In the last couple of years, DeFi has gained immense traction and value. In one year only, the total value locked in different decentralized finance dApps has grown from a mere USD 5.73 million to nearly USD 9 billion today. From simple agreements to complex trading, loans, and asset transfers, DeFi is now available for every conceivable traditional finance.
The non-custodial nature, trustless environment and flexibility of creating own smart contracts has certainly a few of the driving forces that have pushed DeFi to new heights. However, one issue plagues DeFi today.
Giving true financial freedom to people, there are many blockchain ecosystems that offer DeFi dApps and services. The sheer number of different offerings means that people have a lot of choices when it comes to selecting their preferred dApp or DeFi service.
Yet, this is the very reason that has become an issue today. With hundreds of different services that use different blockchains, each has become isolated. A DeFi service on Ethereum, for example, cannot interact with one built on TRON. At times, one of the parties may have assets and cryptocurrencies on one network, but the other party may be on a different network altogether.
This phenomenon of isolated and decentralized systems is today the biggest hindrance that DeFi face, perhaps the major one that is stopping it from being adopted at a mass level.
LiquideApps: Bridging Networks
LiquidApps is a blockchain platform that is on a mission to eliminate the isolation barrier. Rather than design another blockchain network that it would claim to be the future’s de facto DeFi ecosystem, LiquidApps has come with a novel solution. Through its second layer of blockchain environment and apps, the platform allows multiple chains to connect through its bridging system.
The connectivity is more than just a highway created for the transfer of data and information. LiquidApps allow two or more blockchain systems to harness the powers of the other. A high-speed blockchain, built for a greater number of transactions per second (TPS) and scalability, for example, can connect with another major blockchain that offers a high level of liquidity. In this case, the former would benefit from higher financial power while the latter would be able to tap into the scalability and increase its speed.
The LiquidApps leverages its DAPP Network that not only allows cross-chain connection but access to a range of other services, such as:
- Liquid Links: Create the ability to connect to different blockchains at once.
- Liquid Accounts: Easy onboarding of new users as they would become chain independent.
- Liquid Oracle: Connect to oracle based data sets and import information from any chain and service to your own.
- Liquid Scheduler: Set up events, timers and other time management tools across chains.
- vRAM: The memory power you need, decentralized and spread across the globe.
- vCPU: Solving the computing power needs by tapping into a blockchain connected computer.
ETH EOS Bridging
LiquidApps has recently announced the successful connection of their first cross-chain bridge. Now, Ethereum and EOSIO can easily have flow of information and tokens. Ethereum is the largest blockchain ecosystem with the maximum number of DeFi platforms and services. EOSIO users can now tap into the liquidity and large number of services offered on the Ethereum network, allowing the users to access to a whole new financial environment that they were cut off from.
DeFi and other dApps users on the Ethereum network naturally have the ecosystem’s liquidity, but the network is too slow to perform the sheer number of transactions required. Ethereum is currently facing scalability issues, a mere 15 TPS. Compared with EOSIO’s 10,000 TPS, that is a snail’s pace. The bridging will allow DeFi apps to work faster as more and more users from EOS use them, while EOS users will find ease of trading their assets.
CEO of LiquidApps, Beni Hakak was proud of the achievement, stating,
“We were excited to see our vision come to fruition with the successful flow of tokens from Ethereum to EOSIO and back, and the role the DAPP Network community played in facilitating its success… We are one step closer to taking down the walls between chains. Developers should no longer ask which chain they should develop on, but rather combine the relative strength of multi chains into superior dApps and products. Multi-chain vision, with all the liquidity and scalability it can help provide, has taken a massive step forward.”
LiquidApps is fueled by a team that consists of the top blockchain experts, each bringing their experiences and working together towards the common goal of creating a single network that is truly global and creates true financial freedom.
To know more on how LiquidApps connects different blockchains, check out their website.