Zilliqa has unveiled the cross-chain interoperability tool “ZilBridge” to enable greater collaboration with the Ethereum ecosystem.
The new feature was developed and implemented by Switcheo Labs, the creative think tank that bootstraps and powers decentralized ecosystems in the DeFi space. Zilliqa, the first public blockchain offering high performance and high security for businesses and applications, will work with Switcheo to accommodate additional resources for cross-chain transfers.
Zilliqa and the collaboration with Ethereum
Through this initiative, ZilBridge users will be able to connect Wrapped bitcoin (WBTC), Ether (ETH), Tether (USDT) assets between the Zilliqa and Ethereum blockchains and provide liquidity through Zilliqa’s decentralized exchange called ZilSwap.
The bridge has also been standardized for cross-chain services with the expertise of Poly Network, a decentralized financial platform that aims to interconnect blockchains and build the next generation internet.
The suite of services offered by Poly Network includes cross-chain asset transfer, swap and cross-chain services for NFT that will play a crucial role in attracting more users and developers to the platform’s ecosystem.
Amrit Kumar, President and Chief Scientific Officer of Zilliqa said:
“To achieve true DeFi, blockchains can no longer operate in silos. Given how critical it is to build user-friendly, low barrier interfaces, cross-chain ecosystems are quickly becoming the norm. The deployment of this interoperability system on our protocol by our long-term ecosystem partner Switcheo will truly change the game for our users. Once the bridge goes live, we expect further uptick on network activity and Total Volume Locked (TVL) into our DeFi protocols in coming months”.
With ZilBridge, millions of users will therefore benefit from a more enriched smart contract ecosystem, while Ethereum token holders similarly will be able to access Zilliqa by transferring existing decentralized applications (dApps), without compromising speed, performance and security.
Zilliqa and the Lightning Liquidity Mining Rewards programme
In addition, as of 6 October, Zilliqa will also launch a programme called “Lightning Liquidity Mining Rewards”, which will make $3.75 million available over the next six weeks as an additional incentive for all potential liquidity providers, who can earn $ZIL and $ZWAP rewards through this mechanism using the wBTC/ZIL, wETH/ZIL and USDT/ZIL pools.
Ivan Poon, CEO of Switcheo, highlighted the value of the new tool, commenting as follows:
“The ZilBridge is a monumental step forward in cross-chain interoperability for the Zilliqa ecosystem. As long standing partners of Zilliqa, Switcheo is committed to supporting Zilliqa’s push for decentralisation with key infrastructure that powers DeFi applications such as the ZilBridge. With a common goal in enabling open finance and accessible markets, we look forward to even more collaborations down the road”.
Zilliqa’s blockchain has processed over 25 million transactions since the launch of its core network and is hosting a developed decentralized ecosystem of over 200 projects.
