DSPs created an Ethereum bridge using the LiquidApps technology to facilitate the mass adoption of DeFi.
LiquidApps is a research and development company founded in 2019, and focused on optimizing decentralized development. It offers developers and companies a suite of services running on its DAPP Network, on which a cross-chain communication channel has been implemented that allows tokens and information to flow freely through different blockchains.
LiquidApps and DeFi
The initial implementation involves Ethereum and EOSIO, and is a cross-chain bridge using a combination of services including high-performance oracles and a cross-chain data transfer service. This allows dApp developers to connect assets, actions and applications for more cost-effective and scalable infrastructure options.
This bridge allows projects based on other blockchains to fit into the DeFi liquidity and financial services ecosystem based on the Ethereum blockchain. In addition, Ethereum developers can also use it to access the second layer offered by DAPP Network to scale their dApps, while keeping tokens on Ethereum.
The second layer offered by DAPP Network also offers additional functionality with reduced gas costs and customizable sharding.
The goal is to scale DeFi’s dApps, which are increasingly used but also becoming increasingly congested due to the overload of transactions on the Ethereum network.
A solution that includes the use of a second-level can theoretically offer greater and faster advantages than those that could be made available by Ethereum 2.0 in the future.
The CEO of LiquidApps, Beni Hakak, said:
“We were excited to see our vision come to fruition with the successful flow of tokens from Ethereum to EOSIO and back, and the role the DAPP Network community played in facilitating its success. We are one step closer to taking down the walls between chains. Developers should no longer ask which chain they should develop on, but rather combine the relative strength of multi chains into superior dApps and products. Multi-chain vision, with all the liquidity and scalability it can help provide, has taken a massive step forward”.