LiquidApps, the R&D company focused on optimizing decentralized development, announces that the DAPP Network community has successfully deployed a cross-chain communication channel that allows tokens and data to flow freely across different blockchains, with an initial implementation between Ethereum and EOSIO-based chains.
Decentralized finance (DeFi) has exploded into a multi-billion dollar sector with novel use-cases. Yet, at the same time, it is limited by the constraints of base-layer blockchains as it seeks the scalability, liquidity and cost-efficiency required to reach the masses. Many leaders in the DeFi space, such Uniswap and Synthetix, have already signalled their intention to utilize second-layer solutions as a means of reaching scale that is inconceivable with only base-layer blockchains. Cross-chain technology opens up a world of crucial functionalities that combine relevant strengths of different blockchains and drive immense opportunities for projects and users alike.
The Ethereum bridge now allows projects on other chains to plug into Ethereum’s liquidity and financial services ecosystem. At the same time, Ethereum developers can utilize the bridge in order to harness the DAPP Network’s universal layer-two to scale their dApps beyond belief, while keeping their tokens on Ethereum. They can also leverage additional functionalities available on the universal layer-two including reduced gas costs, customizable sharding, and innovative oracle, which are all offered on a free market basis. Ethereum tokens can also be migrated over to alternative ecosystems for high-throughput trading.
The cross-chain bridge utilizes a combination of DAPP Network services, including high-throughput oracles for accessing trustworthy external data, and a cross-chain data transfer service, to enable the flow of tokens and other forms of data between different chains (currently operational between EOSIO & Ethereum). The technology’s features allow dApp developers to connect assets, actions, and applications across the DeFi ecosystem, creating more cost-effective infrastructural options and tailored trustlessness for dApps.
“We were excited to see our vision come to fruition with the successful flow of tokens from Ethereum to EOSIO and back, and the role the DAPP Network community played in facilitating its success,” says LiquidApps CEO, Beni Hakak. “We are one step closer to taking down the walls between chains. Developers should no longer ask which chain they should develop on, but rather combine the relative strength of multi chains into superior dApps and products. Multi-chain vision, with all the liquidity and scalability it can help provide, has taken a massive step forward.”
Founded in 2019, LiquidApps is a technology company focused on optimizing decentralized development. The company empowers developers and companies with a suite of powerful services running on the first of LiquidApps’ inventions, the DAPP Network, which allows teams to accelerate their development milestones and deliver working products that solve real user problems. Its core team consists of top-tier blockchain technology experts and experienced entrepreneurs.