Zilliqa presented 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
Thanks to this initiative users of ZilBridge will be able to link 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 experience by 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 the cross-chain asset transfer, swap and cross-chain services for NFTs that will play a key role in attracting more users and developers to the platform 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 create user-friendly, low-barrier interfaces, cross-chain ecosystems are fast becoming the norm. Once the bridge is up, we expect another increase in network activity and total blocked volume (TVL) in our DeFi protocols in the coming months. ”
With ZilBridge, millions of users will be able to benefit from a more enriched smart contract ecosystem, while Ethereum token holders will likewise be able to access Zilliqa by transferring existing decentralized applications (dApps), without compromising speed, performance and security.
Zilliqa and the Lightning Liquidity Mining Rewards program
In addition, from 6 October Zilliqa will also launch a program called “Lightning Liquidity Mining Rewards”, which will make available $ 3.75 million over the next six weeks.
As an additional incentive for all potential liquidity providers, who thanks to this mechanism can earn $ ZIL and $ ZWAP rewards using the wBTC / ZIL, wETH / ZIL and USDT / ZIL pools.
Ivan Poon, CEO of Switcheo, highlighted the value of the new instrument, commenting as follows:
“ZilBridge is a huge step forward in cross-chain interoperability for the Zilliqa ecosystem. As a longtime partner of Zilliqa, Switcheo is committed to supporting Zilliqa’s drive towards decentralization with a key infrastructure that powers DeFi applications such as ZilBridge. With the common goal of supporting open finance and accessible markets, we look forward to further collaborations in the future ”.
The Zilliqa blockchain has processed over 25 million transactions since the launch of its core network and is home to a developed decentralized ecosystem of over 200 projects.