Zilliqa x Switcheo Network Bridge
Zilliqa and Switcheo Network are building a bridge to Ethereum.
- Testnet is expected to go live for beta testing in about 10 days. Stay tuned for the exact date!
- A new incentive mechanism for mainnet liquidity providers for cross-chain assets.
- Sneak peeks of bridge UI/UX.
- Work on ERC20 ZIL token swap to start after bridge mainnet launch.
Blockchain protocols are increasing by the day, bringing with them a promise for greater inclusion, cost-efficient financial transactions, and a simpler and more accountable version of peer-to-peer commerce.
But these protocols don’t always speak the same language in the sense that their consensus mechanisms or their block structures could be completely different. These differences turn blockchains into isolated islands of dapps, tokens, and ecosystems creating barriers and unneeded complexities for users. In order to promote widespread adoption, interoperability between protocols has emerged as a critical and hot topic in the blockchain world.
Today, they’re going to tell you all about how the Zilliqa, Switcheo and Polynetwork teams are enabling interoperability, and the myriad ways in which it will help you — whether you are a token holder, a dApp creator, a blockchain enthusiast or just looking to learn more about ecosystem. They will also recap partnerships, outline how this project will be rolled out, and what you can expect in the coming months.
What is interoperability?
Blockchain interoperability enables different blockchains to seamlessly communicate with one another and facilitate transactions across different blockchains. Imagine builders on Ethereum and Zilliqa’s blockchains (and numerous others) being able to transfer data and transactions across other chains quickly and efficiently — being compatible with other chains without reprogramming their entire dApp!
Why does it matter?
Currently, a vast majority of blockchains operate in silos. This means that many blockchains can only read, transact, and access data within a singular blockchain. This limits blockchain user experience and hinders user adoption. Without interoperability, we have individual ecosystems where users and developers have to choose which blockchain to interact with. Once they choose a blockchain, they are limited to using its features and offerings. Not the most decentralised environment to build on right? No blockchain should be an island — and working alone doesn’t end well. We need to stay connected to different protocols so ideas, dApps and users can travel across platforms conveniently.
With interoperability, users and developers can seamlessly transact with multiple blockchains and benefit from those cross-chain ecosystems, application offerings in areas like decentralised finance (DeFi), gaming, supply chain logistics, etc. The list goes on. Interoperability creates the ability for users and developers to not be stuck having to choose one blockchain over another, but rather, they can benefit from multiple chains being able to interlink.
Ultimately, interoperability creates a more beneficial and friction-free experience for users and developers. It is an important driver of future crypto adoption and use.
What is PolyNetwork and why use it for Zilliqa’s interoperability?
PolyNetwork is a cross-chain interoperability protocol that helps bridge multiple chains and build the next-gen internet infrastructure. PolyNetwork is helping us standardise cross-chain interoperability, which in turn will create a better user and developer experience.
PolyNetwork has worked on interoperability with several major protocols (pictured below). So you can imagine how standardising interoperability procedures with such a partner will be powerful and impactful for Zilliqa!
The bridge in partnership with Switcheo
Switcheo is a top-notch blockchain team that builds decentralised protocols to disrupt traditional finance and grow the wider crypto DeFi ecosystem and global adoption. Switcheo is a key partner for us, and we’ve worked with them for a couple years now. Switcheo successfully launched the first DEX on Zilliqa, ZilSwap. As our partner on this project, Switcheo is helping us implement this interoperability bridge protocol. Having a collaborator, we are excited for this continued collaboration with Switcheo as we work towards a common goal of bringing more options of blockchain interoperability and DeFi/OpFi to the world.
The Larger Picture: What you can expect in 6–12 months
- Seamless movement of tokens across Ethereum and Zilliqa
- One can build dapps on Zilliqa that tap into dApps on other chains.
- Zilliqa’s existing ecosystem partners can trade on other chains e.g: ZWAP token could be traded on Switcheo DEMEX in the near future!
- dApps such as ZilSwap will bring more users, liquidity and assets to trade. Pillar Protocol would have more lending assets (i.e., BTC and ETH).
- More developers will build on Zilliqa. We can also expect more DEXes and other DeFi products to pop up on the scene.
What is Zilliqa?
Zilliqa is a high-performance and secure blockchain platform for next generation applications and enterprises.
What is Switcheo?
Switcheo builds platforms that break new ground. They bring you finance without limits, for lives without limits. Whether you’re a battle-weary trader or are just making your first purchase, there’s nothing cryptic about crypto on Switcheo.
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