BeamSwap Collaborates with Squid
BeamSwap Collaborates with Squid to continue adding cross-chain capabilities to Beamswap with Axelar-powered Squid.
With one-click interactions between any app, chain, or user, it greatly enhances the experience of users seeking to swap different assets without having to switch networks.
What’s more, the development process is as easy as it gets. Squid delivers clean smart contracts, APIs, and SDKs for apps to implement advanced, cross-chain DeFi logic with just a few lines of code.
Thanks to Squid, apps can tap into deep liquidity from any chain and thus scale their relevance in DeFi, NFTs, ReFi, DAOs, gaming, and other areas. Their users can easily swap assets from different networks in a single transaction without changing wallets or switching networks.
How does it work?
Squid relies on Axelar Network to sustain its advanced cross-chain swap and liquidity routing protocol.
In delivering straightforward swaps of native assets across different chains, Squid utilizes the capabilities of various DEXs, either through Squid SDK, front end, or smart contracts.
Thanks to Axelar’s generalized message passing, Squid-enabled swaps can even be composable. Any asset can be transacted between any application and any wallet with a simple one-click swap.
Squid’s Liquidity Model
With Squid, users of connected apps can swap any token to any token across all the supported chains, sourcing from the existing liquidity.
To sustain such transactions, Squid routes them through the axlUSDC/USDC stable swaps pools and USDC/native token pools on standard AMMs.
The USDC token provides deep liquidity in nearly all crypto asset pairs. This makes it ideal for conducting any-to-any swaps with instant execution — in less than 15 seconds on most chains.
Also, reliance on USDC reduces the need for multiple liquidity pools to achieve efficient liquidity for every swapped token.
What does Squid bring to Beamswap?
To amplify Beamswap’s functionality of asset swap, Squid is delivering advanced asset routing capabilities that will speed up cross-chain transactions and simplify user interactions with the Beamswap DEX.
Moreover, by tapping into deep cross-chain liquidity provided by Squid, asset swaps on Beamswap will become faster and more streamlined.
The cross-chain connectivity will further allow Beamswap to expand its reach and support DeFi functions across many chains and cater to a wider spectrum of DeFi communities.
About Squid
Squid is a cross-chain swap and liquidity routing module built on Axelar. By implementing Axelar’s generalized message passing, Squid allows users to swap any native asset with another on any chain.
About Beamswap
Beamswap is a DeFi Hub built on the Moonbeam Network. Featuring a decentralized exchange (DEX) and an automated market maker (AMM). It gives users the freedom of adding liquidity, performing peer-to-peer transactions, swapping fungible tokens. And earning passive income from staking and yield farming. Beamswap will support the growth of Moonbeam’s ecosystem and act as a launchpad for new projects developing on the network. Our team’s mission is to aid in the multichain vision to serve as a host for projects on the Moonbeam & Polkadot Ecosystem while working alongside projects with existing infrastructure looking to bridge into the multichain universe.
SOURCE:
https://medium.com/beamswap/beamswap-partners-with-squid-to-enhance-cross-chain-swaps-29c133d65d6e
