LiquidApps’s Bifrost Bridge Makes EOS the First Decentralized Chain to Integrate USDC

LiquidApps’s Bifrost Bridge Makes EOS the First Decentralized Chain to Integrate USDC

Decentralized finance [DeFi] has garnered impeccable traction over the last couple of months. LiquidApps, a platform focused on optimizing decentralized development seemed to be aiding the growth of the DeFi market.

While the DeFi space has managed to lure in an array of individuals, it still suffers from siloed blockchains. However, LiquidApps seems to be on a mission to change this by building cross-chain bridges. With this decentralized development solution provider, EOS is all set to become the first truly decentralized chain to integrate USDC.

LiquidApps To Boost The DeFi Space With Its Cross-Chain Bridge

LiquidApps created an uproar in the crypto market with the launch of a cross-chain medium that allows users to transfer tokens or data to different blockchains without any hassle. Now, the platform is making use of the Bifrost bridge, developed by the community-led DAPP Account DAO (DAD), to allow the free flow of USDC or DAI to be bi-directionally transferred between Ethereum and EOS.

The aforementioned community, DAD has also rolled out eCurve, an EOS clone of the decentralized exchange Curve, that has witnessed over $1 million of DAI/USDC liquidity cross over it from Ethereum. eCurve stands out as the network carries out feeless transactions while being time-efficient. However, the transactions on Ethereum’s Curve cost anywhere between $1-200 each and take up to 10-15 minutes.

More recently, EOS lost one of its major DeFi projects to the Binance Smart Chain. This bridge could pose as a savior for the network in broadening and establishing ground in the DeFi space. This can be viewed as a proof of concept employing EOS.

Additionally, the DAD bridge can also pave the way for arbitrage across chains. A total of three stablecoins including, wrapped DAI, wrapped USDC, and EOS USDT are a part of the eCurve’s three-coin swap pool. The possibility of ETH users swapping their USDC or DAI to any stablecoin to a stablecoin with the highest ratio in the pool stands even if the equal one-thirds model falls out of equilibrium.

Elaborating on the emergence of the DeFi space and cross-chain bridges, Raman Bindlish, the founder of Blockstart, a prominent DSP on the DAPP network, stated,

“These are exciting times for us as developers of the technology as years of hard work from multiple teams coming to fruition. We are seeing the vision of multi-chain DeFi materialize and it can really enable the solutions that can scale to the same level as traditional finance.”

The progression of the DeFi space is inevitable. With several platforms making their way into the DeFi space, the existing ones are forced to keep up with the needs of their users and LiquidApps seems to be heading in the same direction. 

Published at Tue, 06 Apr 2021 04:06:02 +0000