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:
- On-chain consensus that will provide users transparency.
- Molarity that allows addition and removal of blockchains at any time.
- Web APP with UI to allow easier user access.
- Bridging LP tokens between chains that allows
- 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
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.