Spin partners with Axelar

Published on: 16.08.2022
Spin partners with Axela

Spin partners with Axelar to enable cross-chain trading on NEAR Protocol. Axelar is a universal overlay network delivering secure cross-chain communication for Web3 users that supports different EVM-compatible blockchains including Aurora. 

The partnership of the two Web3 projects will simplify user access for DeFi from various chains to the wide variety of instruments offered on Spin including spot and perpetual trading, decentralized option vaults, and other types of derivatives and investment products.

The upcoming integration of Spin and Axelar will allow users from EVM blockchains to trade on Spin without the actual need to create a wallet and transfer funds to NEAR Protocol.

How will the Spin and Axelar integration work?

  1. You simply click deposit and insert the amount of USDC you want to deposit.
  2. Axelar receives the deposit and locks it on Ethereum, after that, passes a message to mint the equal amount of axlUSDC on Aurora.
  3. The second message is sent via the Rainbow Bridge to Spin to confirm that the ERC-20 USDC has been locked.
  4. Your balance is topped up by the necessary amount of NEAR Protocol’s USDC and you can start trading.

If the user’s balance on Spin increases after a few successful trades, they receive their gains directly to their ERC-20 wallet. If they suffer losses, Spin receives the difference from Aurora over to the platform, and the user receives the remaining difference. As simple as that — super smooth for the end customer!

Spin aims to make derivatives trading and investments more accessible to DeFi and CeFi users by offering them fast onboarding, a handy interface, low fees, instant speeds, and a wide range of trading instruments.

ABOUT Spin

Spin is a decentralized trading platform built on NEAR Protocol. Aims to bring a CEX competitive experience to DeFi users. The DEX was the first on NEAR Protocol to offer on-chain order book trading and to release decentralized Perpetual contracts. Shortly, the team will also release the first decentralized option vaults on NEAR. With 18,000 weekly transactions and 1,000 active accounts, Spin is one of the largest and fastest-growing platforms in the NEAR ecosystem.

Website | Twitter

ABOUT Axelar

Axelar delivers secure cross-chain communication. At its core is a permissionless overlay network that delivers Turing-complete message passing and composability of programs. A simple API enables developers to build cross-chain dApps. Connect users to any application, any asset, on any chain via 1-click experiences. Axelar is for Web3 and Stripe is for mobile and internet applications.

Website | Twitter

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