The Cross-Chain Roundup #10
Week Roundup (23 - 29 January 2023)
Welcome to the final January edition of the Swing newsletter, your guide to everything that’s happening in the thriving cross-chain ecosystem. The longest month of the year is almost over and for the crypto community, the market recovery it’s hosted has been a long time coming.
The green shoots that heralded the dawn of a new year are turning into green seedlings. All we have to do is keep watering this thing for a few more weeks and we’ll have transformed the industry into the Garden of Eden again – or perhaps just a modest vegetable patch. Still, at least it’ll be a green space easy to traverse thanks to the panoply of cross-chain solutions springing up.
That’s right, we’re back to talking interoperability again in all its forms. Guess what? This week’s newsletter is full of cross-chain stories whose effects are threatening to displace Ethereum as the center of the crypto-verse. In the near future, your DeFi journey may not need to start and end on Ethereum: you can jump on and off in any ecosystem you like. Now isn’t that a thought?
SafeTransfer, a free and open-source tool for making token transfers safer, has been added to Avalanche network. It utilizes the "transferFrom" and "approve" functions to make token transfers foolproof. Instead of sending tokens, you approve an amount for the receiver and the receiver calls "transferFrom" to complete the transaction. Neat.SafeTransfer is now integrated to @avalancheavax 🔥 safetransfer.cash is a free and open-source tool making token transfers safer than ever before 👀 More details below! 👇
Jeremy Allaire, the co-founder and CEO of Circle, has announced that the launch of their Cross-Chain Transfer Protocol (CCTP) is getting closer. It will launch on Avalanche and Ethereum in Q1. Later in 2023, it will deploy on Solana and other chains.
Axelar has introduced a service that enables interchain dApps to transfer native EVM tokens across chains, without the extra step of wrapping first into an ERC20 on the source chain before transferring to another chain – or unwrapping after arriving back on the source chain. The native EVM cross-chain asset transfer feature uses Axelar’s Deposit Service, an ancillary infrastructure contract deployed on all supported EVM chains.
Arkham is a social layer for web3 that makes it easy to monitor on-chain activity including whale trades, NFT mints, influencer activity, and personal usage. In the past week it’s integrated with Avalanche, Polygon and Optimism, making it easier to track activity across the leading EVM networks.
In the next fortnight, Dexalot will be launching one of the first Avalanche Subnets, allowing low-cost transactions that will be ideal for its orderbook DEX. Dexalot has announced a partnership with LayerZero, whose lightweight generic messaging protocol will power the bridge to Avalanche mainnet.
ZenGo Becomes the First Non-Custodial Wallet with No Seed Phrase Vulnerability to Integrate with Polygon
ZenGo has brought its security architecture to the Polygon ecosystem, offering a secure self-custody experience for Polygon (MATIC), Ethereum, Bitcoin, and more with a built-in web3 firewall and live 24/7 support. ZenGo solves the seed phrase problem by using MPC (Secure Multi-Party Computation) that splits keys into multiple parts.
Allbridge Core has completed its Polygon integration. The cross-chain swap platform is built specifically for dollar-pegged tokens. It operates without the wrapped assets by providing native liquidity pools for the supported assets on each chain. The Polygon integration marks the fifth blockchain added to Allbridge Core.
Cross-chain swaps are coming to Fantom courtesy of Axelar. Fantom users will soon have no need to maintain wallets on other chains, hold non-FTM tokens to pay for gas, or make multiple hops for cross-chain swaps.
Key data insights from the bridging ecosystem in the past week👇
Total Bridge Volume (7 Days) 👉 ~ $11.45B
Top Protocols with the most TVL (7 Days) 👉 Lido ~$8.13B
Total Bridge Transaction Count by Chain
Beyond Bridges: A deep Dive Into Cross-Chain Interoperability
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