ETH Just Got a Huge Cross-chain Upgrade — XFlows by Wanchain | by Kurisu | Coinmonks | Feb, 2023
Since the last bull market of 2021, crypto has continued to embark on a transformative journey as billions poured into sectors like DeFi, cross-chain infrastructure, and different layer one and two protocols. This colossal spike in capital and popularity has made crypto one of the biggest and hottest new asset classes in recent history.
As the demand for crypto and its applications continued to grow since the last bull run, blockchain platforms raced to expand their ecosystems as the Ethereum gas crisis stunted its own usability. Due to this, the emergence of non-Ethereum-based DeFi applications started to form and flourish and added to the $100+ billion in total value locked on their respective chains. This intense growth further exacerbated the need to circulate and transfer this value across different blockchains in order to help reach the sector’s fullest potential. Luckily, projects like Wanchain know that the future of crypto will rely on cross-chain compatibility which is why it’s been developing the infrastructure to support this new golden age of crypto.
To answer the desperate call for a secure and comprehensive cross-chain swapping platform for stablecoins, Wanchain introduced the space to one of its newest innovations in cross-chain technology, the Native-To-Native USDT XFlows.
While the USDT Xflows was a great transformative leap for the cryptoverse, Wanchain decided to unleash its newest innovation; ETH cross-chain Xflows!
ETH XFlows — Crypto’s Newest Innovation and Why We Need Them
“ETH XFlows is a decentralized cross-chain solution that enables native-to-native cross-chain transfers between blockchains that settle transactions on Ethereum, and where ETH can be said to exist natively. XFlows leverage the power of Wanchain’s cross-chain bridges to provide easy, non-custodial transfers between chains without the need for centralized exchanges.”¹
Existing as the first smart contract platform in the world, Ethereum has become one of the largest and most fundamental blockchains in the crypto space. Thanks to the meteoric rise of ERC-20-based tokens, DeFi, and NFTs, Ethereum has developed into its own decentralized economy with the largest crypto developer backing in the world. With countless contributions to the crypto space, many argue that Ethereum is one of the most influential projects to ever exist besides Bitcoin.
While the success of Ethereum is something to be celebrated, it has also acted as a double-edged sword. The scalability of Ethereum has long been an issue and has prompted the creation of layer 2 solutions to help with its congestion issues. This effect has naturally caused the desire to transact ETH throughout the various layer 2 solutions (Polygon, Arbitrum, Optimism). The problems presently facing the industry however are the limitations of the currently existing cross-chain bridges transferring the ETH, which are costly and may take days to even a week to complete.
A Tweet from Wanchain summed up the issue perfectly…
Like their USDT counterpart, ETH Xflows are quick, slippage-proof, and free on most destinations, making Wanchain the Go To for all ETH-To-ETH transfers on Arbitrum, Optimisim, Polygon, Wanchain, and Ethereum!
What is Wanchain?
Wanchain is a fully EVM-compatible, decentralized blockchain interoperability solution harnessing the latest in blockchain decentralization, interconnectivity, and scalability for commercial, public, personal, and state use. Wanchain works to drive blockchain adoption through interoperability, security, and transparency by having a next-generation blockchain as its foundation equipped with fully decentralized cross-chain bridges that interconnect many of the different existing and future blockchain networks.
In a time when the industry is venturing ever closer to a cross-chain future, Wanchain has surpassed expectations with the creation of its secure, slippage-proof, USDT Xflows in 2022. Now, Wanchain has carried on this proud tradition into 2023 with the inclusion of its ETH X-Flow upgrade. As cross-chain demand continues to soar, Wanchain will continue to be at the forefront of the blockchain interoperability movement.
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