Summit AscendEX launches Fantom and Arbitrum cross-chain bridges to empower the multi-chain DeFi ecosystem
The prelude will only kick off in 2022, and the competition in the public chain ecology is already very fierce. Since last year, the development of public chains such as BSC, Polygon, and Solana has been booming, setting off layers of heat waves. The involution of the public chain circle is non-stop, and emerging public chains such as Fantom, Arbitrum, and Terra are taking the lead. This year's public chain ecology is bound to explode collectively.
A public chain refers to a blockchain that can be read by anyone, anyone can send a transaction and the transaction can be effectively confirmed, and anyone can participate in it. High-quality public chains such as Ethereum are ahead, and the public’s expectations and requirements for public chains have also become higher: to provide applications with a safe, fast, and smooth operating environment; to achieve cross-chain and solve the problem of information islands.
Dark horse rookie Fantom
The boss Andre Cronje has publicly supported Fantom on his Twitter many times. Subsequently, in the team introduction published on Fantom's official website, AC also appeared among the team members as the chief DeFi architect. What is the origin of Fantom, the new chain holding the "King of DeFi" AC?
Fantom is a high-performance public chain based on DAG (Directed Acyclic Graph Distributed Database) technology support, aiming to solve the problems of scalability and processing time of existing blockchain technology. The feature of Fantom is that it supports multiple nodes. The more nodes, the faster the speed and the greater the scalability. Fantom's token is FTM, which can be used for pledge, governance and payment. Its total supply is 3.175 billion, and 2.1 billion are currently in circulation.
Fantom has incorporated various chains into its network through cross-chain bridging, and major Ethereum projects such as SushiSwap and Curve have also migrated to Fantom, and traffic has also entered. As of December 16, 2021, Fantom ranks 7th in terms of total locked positions among public chains, with a total locked position of US$6.4 billion.
In a short period of time, the ecological improvement on the Fantom chain is extremely fast. In 2021, there are only more than 40 Dapps on the chain. By the end of the year, a relatively complete ecosystem has been developed, and the number of Dapps has risen to more than 100. Types include transaction applications, cross-chain applications, lending applications, NFT platforms and wallets, etc.
Arbitium, the Star of Layer 2 Expansion
The problems of congestion and high gas fees on Ethereum have been suffering for a long time. The growing transaction demand cannot be met in time on Ethereum, and the demand for capacity expansion is also increasing. Arbitrum is an important expansion project on Layer 2 of Ethereum, and it is a two-layer expansion realized with Rollup as the technical core.
The "trilemma" of the blockchain refers to: ensuring decentralization and security while achieving scalability, and Arbitrum is currently the solution that best satisfies the "trilemma". In terms of processing capacity, Arbitrum can support 40,000 TPS, and Arbitrum is also working hard to further reduce the cost to 90%-95%. Arbitrum is currently the largest Ethereum L2 network, enabling developers to migrate existing Ethereum applications to Arbitrum without rewriting code.
As of December 16, 2021, Arbitrum's total lock-up volume ranked 9th among public chains, and Arbitrum's total lock-up volume reached 2.17 billion US dollars. Stable performance and good compatibility enable more and more applications to cooperate with Arbitrum, including Uniswap, Balancer, Curve, MakerDAO, 1inch, etc. on Ethereum. Currently, the Arbitrum ecosystem includes cross-chain bridges, wallets, tools, and Dapps.
AscendEX launches Fantom and Arbitrum cross-chain deposit and withdrawal functions
Current users often use exchanges as a channel for cross-chain assets, but most exchanges currently support limited deposit and withdrawal networks, which cannot cover all ecosystems. 2020 is the beginning of the explosion of DeFi. The first big wave has already ushered in 2021, and there will be greater potential and unlimited application scenarios in 2022.This will also inevitably bring about greater cross-chain demand. The current user demand for cross-chain is getting higher and higher, which is specifically reflected in:
1. There are few public chains to choose from
Each public chain has its own positioning and development direction. To maximize the use of assets, users need to choose different chains to complete different transactions according to the characteristics and functions of different chains.
2. Long cross-chain time
Most of the cross-chains have a long time period. For example, matic needs 1 hour to cross-chain, and arb takes up to 7 days to complete the cross-chain. Therefore, there is an urgent need to reduce cross-chain time costs and improve capital utilization efficiency.
3. Cross-chain operations are complicated
Most users are not proficient in cross-chain operations, and the cumbersome operation process affects the transaction experience.
Conclusion:
Conclusion:
The encryption market is turbulent, the capable go up, the mediocre go down, and the mediocre let go. At present, the involution between various ecological circles is intensifying, and AscendEX is also moving forward all the time, without stopping for a moment. Only by continuous innovation can it be seen and selected in an industry with serious homogeneity. Summit AscendEX will always stick to its original intention, always adhere to the value of "user needs first", and never forget the determination to "become an industry leader", constantly update products and functions, and empower the encryption ecology.
