DEVERSIFI LAUNCHED NEW FEATURE FOR DEFI TRADERS: CROSS CHAINSWAP
In the current multi-chain ecosystems, users have to set up multiple wallets or bridges, paying gas bills on sales between tokens. DeversiFi founder Will Harborne said it aims to address this by combining multiple chains to facilitate successful transactions.
"We remove the burden of understanding and difficulty - they can just buy tokens from other chains without having to consider bridges," Harborne said.
According to Harborne, DeversiFi currently has 63,000 users. It will build its cross-chain feature by starting with the integration of Polygon, and in the coming months, it will include Avalanche, BNB Chain, Optimism and Arbitrum.
To facilitate this development, DeversiFi has partnered with decentralized exchange (DEX) aggregator ParaSwap to assist users in converting their USDT or USDC tokens into Polygon tokens to maintain transactions within DeversiFi.
The development of the DeversiFi cross-chain follows the process of multichain-bound agreements. In March, DeFi Aave protocol unveiled its v3 upgrade to prioritize cross-chain switching, and in April, DeFi Hashflow platform introduced unbridled swaps, crossing chains.
However, cross-chain skills do not come without risk.
The $ 625 million Ronin Hack (blockchain behind Axie Infinity) has revealed the security risks associated with sacrificing space allocations in chain trading areas. Similarly, the Poly Network hacking in August may have been started by signing a cross-chain message, accidentally leaking a secret key.
"We do not reduce the risk," Harborne said during the launch of DeversiFi. "We make it much easier for users to access other chains."