The Cross-Chain Roundup #13
Week Roundup (February 13 - 19, 2023)
Welcome to the latest edition of the Swing newsletter, your passport to everything that’s happening in the thriving cross-chain ecosystem. This week we’ve got stories plucked from the beating heart of DeFi, innovations in the ever-expanding NFT universe, and deep dives into zk-chains for those with time to learn.
Once again, we’re talking interoperability in all its forms. This week’s newsletter is chock full of cross-chain stories whose effects are threatening to displace Ethereum as the center of the cryptoverse. In the near future, your DeFi journey may not need to start and end on Ethereum: you can enter and exit in any ecosystem you like. What a time to be alive.
Game of NFTs is a two-phase interchain event that will test out the underlying tech. Interchain NFTs will be realized with the aid of the ICS-721 token standard. The forthcoming interchain NFT upgrade for IBC will unlock incredible potential for Cosmos, introducing NFT interoperability between blockchains.
2. Avalanche Blockchain Transactions Grew by 1,500% in 2022
Bear market? What bear market? Despite 2022 being down only for token prices, it was up only for Avalanche adoption. Transactions on the Avalanche blockchain grew as much as 1,500% last year compared to 2021 according to new data from Nansen. By late November last year, a record 450 million transactions had been made on Avalanche during 2022.
3. Planet IX Integrates Connext to Support Cross-Chain Staking
Planet IX, the most popular web3 game on Polygon, has integrated Connext to enable a better gaming experience via cross-chain staking. Land NFTs are created on Ethereum and need to be staked in order to receive rewards on Polygon, where the game runs. Planet IX’s integration with Connext enables secure communication between the two chains while managing the underlying cross-chain infrastructure.
4. DefiLlama Adds Yield Alerts Feature
Yield chasers no longer need to refresh their favorite aggregator site in search of the sickest place to park their stables and crypto assets. DefiLlama has added a new feature that allows users to subscribe to alerts for new farms that match their specified conditions. For example, you can receive an email notification when a new farm offering >10% APY on ETH with >10m in TVL becomes available. Pretty neat.
5. UMA and Snapshot Labs Partner to Introduce Gasless Voting
UMA and Snapshot Labs have joined forces to create gasless voting with on-chain execution. oSnap is a joint effort between UMA and Snapshot to add this execution functionality specifically for Safe multisig wallets. The result is that DAO token-holders are able to propose and execute proposals from start to finish, without any specific individual’s signature required.
6. BitGo Becomes First Custodian to Support Sui Ecosystem
The Sui Foundation has announced a partnership with BitGo, the leading crypto staking and custody firm. BitGo will provide custody and staking services to the Sui ecosystem, making it safer for businesses and consumers to store native assets and participate in staking. The hype around Sui is building.
7. Reverse Hack Restores Majority of Stolen Platypus Funds
Barely a week goes by in DeFi without a major hack of some kind. Thankfully, this one ended relatively happily for the affected party. In a sophisticated reverse hack, a substantial chunk of the Platypus Finance stolen millions was recovered. The whitehats used a flash loan to trick the attacker’s smart contract into handing back the loot.
8. Allbridge Core Integrates Polygon into Its Stablecoin Swap Platform
Allbridge, the cross-chain solution provider, has integrated Polygon into its stablecoin swap platform, Allbridge Core. Polygon offers a new route for stablecoin swaps in addition to Ethereum, BNB Chain, Solana, and Tron.
How crypto’s zero-knowledge proofs could hit the regulation-privacy ‘sweet spot’
Polygon: Cross Chain Defi with Osmosis and Axelar
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