APYSwap Announces Solana Bridge To Further Cross-Chain Interoperability

May 10, 2021 1:46 pm
Share to Linkedin Share to Twitter Share to Facebook Share to Print License More
APYSwap Announces Solana Bridge To Further Cross-Chain Interoperability

APYSwap, a protocol for the decentralized exchange of shares of Tokenized Vaults, is announcing a bridge to the Solana Ecosystem. This bridge is aimed at expanding APYSwap’s cross-chain interoperability to non-EVM blockchains in addition to solving certain challenges when bridging from Ethereum.
 
From the start APYSwap bridge is supporting token exchange between Ethereum, Solana, Binance Smart Chain and Huobi ECO Chain. Although only APYS token can be swapped at the moment, it can be done from any to any blockchain in the supported list.
 
APYSwap is not the first bridge to Solana, there is also a Wormhole bridge, which has launched recently. Wormhole is a great product, which for now supports token transfers between Ethereum and Solana only.
 
According to APYSwap: “After analyzing current Wormhole design we’ve decided that there is a lot of space for competition. Our solution is characterized by more modular design, allowing adding new blockchains quickly and reliably”.
 
Another important difference of APYSwap bridge design is moving oracle consensys on-chain. This makes their bridge implementation much more transparent than the competition. This extended and transparent accountability also created a possibility for oracle specialization within the system. There will be no requirement for all the oracles to monitor all the blockchains. Each oracle or validator can pick and choose which blockchain to operate on and get compensated accordingly.
 
Regarding the current bridge, Andriy Velykyy, CEO of APYSwap said: “The current implementation of the bridge initially supports APYS token as a proof of concept.  We are currently working on developing a modular version of the bridge to support the Solana ecosystem and corresponding assets.”
 
APYSwap has scheduled this product to be finalized within 3 months from its launch in late May. The modular bridge will have the following features for people who are looking to utilize an efficient Solana bridge solution: 
 

  1. On-chain consensus that will provide users transparency. 
  2. Molarity that allows addition and removal of blockchains at any time. 
  3. Web APP with UI to allow easier user access. 
  4. Bridging LP tokens between chains that allows 
  5. A marketplace allowing cross-chain incentivized farming.

For more information about APYSwap’s pioneering solutions, please visit their website. 
Disclaimer: This article is educational and does not represent financial advice. Please consult your financial advisor before purchasing any digital assets.

Image Sourced from Pixabay

For the latest in financial news, exclusive stories, memes follow Benzinga on Twitter, Facebook & Instagram. For the best interviews, stock market talk & videos, subscribe to Benzinga Podcasts and our YouTube channel.


Related Articles

USDC Emerges As Most Popular Stablecoin On Ethereum — Why Is USDT Taking A Backseat?

USDC Emerges As Most Popular Stablecoin On Ethereum — Why Is USDT Taking A Backseat?

USD Coin (USDC) has emerged as the most popular stablecoin on the Ethereum (CRYPTO: ETH) ecosystem.  read more
Why Are Bitcoin, Ethereum, Dogecoin Crashing All Of A Sudden?

Why Are Bitcoin, Ethereum, Dogecoin Crashing All Of A Sudden?

Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and Dogecoin (CRYPTO: DOGE) tumbled sharply at press time. read more
Bitcoin Slips Below Crucial $40K Level, Taking Ethereum, Dogecoin Down With It: US Treasuries, Russia, Outflows And More That's Weighing

Bitcoin Slips Below Crucial $40K Level, Taking Ethereum, Dogecoin Down With It: US Treasuries, Russia, Outflows And More That's Weighing

Major coins continued to bleed Thursday evening as the global cryptocurrency market cap declined 2.3% to $2 trillion. What Happened: Bitcoin (CRYPTO: BTC) traded 2.5% lower over 24 hours at $39,856.72 over 24 hours. For the week, it is down 5.7%. read more
Will Bitcoin And Ethereum Retest Support Levels Or Move Higher? Here's What Experts Are Saying

Will Bitcoin And Ethereum Retest Support Levels Or Move Higher? Here's What Experts Are Saying

As Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) rebounded Thursday evening, three analysts and expert traders shared their thoughts on the two large read more