The Cross-Chain Insider — LI.FI’s Weekly Cross-Chain Newsletter
Last Week In The Multi-Chain Ecosystem (7–13 March 2022)
Bridge Updates
1) LI.FI Announces dApp for Ukraine Donations 🙏🏻
LI.FI has built a cross-chain dApp that allows users to donate any token from any EVM chains to the Ukrainian cause. Donate here.
2) Wormhole Now Supports Fantom 🚀
Wormhole has added support for Fantom, becoming its 8th supported blockchain.
3) Polygon PoS Bridge Issues 🛠️
The Polygon network went down temporarily due to issues with the Tendermint implementation. As a result, bridges had to disable all cross-chain transfers to and from the Polygon Bridge.
4) xPollinate is Now Connext Bridge 🎉
In a move to consolidate their brand identity, Connext Network rebrands xPollinate to Connext Bridge.
5) imToken Integrates Connext Bridge 🤝🏻
imToken wallet has integrated Connext Bridge, enabling users to bridge across 10+ EVM chains and L2s securely.
6) Milkomeda Protocol Integrates Multichain 🥳
Milkomeda, an L2 delivering EVM capabilities to non-EVM blockchains, integrates Multichain to explore more interoperability opportunities with the blockchains supported by Multichain.
7) Nabox Integrates Celer’s cBridge 👏🏻
Nabox wallet integrates Celer cBridge as the recommended bridging solution.
8) Connext Bridge Interface is Now Open-Source 🤩
The Connext Bridge interface is now open-sourced, thanks to the work by CoinHippo. The code is now available for anyone who wants to build a bridge on the Connext protocol.
Multi-Chain Ecosystem Updates
1) Badger is Now Live on Fantom 🚀
Badger, a BTC-focused yield aggregator, has launched on Fantom, deploying five new Fantom vaults in the Solidly / Solidex / WeVe ecosystem.
2) Avalanche Introduces Multiverse 🎉
The Avalanche Foundation has launched Multiverse, an up to $290M incentive program focused on accelerating the adoption and growth of Subnets.
3) DeFi Kingdom Introduces the DFK Chain 🤩
DeFi Kingdom, a play-to-earn game on Harmony, has launched the DeFi Kingdom blockchain, aka DFK Chain. It is an Avalanche subnet that uses $JEWEL as gas and aims to further DFK’s Crystalvale expansion.
4) Olympus Pro is Now on Optimism 🔥
Olympus Pro is expanding to Optimism, launching Thales bonds on the L2. Users can now sell THALES/WETH G-UNI LP tokens to Olympus in exchange for THALES token rewards.
5) Polysynth is Now Live on Polygon 🚀
Polysynth, a perpetual trading platform, is now live on Polygon. The trading platform supports trading for BTC/ETH/MATIC/SOL/DOT with up to 10x leverage on Polygon.
6) Hundred Finance is Now Live on Optimism 👏🏻
Hundred Finance, a cross-chain lending protocol recently launched on Optimism, its 6th support chain.
What’s Popping On Twitter?
When it comes to Crypto, we’re all scared to use the B-word. But, it cannot be denied that things have been quiet lately in the Cryptoverse, and the only type of attention we’re getting is from the Regulators, which is arguably not the best type of attention.
The lack of activity in the ecosystem is giving everyone B-market vibes — when numbers continuously go down, and people on Crypto Twitter are nice to each other for a change. The stats back this up; Ethereum transaction fees are at a six-month low.
In an ideal world, the decrease in Ethereum gas fees would be because of an increasing number of users migrating to L2s. Unfortunately, that is not the case, as the data on L2Beats shows that the value of ETH on L2s peaked at the end of January and has reduced ever since.
If not L2s, could it be because of increased activity on alternative L1s? While there is some truth in this, the numbers don’t quite match up because in January 2021, when Ethereum was so dominant (97% of the entire DeFi market) and compared to now (58%), gas prices are nearly the same.
Then, what is it that’s behind the falling gas fees? The NFT attention is going away, and this tweet below shows how Google search volumes for NFTs have been decreasing.
While this might feel like the bear market, it’s not all bad because these phases are when the long-term, sustainable development happens in the Crytoverse. Essentially, one call the bear market the Build market because so much of the infrastructure we’ll be using in the future gets built in this period when there is less noise. Moreover, low gas prices are also an excellent time for users to finally use the dApps they wanted to but couldn’t because the gas fees were higher than the amount in the transaction itself.
So, if you needed a reason to bridge to a new blockchain and explore different dApps, you finally have one! Don’t know which bridge to use? Use LI.FI; we have integrated the best bridges and DEXs to help you find the most optimal route for your cross-chain swaps.
Interesting Reads
1) The Bull Case for Bridges
2) L2s and ETH Economics
3) EPNS Deep Dive + Partnership With LI.FI
4) Optimism Pragmatic Path to Decentralization
5) Why L2s > L1s
6) AVAX Subnet Usecases
If You Liked What You Read
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Disclaimer: This newsletter is only meant for informational purposes. While many projects featured in the newsletter are our partners, we encourage you to do your own due diligence before using or buying tokens of any protocol mentioned above.
P.S. if you found the content to be useful, pls gib x50 claps 👏🏻
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