It’s finally happened – the iconic phrase from Freddie Mercury’s cult hit song “I’m going slightly mad” is the most fitting way of describing the simmering events that culminated in the shutting down of the Binance Bridge on November 25th.
Though not unexpected, the event sent shockwaves through the decentralized industry, giving many of participants food for thought and a reason to reminisce about the essence of cross-chain bridges, and their true use cases. Bridges have become popular in recent times, considering the fragmented nature of the blockchain space, and the abundance of various digital assets that users would like to transfer between the many blockchains. At its core, a blockchain bridge is exactly what its namesake means – a way of transferring assets across blockchains and protocols in a seamless and fast manner without forcing users to incur needless charges by mucking about on exchanges.
But the fact that Binance Bridge is down means that a new niche of opportunity is opening up before its competitors – competitors like the EVOdefi bridge. It is such solutions that users refer to in the most practical and common use case scenario involving the transfer of USDT or USDC across different networks. And this very use case reveals the core requirements for cross-chain bridges.
A true cross-chain solution has to be lightweight and flexible to be able to support and interact with the many blockchains operating on the market. Given that previously obscure, or lesser-known blockchains like Solana are gaining ground, cross-chain bridges have to be versatile, and their integration must be both swift and user-friendly.
The availability of liquidity and the speed of its travel across chains is just as important for a bridge to be considered. Without sufficient liquidity in its pools, a bridge will not be able to support large volumes of transactions, limiting its scalability potential. And that very scalability must also rely on low commissions that users must find adequate and competitive enough to accept.
The EVOdefi bridge offers such a solution, an extremely viable one that has bolstered its chances at recognition with the untimely cancellation of the Binance Bridge. As a highly versatile cross-chain option, EVOdefi offers its users the opportunity to transfer not only tokens, but also NFTs, fast-tracking the adoption of the bridge for metaverse, GameFi and other applications.
The EVOdefi bridge can interoperate across numerous blockchains, with the Cronos network from Crypto.com – the fourth largest crypto exchange – being the latest addition to the growing list. Cronos is a breakthrough solution for porting apps and smart contracts from Ethereum and support for the Cosmos ecosystem. The selection of EVOdefi bridge as the most stable option for a powerful newcomer into blockchain space, which Crypto.com invests tens of millions into, is a stark indicator of the capabilities and potential that the cross-chain bridge offers.
Such confidence in the EVOdefi bridge was inspired by the speed at which it was able to integrate new networks, and the fact that it was the only bridge that managed to adequately work with all blockchains in the selection required by Cronos.
With the development of the EVOdefi bridge, it seems that the days of vintage processes involving exchange-to-address crypto transfers are finally approaching their twilight hour. All users now need to do is resort to the EVOdefi bridge for a hassle-free cross-chain experience that the solution offers as an all-in-one next-gen facilitator of DeFi and crypto market operations.
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