Orbs, a Layer-3 infrastructure network for decentralized applications, has teamed up with Axelar Network to provide users an easy and secure option to bridge their ORBS tokens to other popular blockchains like Ethereum and BNB Chain.
Previously, ORBS tokens could be bridged on other networks thanks to the Multichain cross-chain protocol. However, after “unusual activity” caused over $126 million in funds to be removed from its wallets, Multichain stated in June that the company had been forced to halt operations. While the circumstances leading up to Multichain’s fall are a mystery, the Orbs team has been hard at work looking for a solid replacement that would enable users to reliably bridge their ORBS tokens.
Orbs swiftly developed the requirements for a new bridge provider for the community, requiring it to identify a reliable project that supports ORBS across all formerly supported chains and offers the best possible degree of security.
With this criterion in mind, Orbs is delighted to reveal that it has now integrated with Axelar Satellite, which enables secure cross-chain communication for Web3 projects building multichain dApps that expand beyond a single blockchain ecosystem. Axelar uses the tried-and-true proof-of-stake consensus technique popularized by Ethereum, Cosmos, Polygon, and other industry leaders. By enabling inter-chain communication, multichain Web3 dApps may provide a uniform user experience across all supported networks and facilitate the quick transfer of assets across chains.
The user-friendliness of Axelar Satellite’s interface is particularly noteworthy since it makes transferring digital assets across the many networks it supports a breeze. The bridge has enabled over 700,000 cross-chain swaps worth over $1.8 billion in transaction volume so far. Axelar’s regular security assessments ensure that its smart contracts and infrastructure are up to the high standards demanded by Orbs users. In addition, the Axelar codebase is entirely public and accessible through Github.
Users may now securely bridge their ORBS tokens across Ethereum, BNB Chain, Avalanche, Fantom, Arbitrum, and Axelar thanks to Orbs’s integration with Axelar Satellite.
Source: https://thenewscrypto.com/orbs-joins-forces-with-axelar-network-to-offer-cross-chain-token-swaps/