PayPal Files Patent for Off-Chain Payments to Speed up Cryptocurrency Processing
According to a recent patent filing, Paypal Inc. is developing a new protocol that will make crypto transactions faster — great news for Bitcoin and other digital currencies. Published last week, the patent details a new system that would transfer private keys outside of the blockchain to speed up transactions. Such off-chain solutions have been hailed by the likes of Microsoft as a solution to speeding up cryptocurrencies.
The payments processing company is one of many companies hustling to file new patents related to Bitcoin and other digital currencies. The application, filed with the U.S. Patent and Trademark Office, is for an “expedited virtual currency transaction system,” which the company claims will be able to significantly shorten digital currency transaction times.
What Does This Mean for PayPal?
The company says it wants to improve user experience and better compete against fiat credit card payments. Right now, its users experience a delay between the start of the transaction and when it is confirmed, with about a 10-minute waiting period being common.
“In many transaction situations, a 10-minute wait time will be too long for payers and/or payees, and those payers and/or payees will instead choose to perform the transaction using traditional payment methods rather than virtual currency,” PayPal said in the filing. “Issues like this have slowed the adoption of virtual currencies despite their advantages. Thus, there is a need for an expedited virtual currency transaction system.”
PayPal’s system will involve transferring private keys outside of the blockchain, using a secondary wallet with keys tied to predefined amounts of digital currency. The patent description explains:
“The systems and methods of the present disclosure practically eliminate the amount of time the payee must wait to be sure they will receive a virtual currency payment in a virtual currency transaction by transferring to the payee private keys that are included in virtual currency wallets that are associated with predefined amounts of virtual currency that equal a payment amount identified in the virtual currency transaction.”
Having to wait a long time for payments to go through has been one of the biggest criticisms levelled at Bitcoin. It’s what led Stripe to end support for payments made in Bitcoin earlier this year, with the company saying the digital currency had “evolved to become better-suited to being an asset than being a means of exchange.”
The “Lightning Network,” is another method that makes off-chain Bitcoin transfers through channels, and is touted by its developers as having the potential to offer “billions” of transactions per second. The protocol is presently being rolled-out. If both services see high levels of adoption, Bitcoin has a much better chance of mainstream adoption.
Gridex: An on-chain order book protocol, the catalyst for DeFi mass adoption
With the increasing popularity of decentralized finance (DeFi), the demand for decentralized exchanges (DEXs) with a better user experience and lower costs has become one of the primary goals of many blockchain projects. Gridex Protocol has taken a step forward in addressing this need by launching an on-chain order book trading protocol that offers robust decentralized attributes.
A new type of trading protocol using a dual algorithm framework
The Gridex Protocol team has introduced a new type of DEX using their dual algorithm framework, providing a solution to the shortcomings of existing automated market maker models used by mainstream DEXs. The team designed the GMOB model and GPLM algorithm to solve the problems of impermanent loss and high slippage issues preventing users from entering DeFi.
Centralized exchanges (CEXs) usually use a CLOB model for the matching engine algorithms. However, the CLOB model requires significant resources, making it impossible for them to be deployed and run on blockchain networks. The GMOB model improves the resource consumption problem caused by CLOB, allowing order books to be on-chain.
GMOB limits maker orders to an extremely narrow price range based on percentage limits, adding them to the system order book instead of executing them immediately. This feature increases liquidity in the entire system, like a CEX. Gridex Protocol drives incentives by providing makers with negative transaction fees.
The GPLM algorithm mainly handles transaction execution and settlement, measuring linear proportional relationships between changes in token prices caused by takers within a specific price range and token purchase quantities. Even if all transactions are on-chain, the gas consumption for the Gridex Protocol remains the same as a constant function market maker without imposing a higher cost burden on users.
Gridex Protocol provides clear advantages for users
Gridex Protocol is taking the user experience to the next level with its innovative technology. In the early stages of DEX development, the focus was on decentralization and transparency, but as the market evolved, improving user experience became a top priority.
Gridex Protocol offers a smoother trading experience and lower costs than its competitors. Tests have shown that trading with Gridex Protocol costs the same as Uniswap v3, at around 120,000 gas. However, completing orders with the “collect maker order” feature can save users up to 60% of gas fees compared with adding or removing liquidity with Uniswap v3. This innovative feature means users can save up to 40% on transaction costs by switching from Uniswap v3 to the Gridex Protocol.
The Gridex Protocol order system provides users with three granular options to balance transaction efficiency and fee income: 0.01%, 0.05% and 0.3%. For stablecoin pairs and other trading pairs where quick execution is essential, users can choose finer granular modes. Coarser granular options are also available for high-volatility tokens to obtain increased transaction rewards.
Gridex Protocol‘s native token GDX will list on D5 Exchange on March 15
Gridex Protocol has announced that it will list GDX — its native token — on D5 Exchange on March 15. According to the team, a total number of 200 million GDX tokens will be issued, of which 70% will be distributed to the community for proof-of-stake (PoS) rewards, maker rewards and airdrop rewards. The remaining 30% will be used to reward core contributors and early investors, and for project development and marketing.
According to the development roadmap, the Gridex Protocol team expects to launch a PoS mainnet in the second quarter of 2024, supporting mainstream layer 1s and layer 2s, establishing cross-chain order books, with D5 Exchange becoming the DEX that aggregates liquidity from the entire network.
Chainlink Price Feeds Go Live on Base Testnet, New Ethereum L2 Incubated by Coinbase
Today, Chainlink Price Feeds are live on Base testnet, a new Ethereum L2 incubated by Coinbase. Base aims to offer developers a secure, low-cost way to easily build decentralized applications. With this integration, developers building on Base can have access to industry-standard Chainlink Data Feeds and other web3 services.
Base will also be participating in the Chainlink SCALE program, designed to make Chainlink data and services available to developers at a lower cost. As part of the program, Base will cover certain operating costs of Chainlink services on its network, and reduce the gas costs incurred by Chainlink nodes when submitting oracle reports on Base.
“We’re super excited to launch Base with collaborators such as Chainlink, and to join the Chainlink SCALE program to empower developers with the critical data and services they need to build their applications,” said Jesse Pollak, Base lead.
Chainlink SCALE is an initiative centered around sustainably accelerating the growth of blockchain and Layer-2 ecosystems. Its focus is providing L1s/L2s with increased access to high-quality, low-cost, and in-demand oracle services by enabling them to cover the operating costs (e.g. transaction gas fees) of Chainlink oracle networks for a period of time. As blockchain/L2 ecosystems in the Chainlink SCALE program mature, the operating costs of oracle networks can increasingly transition toward being fully covered by dApp user fees.
“We’re thrilled to support the testnet launch of Base and work with them on the SCALE program to support the ecosystem growth and long-term adoption of the Base Layer-2 network,” said Niki Ariyasinghe, Global Head of Blockchain Partnerships at Chainlink Labs. “By reducing the operating costs of oracle nodes, Base will be able to bootstrap its ecosystem’s growth and become a more attractive environment for building secure and scalable Web3 apps.”
This deployment of resources will help Base become a secure and high-utility layer-2 solution in the Ethereum ecosystem, while giving its ecosystem developers a wide range of highly reliable oracle services for an extended period of time. This will set a foundation for Base to be able to support secure, fully featured, and highly performant applications.
Chainlink is the industry-standard Web3 services platform that has enabled trillions of dollars in transaction volume across DeFi, insurance, gaming, NFTs, and other major industries. As the leading decentralized oracle network, Chainlink enables developers to build feature-rich Web3 applications with seamless access to real-world data and off-chain computation across any blockchain and provides global enterprises with a universal gateway to all blockchains.
Learn more about Chainlink by visiting chain.link or reading the developer documentation at docs.chain.link.
Aurora Labs Launches Turnkey Blockchain Solution for Businesses Transitioning to Web3
Web3 infrastructure startup Aurora Labs announced the launch of Aurora Cloud, a platform and suite of products that allows today’s Web2 businesses to capture the value of Web3.
Aurora Cloud — Platforms like Amazon AWS and Microsoft Azure unleashed the potential of Web2 by democratizing the building blocks of the internet. In a similar way, Aurora Cloud — including Borealis Business, Aurora Pass and Aurora Silos — eliminates the technical and user experience barriers that keep Web2 businesses from capturing the full value of Web3.
The foundation of Aurora Cloud is Aurora, the innovative blockchain that provides full Ethereum compatibility, while leveraging the speed, low-cost and infinite-scalability of the third-generation layer-1 protocol, NEAR.
Borealis Business — The first pillar of Aurora Cloud is a transaction processing and accounting engine known as Borealis Business that allows Web2 companies to add blockchain capability to their applications in a way that completely removes costs and other technical complexities from the end-user experience. The product also includes all the data tools necessary to support business operational monitoring, understanding and optimization.
Aurora Pass — Many of today’s Web2 companies are mobile-first or mobile-only. For these customers, the second pillar of Aurora Cloud is the Aurora Pass digital wallet, facilitating the adoption of blockchain technology in mobile applications with minimal development work, and allowing users to authorize transactions using the same biometric facilities like Touch ID and Face ID they’ve come to know and love.
Aurora Silos — While the permissionless nature of public blockchains ushers in a new age of ubiquitous accessibility, many of tomorrow’s most valuable blockchain use cases will require app-specific and business-specific blockchains. To address this need, the final pillar of Aurora Cloud is Aurora Silos, which are customer-specific, dedicated blockchains, running on the Borealis Business infrastructure, and providing an unparalled feature set.
Aurora Silos go beyond Ethereum compatibility, allowing customers to design and implement their own custom tokens, tokenomics and even transaction fee mechanics, to support any imaginable blockchain business model. As a dedicated blockchain, Aurora Silo customers can implement multiple-levels of access control, perfect for KYC/AML-restricted “permissioned” DeFi environments, members-only access to games, or any context requiring the management of network access and activity — and without closing the door to interoperability and cross-network composability with public protocols like Ethereum, Aurora or NEAR.
White-glove service and support — For customers that need integration assistance, or even conceptual ideation around how to best adopt blockchain technologies in their businesses, Aurora Labs’ crypto-native business development and engineering teams are ready to serve as a partner every step of the way.
“It’s thrilling to be part of a technical revolution, and to be building the infrastructure that businesses need to onboard millions to Web3.” Alex Shevchenko, CEO and co-founder of Aurora Labs
The platform is currently in beta, and available for early business integrations.
About Aurora & Aurora Labs
Aurora is a platform for Web3 developers to build pioneering and scalable distributed applications. Powered by its high-performance Ethereum Virtual Machine (the Aurora Engine) and fully trustless bridge (the Rainbow Bridge), Aurora combines the builder-friendly development experience of Ethereum with the modern blockchain performance of the NEAR Protocol to offer an environment for creating highly scalable, carbon-neutral, future-safe, and low-cost Web3 services. To learn more, visit www.aurora.dev.
Aurora Labs is a Web3 infrastructure startup. To learn more, visit www.auroralabs.dev.
Thaw Digital Emerges from Stealth Mode and Announces First Protocol, Coolwater, to Facilitate Collateral Management of Tokenized Assets
Thaw Digital, a financial technology company, emerged from stealth mode today to announce the launch of its first decentralized credit protocol, Coolwater.
Coolwater provides trust-minimizing smart contract infrastructure to coordinate the terms on which capital can be called, deployed, and managed. While existing decentralized finance (DeFi) protocols allow for the tranching of financed assets’ repayment risk, Coolwater offers composable functionality to ensure that underlying collateral meets prescribed eligibility criteria and portfolio concentration ratios.
Thaw was founded in late 2022 by Tom Meister, who previously co-founded NepFin, a San Francisco-based fintech that was acquired by Zilch, and later served as Zilch’s US COO & General Counsel. Meister previously served as an executive at Funding Circle, a marketplace lender that went public in 2018, and began his career as a finance attorney in the San Francisco Bay Area. Thaw raised a pre-seed round led by C2 Ventures with participation by RNR Capital.
“The need for sound, transparent, self-executing collateral management extends beyond crypto. We’ve designed Coolwater not only to promote prudential risk management among DeFi protocols and crypto-native firms, but also as an entry point for traditional institutions to begin realizing the benefits of blockchain and smart contract technologies. This is the first offering at Thaw in our mission to help mitigate risk and broaden adoption for tokenized assets.”
Thaw joins a broader movement supporting the tokenization of real world assets (RWA), but still remains actively involved in the development of institutional markets for crypto-native assets as well. Thaw’s COO & Head of Product, Sumit Rastogi, previously held product leadership roles at Paraspace, an Automated Money Market for NFTs, and nWayPlay, a licensed NFT marketplace. While supporting RWA asset originators to deploy their own Coolwater vaults, Thaw is expected to sponsor its own vault strategy to support liquidity and growth for blockchain-native NFT projects.
About Thaw Digital
Thaw Digital, Inc. is a financial technology company that delivers liquidity and collateral management solutions for tokenized assets. Based in Oakland, CA, Thaw is supported by C2 Ventures and RNR Capital. For more information, visit www.thawdigital.com.
Changelly announces major update to its DeFi Swap platform
Changelly has released a significant update to DeFi Swap — a fully decentralized exchange (DEX) that embraces all of the benefits of decentralized finance (DeFi), including optimized transaction cost and instant transaction processing. From now on, users will be able to swap thousands of tokens on six various networks: Ethereum, BNB Smart Chain, Polygon, Avalanche, Fantom and Optimism.
Operating as a liquidity aggregator, Changelly DeFi Swap uses the smart router to find the best way for swap execution among different liquidity providers and to suggest the most optimal split to proceed with the transaction. Thanks to this update, every Changelly client can upgrade their crypto experience with the following:
- 3500+ DeFi tokens
- Beneficial rates
- Lots of liquidity sources with 100+ DEXs connected
To celebrate the DeFi Swap update, Changelly is launching a contest. Complete any swap via Changelly DeFi Swap by Feb. 13 at 8:00 am UTC for a chance to share a prize pool of 100 Tether. Additionally, one user who completes the biggest transaction by volume during the promo period will be guaranteed to receive 100 USDT.
Changelly provides an ecosystem of products and services that enables customers to have a one-stop-shop experience when engaging with crypto, including DeFi swaps, affiliate tools, a crypto platform for crypto trading and more. Operating since 2015, Changelly acts as an intermediary between crypto exchanges and users, offering access to various cryptocurrencies that can be effortlessly exchanged or purchased within a few minutes on desktop and on the go via the Changelly mobile app.
The Launching of the BIFROST Network, a Multichain Gamechanger
The multichain middleware platform BIFROST run by PiLab Technology, a South Korean VC specializing in blockchain services, recently unveiled their mainnet, the BIFROST Network. Fueled by their own mainnet, BIFROST hopes to create an easy-to-use multichain experience and to foster a unique blockchain ecosystem that leverages the multichain technology.
The BIFROST Network is a permissionless Substrate-based, EVM-compatible layer-one blockchain solution, with reasonable fees (averaging $0.03) and fast finality. Through node operators called relayers, the BIFROST Network formulates an optimal crosschain route and provides an excellent environment in which DApps can easily grow.
With the launch of the mainnet, BIFROST is introducing an advanced bridge function that supports automatic rollback of transactions should any crosschain transaction fail. This mechanism reverts the transaction to its original state to prevent assets from being lost. Also, by providing a reliable price oracle with prices verified by network validators, BIFROST further enhances its security through decentralization. The fact that BIFROST’s previous DeFi projects including BiFi and ChainRunner are available on the mainnet, is another benefit of the network.
Furthermore, BIFROST created the BIFROST Ecosystem Fund in an effort to nurture their newly-founded ecosystem. By incentivizing development of multiple DApps on the ecosystem, it will foster and support the BIFROST Ecosystem and the many projects that decide to make BIFROST their homes.
Dohyun Pak, the CEO of BIFROST, exclaimed that he is thrilled to showcase PiLab’s technological prowess to the global audience with the launch of their mainnet, and that the company will continue to focus on the public adoption of blockchain technology by building a healthy ecosystem.
PiLab Technology is a blockchain-based technology company that has developed multiple multichain services, including BIFROST and BiFi. With the mission of enabling DApps to operate on top of multiple protocols, Dohyun Pak founded the company with Jonghyup Lee, CTO, and Changhyun Yoo, COO, in 2017.
Recognized for its innovative technology and proving the scalability of its products, PiLab has raised $8.4 million in Series A led by Korea Investment Partners, STIC Ventures, and Yuanta Investment.
Notifi Launches on Arbitrum, Starting with Vesta and SynFutures
Notifi, the cross-chain messaging infrastructure layer for web3, is excited to announce its support for the Arbitrum Blockchain. With this integration, Arbitrum users can now receive real-time notifications from their favorite dApps on the blockchain through SMS, email, Telegram, wallet-to-wallet DMs, and more.
Notifi aims to solve the broken communication problem in web3 between users across different dApps and blockchain ecosystems. By launching its SDK support and Notifi Hub on Arbitrum, the platform takes a significant step towards achieving this goal. Arbitrum, a Layer 2 solution compatible with Ethereum smart contracts, has seen tremendous growth in the past year, making it an attractive option for developers due to its affordability, speed, and scalability.
With the Notifi Hub, Arbitrum users can now keep track of their web3 activity and notifications in one accessible and user-friendly location across all their wallets and supported blockchains. Meanwhile, the Notifi SDK allows developers on Arbitrum to create and manage notifications for their dApps without needing to build out the infrastructure.
Notifi is also thrilled to announce its launch partnership with Vesta and SynFutures, two prominent DeFi protocols native to Arbitrum. Vesta has added Notifi to improve the user experience by providing alerts for general announcements and liquidation threats, while SynFutures has integrated Notifi to provide key information to its traders in near-instant time. This allows users to receive real-time alerts wherever they are and on the channels they choose, making monitoring DeFi positions less time-consuming.
For more information, visit www.notifi.network.
Cryptomining? The opportunity Fog Hashing brought to CES 2023
Last year at CES 2022, Fog Hashing was the world’s first company to release a product tailored for decentralized home or office mining. That product immediately harvested public attention and went on hot sale afterward.
After one year of research and development based on the C1, Fog Hashing was back at CES 2023 with its latest product, the C2. In addition to the sleek aesthetics inherited from C1, four universal wheels have been added to C2, allowing it to travel around more easily. The sleek 1.35-inch OLED screen allows both touchscreen control and real-time display of the system’s operating status, making this hardcore mining machine more like a well-designed modern home appliance.
Besides its appearance, the C2 model is more pragmatic. As an upgraded model from C1, it optimized more than 30 details. The most eye-catching aspects are:
- The improved cost-effectiveness.
- The lowered noise.
- The enhancement of leakage protection.
- The optional integration with solar mining or heat recovery technology reduces the cost of mining.
Fog Hashing comes with its consumer end products, the C1, C2 and B6D, filling the gap in the consumer market.
A Mind-Blowing Product You May Never Have Seen Before
Apart from deep cultivation in the emerging decentralized consumer end market, Fog Hashing also devotes itself to the large-scale centralized commercial mining market.
Fog Hashing’s B6 and B24 tanks are all easily expandable for massive warehouse deployment, and the BC20 and BC40 mega mining containers have two options of external cooling systems to suit various climate environments, from the humid jungles in the Amazon to the dry Sahara, from the freezing Canadian tundra to the blazing Arabian Peninsula.
And the most mind-blowing product is the newly announced M6-56, a milestone in the entire mining industry.
Fog Hashing’s M6-56 will cure a headache that mining farms are facing nowadays – the refitting of current air-cooling models to immersion cooling costs labor and time expenses. More consequentially, it leads to the void of warranty.
Born to be the world’s first all-in-one immersion miner, Fog Hashing’s M6-56 is deeply integrated with Whatsminer’s M56, its first pure immersion mining rig. Some highlights are:
- The official immersion mining warranty.
- Up to 30% of the maximum overclock ratio.
- Remote monitoring and control by Fog Hashing’s SaaS platform.
- Dynamic power adjustment to save energy cost.
- Support the Demand Response program with a fast and safe batch operation.
Unprecedented Momentum in the Mining Industry
Though still at a young age, this Singaporean company has operated globally. Its supply chain management office in China provides customers with low-cost products, while its strategic development office in Silicon Valley, USA, not only equips Fog Hashing with state-of-the-art technology but also enhances its cooperation with multiple other companies in or beyond the mining industry.
Fog Hashing collaborated with iBeLink and co-developed the world’s first official immersion cooling miner, the iBeLink U series. A joint appearance of Fog Hashing and iBeLink released the latest products, BM-K3 and BM-N3 series, air-cooling models for now, but the immersion cooling version will be available soon.
The cooperation with Whatsminer on the M6-56, of course, can’t be ignored. Other cross-industry contributions include petrochemistry (the coolant) and chip-making (the next-generation chips targeting the cryptomining industry). Fog Hashing is holding an online launching event to release more information.
The past year has been challenging for everyone, but Fog Hashing still seems dynamic and ambitious. ”We will continue to innovate and bring more valuable products to our customers,” says Paul Li, CEO of Fog Hashing.
What innovations will Fog Hashing bring to the mining industry at CES 2024? Let’s wait and see!
VVSgotchi Launches on Cronos, Expanding dApp Ecosystem With Utility-Led NFT Game
VVS Finance, the leading Automated Market Maker project on the Cronos chain, announced today the launch of VVSgotchi, a Web3 game serving as an extension of VVS Finance’s Miner Mole NFT project.
VVSgotchi presents users with a variety of quests and competitions. Users can create teams of up to five Miner Moles to embark on expeditions. The game adds tangible utility to the Miner Mole NFT collection by presenting opportunities for users to earn experience points (EXP). These points can then be translated to a higher NFT boost multiplier on staked VVS Crystal Farms. A leaderboard page will rank Miner Moles in relation to the amount of EXP earned, and will be broken down into five rarities – Common, Special, Rare, Epic and Legendary. The higher the individual Mole’s ranking is on the leaderboard, the higher its NFT boost multiplier.
VVSgotchi will also offer the chance for users to win Miner Mole NFTs. These rewards come in addition to VVS Finance’s Miner Mole NFT online perks and real-life event invites. To participate, players will need to have purchased at least one VVS Miner Mole via the Minted Marketplace.
As a simple, user-friendly, decentralized exchange VVS Finance plays an important role in educating users on the power of Defi. Through implementing gamification, VVSGotchi hopes to educate, attract and onboard users to the crypto space, with users expected to increasingly become involved in dApps as the crypto industry matures. VVSGotchi will build upon the progress which has already been achieved to attract more users to the Cronos ecosystem by the VVS Finance Miner Mole NFT project.
Ken Timsit, Head of Cronos Labs said: “This recent addition to the #CROfam further enhances the efforts of Cronos chain in onboarding the next billion users to Web3 and DeFi by providing a diversified and exciting range of dApps. The launch of VVSgotchi will bolster the GameFi vertical, which has been a top priority vertical for ecosystem development programs such as the $100M-backed Cronos Accelerator Program. I am proud to see that we continue to see exciting new product launches on Cronos chain, even in these market conditions.”
In celebration of its launch, VVSgotchi will also be running a contest. Over the course of three weeks from 29 Dec 2022 to 19 Jan 2023, VVSgotchi will monitor its leaderboards, and the top-ranked Mole in each rarity category will win an additional Miner Mole. Winners will be airdropped a Miner Mole NFT at random, which will also vary in rarity.
About VVS Finance
VVS Finance is the leading decentralized automated market-maker (AMM) on Cronos. It is designed to be the simplest venue to swap and earn yields at the best available rate.
Built on the low-fee, high-speed Cronos blockchain, VVS Finance is a proven, audited protocol which stands out thanks to its comprehensive reward program. VVS Finance users can receive VVS, the governance token, and/or partner rewards by providing liquidity to the protocol or staking in Glitter mines.
In August 2022, VVS Finance launched the VVS Miner Mole collection of 10,000 utility-enabled PFPs (profile pictures). Each Miner Mole represents a membership pass to exclusive privileges on the VVS Finance platform, including boosted farming rewards, IGO benefits, and access to future projects.
VVS Finance is incubated by Cronos Labs – the blockchain startup accelerator that helps builders to create user-friendly applications on the Cronos chain and to drive mainstream adoption of Web3.
About Cronos chain
Cronos (cronos.org) is the first EVM-compatible Layer 1 blockchain network built on the Cosmos SDK, supported by Crypto.com, Crypto.org and more than 400 app developers and partners.
Cronos is building an open ecosystem where developers can create their own DeFi and GameFi applications, targeting a base of 70+ million users globally. Earlier this year, Cronos Labs launched a $100M Accelerator program to help developers build new projects and the future of Web3 within the Cronos ecosystem.
When developers build on Cronos, they can leverage all Ethereum developer tools (i.e. Solidity, Truffle, Hardhat, OpenZeppelin, Web3.js, ethers.js, ChainSafe Gaming SDK); leading crypto wallets (i.e. MetaMask, Crypto.com Defi Wallet, Trust Wallet); wrapped versions of the world’s top 50 cryptocurrencies; Cronos Play, a suite of developer tools for Unity, C++ and Unreal engine; inter-blockchain communication (IBC) cross-chain connectivity to Cosmos chains; and a rich ecosystem of composable DeFi and GameFi dApps.
Multichain is one year old
Multichain has been a multi-chain industry pioneer and has devoted itself to delivering industry-leading cross-chain services to users since its inception. Anyswap started as a DEX protocol in July 2020. As cross-chain interoperability technologies improved, we realized that Anyswap could deliver more to its community by addressing the growing demand for protocols specializing in cross-chain interaction.
To solidify our commitment to delivering the community’s needs, we officially rebranded to Multichain on this day last year. Since then, we have been the leading driver of the cross-chain economy. With over $90 billion on TVL across 3000+ bridges, we are proud to reach this milestone and incredibly thankful to you for supporting us along the way. So, for our first anniversary as Multichain, let’s look back at what we accomplished in the past year and what lies ahead for us and the multi-chain industry.
A look back at Multichain
Q1 – Our numbers proliferated
The Multichain ecosystem expanded rapidly in Q1. We did a 700% increase in TVL and incorporated about 600 new bridges spanning 39 public blockchains. In addition, we perfected our bridges to improve their conversion logic and transaction time and upgraded our router contracts to improve the developer experience.
We also introduced two new services, an upgradedNFT router – enabled the cross-chain transfer of NFTs via anyCall, and Co-mint – Which addressed liquidity fragmentation in Defi by allowing multiple bridges to mint the same asset, like stablecoins pegged to a common underlying.
Q2 – We pioneered generic cross-chain messaging
Even when the crypto community was hawkish with the bear market in full swing, it didn’t stop us from innovating and growing. For example, Multichain serviced $83.3 billion in cross-chain bridge requests, which accounted for about 40% of the total third-parge market share.
Q2 also marked the official launch of one of our most revered projects – anyCall, an infrastructure of generic cross-chain communication. anyCall enabled seamless cross-chain composability of smart contracts. Curve finance was one of the first protocols to adopt anyCall. In addition, Multichain also launched the fastMPC testnet in Q2, which opened the Multichain MPC network for open participation, further decentralizing the network.
Q3 – We transcended into a DAO
By Q3, Multichain had grown to support about 2891 bridges serving 739,000+ active users. Together, the Multichain community accounted for 49% of all cross-chain activity in Defi. We further perfected the anyCall protocol to V7, which introduced a fallback function to support innovative Dapps. Q3 also witnessed the mainnet launch of the fastMPC network for the public. Then, Multichain also transcended into the MultiDAO, an open community of contributors who could participate in governance and steer the direction of the community towards growth.
Q4 – We made many optimizations
Q4 was all about optimization and focusing on the fine details. We continued being one of the leading cross-chain solutions in demand in Web3. We realized the demands of our valued users and optimized our bridge fee policy. We also lowered the bridge fees charged for mainstream tokens and networks.
What sets us apart
Competitive pricing and a robust ecosystem
Multichain charges one of the lowest cross-chain fees among leading interoperability protocols. Furthermore, the Multichain network is one of the fastest cross-chain protocols in the market, without any compromise in security.
Extensive non-Evm network
Many cross-chain interoperability protocols connect EVM-EVM blockchains, but few (if any) expand across a wide range of non-EVM environments like Multichain, which connects Bitcoin, Near, OnXRP, Aptos, Mintme mainnets, and working on Cardano, Stellar, Flow, Solana testnets already.
Industry trends to look out for in ’23
This year was the age of layer-2s; projects like Arbitrum and Optimism saw a surge in demand and innovation, which stems from the fact that the growing crypto adoption has rendered layer-1s very expensive for standalone transactions. This trend is likely to follow next year as well, and we might see Ethereum being used more as a settlement layer for other blockchains, where high throughput execution is achievable.
Another trend that took off this year was the rising popularity of appchains and blockchain sovereignty. Appchains are blockchains built for one specific use case. Sovereign blockchains build on ecosystem protocols like Cosmos and Polkadot, which take up base layer overheads and help steer innovations toward execution and application.
Regardless of appchains or layer-2s taking the forefront next year, the undeniable fact is that both these paths lead to more demand for cross-chain sharing of information and resources. Therefore, the coming years will require cross-chain protocols to be more flexible with adopting new blockchain environments and decentralized applications.
What will we work on for ’23
Multichain is dedicated to addressing the needs of the cross-chain industry and understands the technological shifts it needs to adopt to deliver them. Therefore, we have some exciting innovations for the cross-chain community for the following year.
Let us share one such innovation. We call it Omni-Blockchain Interaction (OBI). OBI is a blockchain-agnostic cross-chain communication solution stack that appchain developers can use as a base infrastructure to seamlessly build customized cross-chain connection channels without the hassle of implementing trust and verification mechanisms from scratch.
The OBI stack includes
- Dapp layer – It will house the cross-chain NFT/token bridges and routers.
- Data layer – It comprises anyCall, which can communicate arbitrary information across blockchains.
- The underlying trust layer – A decentralized protocol for cross-chain public trust mechanism, which verifies and authenticates data based on MPC and ZK technologies, the base infrastructure that third-party developers can build upon.
Multichain realizes the potential of novel technologies like zk-proofs in delivering scalable and secure performance. We believe that the concept of zero knowledge also has applications in the cross-chain economy. In ’23, we will work on zk-proofs-based routers, more information will soon follow.
Lastly, one of our primary initiatives for the coming year will be to collaborate with partners and other Web3 communities to educate the users in the industry about the benefits and potential of cross-chain communication.
Thank you for the support
Like any other decentralized project in Web3, Multichain’s success is credited to the continuous love and support we have received during difficult and good times. We thank the Multichain community for having confidence in us since our inception; it inspires us to deliver more in the times to come.
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