Cross-chain solutions may never gain widespread adoption unless the user experience is enhanced.
When the first blockchain was created, it had a goal for an all-encompassing solution that would allow everybody to transact on a single chain, no matter what they wanted to do.
In fact, however, the outcome has been quite different, with multiple blockchain protocols springing up to address scalability concerns or to take a unique approach to a certain use case. Despite the fact that many of these blockchains have proved success in the missions they seek to achieve, their development is done in parallel, and they never progress to the next level. As a result of the resultant silos, all users are unable to profit from the blockchain’s total value.
So, how can you get rid of these compartments? The solution is straightforward: cross-chain solutions. A cross chain connects two separate blockchains, allowing assets to be transferred from one to the other and establishing blockchain interoperability.
The drawback is that the bulk of publicly available solutions are difficult to use, preventing consumers from taking full of their capabilities. Many constraints, such as a limit on the number of transactions that may occur and various stages required to shift a user’s assets, which can be time-consuming, contribute to this complexity.
Chainge Finance is attempting to shift the prevailing narrative. The project, which serves as a hub for decentralised finance (DeFi), has since established itself as a cross-chain solution with a roaming function that makes it even easier to move assets throughout the blockchain world. As a result, users’ assets can be utilised without trouble regardless of how many exchanges they are distributed among. The goal is for chains to become obsolete in the near future, leaving just assets to matter.
Chainge Finance now includes 16 integrated chains, with over 85 assets ranging from Bitcoin (BTC) to Tether (USDT), allowing customers to maximise the value that these solutions can provide when used together.
From one chain to the next, I’m hopping from one to the other.
Users can shift or “roam” their assets from one chain to the next with a few taps using Chainge Finance. Their assets on chain one are passed through several nodes on the back end, each with its own private key, before being signed off on chain two, effectively giving the asset to the user. These processes are completed in a matter of seconds, assuring a quick experience.
In addition to speed, Chainge Finance’s roaming function places a strong emphasis on the solution’s simplicity. The platform’s underlying technology is built to facilitate common operations such as swaps on a decentralised exchange (DEX) and the addition of liquidity, regardless of which chain the asset is on. In fact, when using the app’s design, customers can concentrate only on the financial experience, without having to deal with any of the complicated tech back end.
Existing solutions may offer this functionality, but it is not uncommon for them to be costly and time-consuming, requiring many stages. Chainge Finance takes it a step further by removing these extra processes, saving costs while also lowering the customary fees a consumer would face.
The Chainge Finance roaming functionality must address industry-level security concerns as part of a comprehensive solution to blockchain interoperability. Hacks by unscrupulous parties trying to earn a fast buck continue to dominate blockchain news. Because Chainge Finance is decentralised, it is less subject to attacks. Furthermore, the unhackable Fusion DCRM technology ensures that all users are completely safe.
In keeping with traditional DeFi principles, safety is further enhanced by a stealth mode that ensures user anonymity.
Increasing the interoperability of blockchains
Chainge Finance has achieved success as a result of its ideology, with 450,000 users signing up for the app and an average of $4 million in 24-hour transaction volume. With such a strong start, the team is working to improve their product and increase the options that end-users are looking for.
By Q3 2022, the company plans to add 20 more chains and 500 listed assets to its extended blockchain interoperability roadmap, which includes a cross-chain liquidity aggregator and desktop widget, a fiat on- and off-ramp, and a fiat on- and off-ramp.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.