Traditionally, decentralized exchanges have operated within the confines of a single blockchain, limiting their utility. However, with the rise of blockchain fragmentation, where each chain has its own ecosystem, Cross-Chain DEXs are helping to connect disparate networks. For example, users can now seamlessly swap tokens between Ethereum, Binance Smart Chain (BSC), and other blockchains, without having to go through centralized exchanges or rely on wrapped tokens.

One of the key advantages of Cross-Chain DEXs is their ability to enhance liquidity. By aggregating liquidity from multiple blockchains, these platforms can offer better trading pairs and reduce slippage. Furthermore, the ability to trade assets natively, without converting them into wrapped tokens, lowers transaction costs and improves efficiency.

Another benefit is decentralization. Unlike centralized exchanges, which store user assets in a single location, Cross-Chain DEXs operate autonomously, ensuring greater security and privacy. Additionally, users maintain full control over their private keys and funds throughout the transaction process.

However, despite these advantages, challenges remain. Cross-Chain interoperability requires sophisticated technology and reliable bridges to ensure smooth transactions. Moreover, issues such as security vulnerabilities and network congestion can still pose risks.

In conclusion, Cross-Chain DEXs represent a significant step forward in the DeFi ecosystem. As blockchain technology continues to mature, these platforms will play a crucial role in creating a more interconnected, efficient, and decentralized financial landscape.

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Definition: An aggregated blockchain is a horizontally scalable multichain ecosystem. It allows different blockchains to share liquidity and state, enabling smooth interactions across chains. This new approach connects sovereign blockchains to enhance scalability and interoperability.

For Users: Aggregated blockchains enable one-click transactions across different chains, making the experience as straightforward as navigating the internet.

For Developers and Chains: Aggregated blockchains offer access to the user bases and shared liquidity of multiple blockchains. Developers can focus on market fit without worrying about competition for resources or bootstrapping liquidity. Chains benefit from network effects while maintaining their independence.

The AggLayer: The AggLayer is the first example of an aggregated blockchain network. It integrates contributions from Polygon Labs, Succinct Labs, Toposware, and more. OKX’s X Layer, built with Polygon CDK, joined AggLayer in April 2024, allowing over 50 million users to access unified liquidity and network effects.

Scaling Debate: There are two main approaches to blockchain scaling: monolithic and modular. Monolithic chains integrate all functions within a single environment, while modular chains separate functions across multiple chains. Aggregated blockchains combine these approaches to achieve both shared liquidity and modular flexibility.

Benefits:

1. Asset Fungibility: Users can transfer native tokens across chains using a unified bridge without needing synthetic tokens.
2. Low-Latency Interaction: Cross-chain transactions can occur quickly without waiting for Ethereum verification.

For Developers: Developers can create specialized execution environments using tools like Polygon CDK and connect to the AggLayer for liquidity access. This setup allows developers to optimize for specific use cases without competing for shared resources.

For Users: The aggregated network offers a user experience similar to a single chain but across multiple, modular chains, resembling the current internet’s simplicity.

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Elusiv is thrilled to announce it has raised $3.5M in a seed funding round, and will use the funds to build out its development team, fund security audits, and bring its solution to multiple blockchains.

Other Investors in Latest Funding Round

The other investors in this latest funding round include Jump Crypto, NGC Ventures, Big Brain Holdings, Anagram, Cogitent Ventures, Equilibrium, Marin Ventures, Token Ventures, Moonrock Capital, Monke Ventures, SolanaFM, as well as several angels, including the founders of Solana, Zeta, Notify, Solflare, and UXD Protocol.

Management Quote

Elusiv co-founder Yannik Schrade commented that;

“Financial privacy is a requirement for individual freedom. However, advancing the adoption and acceptance of privacy-preserving tech also requires capable compliance. ZK and new decentralized technologies allow us to overcome the notion that privacy and compliance are exclusive and instead enable us to form a new kind of symbiosis between privacy and compliance.”

Elusiv said it intends to become the backbone of the blockchain financial ecosystem, providing everyday users and merchants with privacy while still maintaining safety through low-trade-off compliance solutions. The project will make standard transactions private and, at the same time, give users the freedom to choose which transactions to make public using Elusiv.

LongHash Ventures’ General Partner and Chief Operations Officer, Wei Shi Khai said;

“Privacy is a human right worth protecting and has been a persistent pain point in Web3. We at LongHash Ventures are excited by Elusiv’s strong position to address this space with their user-friendly and scalable integrations while maintaining a practical approach to compliance. Moving forward, we see privacy as a key modular layer in our multi-chain infrastructure thesis, especially as more social and identity use cases mature.”

Elusiv can directly be integrated into wallets and protocols with the added benefit of working even if only one party is using it to maintain their privacy.

Louis Bauer, Venture Partner at Staking Facilities Ventures, added that;

“Elusiv is building the ground layer for more sensitive transactions to happen on-chain. Enabling privacy in a compliant manner so blockchains can eventually gain wider adoption. Their focus on strong integration partnerships will help bring this closer to the average user, while Elusiv VMs allow developers to deploy their own ZK-proofs in a cost-effective way. We are excited to back such a hungry and dedicated team as they contribute to growing and maturing the blockchain ecosystem.”

Plans by Elusiv

Elusiv added that it had invented various new compliance systems, utilizing Zero-Knowledge proofs and advanced cryptography to ensure compliance. Indeed, its advanced compliance system uses a decentralized network of trusted execution environments (TEEs) to achieve a consensus over malicious actors.

Elusiv also plans to introduce “Elusiv Virtual Machines”. To let developers use Zero-Knowledge Proofs for their applications without worrying about the complex cryptography involved. It means developers will be able to build their own ZK applications in a fraction of the time with a fraction of the cost.

About Elusiv

Elusiv is a Zero-Knowledge privacy protocol for privately sending and receiving funds on-chain with a big focus on compliance. The platform combines privacy with safety by offering compliance in mind next-generation privacy solutions for a better Web3.

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About LongHash Ventures

LongHash Ventures, a leading Web3 investment fund and accelerator collaborating closely with founders to build their Web3 model and tap into the vast potential of Asia.

Website | Twitter

SOURCE

https://coinmarketcap.com/community/articles/6363d8180f93b3546f162b2e

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Celo has raised $77.3M in funding to promote the adoption of Web3 by common people worldwide across a variety of use cases.

Expanding Ecosystem

Celo’s expanding ecosystem of mission-aligned businesses includes Loam, impact market, Circular Impact, Hyperlane, RedStone, Jia, and Tatum.

“Great entrepreneurs can raise in any market,” says Rene Reinsberg, Celo Co-Founder and Celo Foundation President. “I am immensely proud of our ecosystem projects in raising over $77 million across various venture rounds. This demonstrates how bullish investor sentiment is in driving mainstream adoption of Web3 and real-world use cases for real people.”

Hyperlane, an interchain communication protocol, and application development platform raised $18.5 million in seed funding, led by early-stage crypto venture capital fund Variant. Hyperlane will provide developers with the infrastructure to build better interchain applications by promoting cross-chain communication and interoperable security.

“Our mission at Hyperlane is to connect blockchains with seamless interfaces for developers so that they can serve users on any chain, and we’re thrilled to bring our interoperability capabilities to the vibrant developer ecosystem on Celo,” said Jon Kol, co-founder at Hyperlane. Asa Oines and Nam Chu Hoai, also co-founders at Hyperlane, were among the Celo platform’s first engineers at cLabs.

ReFi Projects

ReFi projects have also raised a collective $6 million, including Loam ($4M), which aims to create a marketplace for farming data to incentivize farmers to engage in regenerative practices; impact market ($1M), which unlocks access to finance and implements human empowerment mechanisms, like Unconditional Basic Income (UBI) for vulnerable communities; and Circular Impact ($1M), a platform built in partnership with Sanergy, which will enable circular economy companies to quantify and monetize their positive impact using Web3 infrastructure, starting with carbon.

“As a ReFi project, there’s no better place to build than Celo,” says Birju Shah, Loam CEO. “Celo’s ecosystem is staunchly committed to building a regenerative world, and cares deeply about helping people and the planet––as with Loam’s community of farmers across the U.S., Brazil, Europe, India, and Africa––and creating the conditions of prosperity for all.”

DeFi Platforms

Decentralized finance platforms, including RedStone, which delivers frequently updated, diverse data for dapps and smart contracts, raised $7 million; Jia, which provides blockchain-based financing to businesses in emerging markets, raised $4.3 million in pre-seed funding.

Blockchain development platform Tatum, an early Celo Foundation grantee, has also secured $41.5 million. “The Celo ecosystem has been supporting Tatum from the very beginning, committed to our mission to revolutionize blockchain application creation, and integrating our tooling platform for their Web3 projects,” Tatum CEO Jiri Kobelka says. “We’re proud to be partners in this dynamic and fast-growing ecosystem of creators and builders.” Blockchain SaaS startup MakerDojo, which also supports Celo, further raised $1.5M in pre-seed funding, led by Leo Capital.

Other Celo ecosystem projects currently raising funds include Celo entrepreneur-in-residence Michael Keating, formerly the founder and CEO of Scoot, who is launching a new electric mobility venture, and Mento, a decentralized stability protocol powering stable assets on the Celo blockchain, among others.

Aiming to bring Web3 to every mobile device by mapping encrypted phone numbers to wallet addresses and granting access to an ecosystem of dapps via low-powered smartphone devices, the network is built on the industry-leading carbon-negative Celo platform and gives founders and builders access to 18.6+ million wallet addresses in more than 150 countries worldwide.

About Celo Foundation

The decentralized, open source, mobile-first Celo platform, developed with backing from the Celo Foundation in order to help create a carbon-negative financial system that fosters prosperity for all. The Foundation follows the principles of the Celo community and supports initiatives that promote and support an inclusive financial system, such as education, technological research, environmental health, community participation, and ecological outreach.

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SOURCE

https://www.businesswire.com/news/home/20221027005377/en/Celo-Ecosystem-Projects-Raise-Over-77-Million-in-Funding-to-Support-Financial-Inclusion-Interoperability-Regenerative-Finance-ReFi-and-More

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