This partnership will allow wrapped Syscoin (WSYS) to be bridged over to ApexSwap on Avalanche. The bridge will be powered by Catoshi’s cutting-edge. Bridging technology and fully insured by UnoRe, a decentralized insurance, and reinsurance platform.
More information about the partnership
ApexSwap will facilitate the bridging of wrapped Avalanche (WAVAX) to the Syscoin’s L2 via ApexBridge. Similarly, wrapped Syscoin can be bridged over to ApexSwap via the Avalanche network.
This partnership is in keeping with Apex’s vision to increase decentralization across web 3 infrastructures and networks, as well as scale inter and multi-platform transactions.
Furthermore, Apex, through ApexSwap will facilitate the transfer and utilization of different tokens cross-chain via Syscoin’s L2. As a result, the bulk of transactions on these tokens will increase the net DeFi activity on Syscoin and help maximize Syscoin’s potential to be a mainstream smart chain. The increase in DeFi activity across Syscoin will also spike rewards for Syscoin’s masternodes.
“It’s our joy to partner with Syscoin. By helping make the value of Syscoin interoperable between Avalanche and Syscoin, it will compound the Network Effect and we believe this will be a big win for both Apex and Syscoin Holders”. — Tom Barr, CEO of Apex
Apex prefers launching ApexSwap on Syscoin’s L2 because of its multi-layered (modular) setup comprising layers which support scaling, decentralization, and security respectively.
“Partnering with Apex is such a welcome development. ApexSwap launching on Syscoin’s highly anticipated L2 is certainly a big stride towards achieving a truly decentralized, scalable, and secure DeFi ecosystem that will immensely benefit all users of the partner networks”. — Jag Sidhu, President of the Syscoin Foundation
Syscoin is highly scalable with a high transaction-per-throughput ratio and super friendly gas fees.
UnoRe will collaborate with Apex, Syscoin, and Catoshi to insure tokens on ApexSwap. The insurance will cover against any attacks on the Swap and encourage wider acceptance and participation, thus considerably lowering gas fees.
“Crypto projects and blockchain technology itself cannot grow without bridges — cross-chain protocols are the future, and Uno Re insuring the collaboration between two visionary projects in the space by covering the Apex Bridge to Syscoin‘s L2 fits in great with our ethos of advancing trust, safety, and thus the mass adoption of DeFi” — Jaskanwar Singh, Co-Founder, and CEO of UnoRe.
Catoshi, an industry expert in creating cross and multi-chain bridges, will build ApexSwap’s bridge. Catoshi’s seamless bridging technology covers the ETH, BSC, AVAX, FTM, CRO, as well as MATIC networks.
“We are delighted to receive recognition from Syscoin, it’s no easy task to build and maintain a project in this space for as long as they have. The team at Catoshi along with our partners at Apex and UNO look forward to building alongside Syscoin — we strive to imitate their longevity in the cryptosphere!” —Joshua, CEO of Catoshi
Apex is a true Node as a Service (NaaS) protocol built on the Avalanche blockchain and offers developer tools and infrastructure to set up and manage the nodes connected to the network.
Syscoin is a Proof-of-Work blockchain, merged-mined with Bitcoin. Merge-mining allows proof-of-work blockchain miners to mine multiple blockchains. Simultaneously and earn profits from both chains. Additionally provides security and prevents malicious mining activities.
Catoshi is a cross-chain bridge, positioned to be a major force in cross-chain compatibility. It allows Catoshi tokens to operate on various EVM chains including Binance Smart Chain, Ethereum, Avalanche, Polygon, and Fantom blockchains. With a focus on DeFi, it provides the safest security. Soon allows its token holders the ability to earn tokens from all bridged projects through a stacking pool.
UnoRe is the world’s first decentralized insurance and reinsurance platform. Built on the Polkadot blockchain.