross-Chain Value on Avalanche.

EUROC is now live on DeltaPrime. EUROC holders can now engage in margin FX trading while simultaneously leveraging their long positions to provide value for the Avalanche network. With this development, users can now enjoy a range of benefits, including portfolio diversification and reduced reliance on the dollar. Additionally, the integration enables EUROC liquidity providers to participate in the liquidity pool at Trader Joe. By offering EUROC-USDC trading pairs, traders gain access to enhanced trading opportunities within the growing Avalanche ecosystem. This latest advancement solidifies Avalanche's position as a hub for cross-chain operations and establishes EUROC as a promising token within the cryptocurrency landscape.

Succinct Labs' Ethereum ZK Light Client Enhances Security for Gnosis OmniBridge on Mainnet.

Gnosis Chain has successfully integrated Succinct Labs' Ethereum ZK Light Client, providing heightened security for the Gnosis OmniBridge on Mainnet. With over $40 million Total Value Locked (TVL) and more than $1.5 billion in stablecoin asset flow, Succinct Labs' ZK Proof of Consensus now safeguards the bridged assets and data. Users who bridge assets or data from Ethereum to Gnosis Chain can gain added confidence in the security of their transactions, thanks to Succinct Labs' OmniBridge ZK Validator Smart Contract. By utilizing their on-chain light client, Succinct Labs' validator verifies Ethereum state and message validity, reinforcing the overall security of the system.

Allbridge Core Integrates Arbitrum, Enabling Seamless Stablecoin Transfers.

Allbridge Core, a protocol for native stablecoin swaps, has expanded its capabilities by integrating with Arbitrum. Users can now effortlessly transfer stablecoin liquidity between Arbitrum and other supported networks, including Ethereum, BNB Chain, Polygon, Solana, and Tron. This integration provides users with fast, cost-effective transactions on the Arbitrum network and supports the native USDC issued by Circle on Arbitrum.