The Cross-Chain Roundup #43
The Cross-Chain Roundup #43
Week Roundup (September 11 – September 17, 2023)
In this edition of The Cross-Chain Roundup, we unveiled a host of exciting developments that promise to reshape the way we navigate the crossroads of various blockchain ecosystems. From decentralized exchanges to innovative SDKs, the blockchain industry is entering a transformative phase where cross-chain functionality takes center stage.
While Movement Labs secured significant pre-seed funding, introducing the Movement SDK to empower Web3's cross-chain interoperability, Multiswap's debut on Avalanche is making waves by enabling users to effortlessly swap over 300 assets in a single transaction, setting new standards for on-chain token exchange. Astar Network's zkEVM, in other news, bridges Ethereum and Polkadot, opening new doors for cross-chain smart contracts, while Lido's expansion into the Cosmos ecosystem unlocks liquidity transfer possibilities. Join us on this cross-chain journey as we explore these groundbreaking developments and their impact on the broader blockchain landscape.
📰 Cross-Chain Updates
Multiswap Launches on Avalanche, Offering Cross-Chain Swaps for 300+ Assets in a Single Transaction.
Multiswap, a novel multi-asset decentralized exchange, has made its debut on the Avalanche blockchain, with a mission to transform token access and exchange within the on-chain realm. Built on Avalanche's high-speed and flexible infrastructure, Multiswap enables users to swap hundreds of tokens in a single transaction, reaching a record of 340 tokens during testnet trials. The platform's innovative approach allows pools to consist of any number of tokens, even tokenized off-chain assets, fostering unique and highly efficient liquidity pools. Liquidity Providers (LPs) can gain exposure to all assets within a pool and earn transaction fees, offering a decentralized alternative to traditional market exposure methods. Multiswap's launch signifies the beginning of a broader vision within the CavalRe ecosystem, aiming to revolutionize capital markets through blockchain-based innovation.
Movement Labs has successfully secured $3.4 million in pre-seed funding from prominent industry leaders, marking a significant milestone in their mission to advance the adoption and development of Move, a smart contract development language with robust security features aimed at protecting Web3 users from costly attack vectors. In tandem with this funding, Movement Labs has unveiled the Movement SDK (software development kit), a versatile tool designed to provide secure and high-performance Move environments to established blockchain ecosystems. The SDK's inaugural offering, M1, introduces a modular, horizontally scalable, and vertically composable blockchain solution that addresses the cold-start issue faced by new protocols. By natively bootstrapping its ecosystem within the Avalanche consensus, M1 simplifies access to alternative virtual machines, eliminating the need for extensive asset bridging and wallet management. Notably, this funding round was led by distinguished investors such as Varys Capital, dao5, Blizzard The Avalanche Fund, and Borderless Capital, among others, reinforcing Movement Labs' commitment to seamlessly revolutionize web3’s cross-chain interoperability.
Astar Network has unveiled Astar zkEVM, marking a groundbreaking development in the world of cross-chain technology. This release demonstrates Astar Network's commitment to expanding cross-chain capabilities by connecting the Ethereum and Polkadot ecosystems, promoting interoperability across diverse blockchain networks. Astar zkEVM combines cutting-edge zero-knowledge (ZK) technology with Ethereum's robust security, scalability, and interoperability, offering developers the ability to tap into multiple vibrant ecosystems through cross-chain smart contracts. This strategic move not only unites the global strengths of Polygon but also fulfills the vision of billions using web3 regularly, transforming the future of blockchain technology.
Lido, a major player in Ethereum staking, is embarking on a cross-chain journey by collaborating with two Cosmos blockchain projects. This partnership aims to bridge Lido's staked ether (stETH) tokens to the Cosmos network, unlocking the potential for significant liquidity transfers between the two blockchain ecosystems. Liquid staking has gained immense popularity in the DeFi space, with Lido's stETH boasting a market capitalization of $13.8 billion. Once integrated into the Cosmos ecosystem, stETH tokens can seamlessly interact with various blockchains using Cosmos' Inter-Blockchain Communication (IBC) technology platform, fostering greater cross-chain interoperability.
LayerZero Labs, the creator of the LayerZero cross-chain messaging protocol, has announced a strategic collaboration with Google Cloud to fortify the security of its cross-chain ecosystem. Google Cloud will serve as the default oracle for LayerZero, ensuring the secure transmission of messages across 15 different blockchain networks. This partnership aims to accelerate the development of Web3 interoperability, enabling developers to utilize the Google Cloud oracle for transaction verification when building decentralized applications (dApps) on LayerZero. LayerZero Labs has seen substantial growth, processing approximately 10 million messages per month and handling over $20 billion in assets bridged across its platform, making this collaboration a significant step toward enhanced cross-chain security and enterprise adoption of Web3.
Celer Network has unveiled a significant integration with the Manta Pacific Mainnet, introducing cBridge support. This integration streamlines token bridging between EVM-compatible chains, such as BNB Chain, Avalanche, and Polygon. Users can now effortlessly transfer tokens like BNB, AVAX, and MATIC across these blockchain ecosystems, facilitated by Celer's cBridge solution. Manta Pacific, known for its unique Layer 2 ecosystem for EVM-native ZK applications, promises scalability and cost-efficiency. Celer initially supports asset and token bridging through the xAsset model and plans to integrate the Inter-chain Messaging Framework for cross-chain application logic. This development sets the stage for seamless cross-chain user experiences, NFT bridges, and more, all within the EVM ecosystem.
In a significant move toward enhancing cross-chain interoperability, ChainPort has announced its forthcoming support for opBNB, a high-performance Layer-2 solution within the BNB ecosystem. opBNB employs Optimistic roll-up technology, offering efficient and low-cost gas fees thanks to its 100 million block size, making it an attractive choice for various Web3 projects. As opBNB readies to launch on the mainnet, ChainPort is set to become its 18th supported blockchain, bolstering its position as a leading digital asset bridge. opBNB's versatility serves a broad spectrum of needs, from gaming and decentralized exchanges to daily utility and digital collectibles, ensuring optimal performance and scalability. ChainPort's integration of opBNB underscores its commitment to advancing interoperability and fostering innovation within the blockchain domain. This expansion not only empowers users with increased flexibility but also paves the way for a more interconnected and accessible blockchain ecosystem, driving the broader adoption of Web3 technologies.
W3bstream, the decentralized verifiable compute network, has announced its integration with Arbitrum, Ethereum's layer-2 scaling solution. This collaboration allows Arbitrum developers to enhance their decentralized applications (dApps) with real-world data, enabling innovative use cases in sectors like DePIN. W3bstream Studio, a user-friendly interface, now connects directly to Arbitrum's expanding ecosystem, offering developers tools to craft dApps infused with tangible world events. DeFi applications can create futures contracts based on real-world data, while on-chain gaming applications can introduce gameplay inspired by real-world events. This integration brings Ethereum's dApps one step closer to reality, harnessing the power of cross-chain innovation.
Solflare, a prominent Solana ecosystem wallet, has integrated DLN's high-performance cross-chain trading infrastructure into MetaMask. This integration enables MetaMask users to effortlessly manage their Solana assets via Solana Snaps and seamlessly transition between Solana and Ethereum Virtual Machine (EVM) networks. More significantly, it facilitates seamless cross-chain transactions, allowing users to bridge assets from Ethereum to Solana in under 40 seconds. DLN's unique liquidity network approach promises near-instant transactions, protection from MEV & AMM slippage, enhanced capital efficiency, and avoidance of stuck or reverted transactions. The Solana Snap plugin acts as a powerful extension, supercharging MetaMask's features and providing access to the Solana ecosystem. This move highlights MetaMask's commitment to cross-chain interoperability and expands opportunities for users to engage with Solana's blockchain.
Neutron, in collaboration with Lido Finance and Axelar, has successfully launched the wstETH bridge, providing a crucial cross-chain link between Ethereum and the Cosmos ecosystem. This bridge allows users to freely participate in DeFi while benefiting from Ethereum staking rewards through auto-compounding LST wstETH. Its integration aims to accelerate the growth of emerging DeFi protocols within Cosmos, such as Astroport, Mars Protocol, ApolloDAO, and Levana Protocol. To encourage adoption, the bridge rewards users with a small amount of gas for a smooth onboarding experience. Future improvements include streamlined bridging back to Ethereum, WalletConnect support, and 1-click bridging to any IBC-enabled chain, contributing to a robust and non-fragmented liquidity ecosystem within Cosmos.
OMO, the innovative blockchain platform, has announced its integration with Arbitrum, a move set to enhance cross-chain trading and swapping options. With this integration, users can enjoy limitless on-chain trading experiences on the Arbitrum network. OMO simplifies cross-chain swaps by aggregating popular decentralized exchanges like Uniswap and SushiSwap, offering users a seamless and efficient way to access various assets across different chains. This integration marks another step forward in OMO's mission to provide users with versatile and interconnected blockchain solutions.
📊Bridge Stats
Key data insights from the bridging ecosystem in the past week👇
Bridge Volume
Bridge Inflows
Disclaimer: Data sourced from DefiLlama
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