Ferrum Network, a blockchain platform that enables multi-chain smart contracts, recently announced their transaction volume since the launch of the Ferrum Network Multi-Chain Bridge, soon to evolve into InfinitySwap – a smart routing multi-chain aggregator set to solve the problem of fragmented liquidity by routing fractionalized transactions toward optimal arbitrage opportunities across multiple networks and DEXs.
So far, the blockchain interoperability protocol has bridged a USD equivalent of $138,924,228.2628. And while that’s exciting, what’s even more exciting is that they’ve done this with an average of just $2 million a day in liquidity. Due to the fact that they’ve deployed a multi-chain bridge, they are able to keep track of native assets and their state across networks without having to lock up tokens on the bridge and mint new ones on the destination chain. Keep reading to find out why that is important!
A major development
Despite the success of DeFi in recent months, there have been high profile hacks on cross-chain bridges, including Ronin, Wormhole, Poly Network, and Anyswap. This has led to major problems concerning adoption.
Ferrum was built to solve the challenges of most DeFi investors who wish to secure their assets. With the Ferrum Network Multi-Chain Token Bridge being their first step toward Interoperability 2.0, the blockchain protocol has been able to expand its ecosystem.
Most bridges use the lock and mint or burn approach, which requires them to hold the tokens on the original chain as backing for the wrap token, thereby minting them out of thin air. However, Ferrum has a multi-chain bridge that keeps track of native coins and their state across different networks.
Therefore, when a user deposits a token on one side, there is no minted or wrapped token being deployed on the other side. This process allows the network to manage liquidity by using the bridge to remove excess liquidity into a multi-signature safe and store it decentralised.
Speaking of the development, the CSO Taha Abbasi said:
“No software is immune to exploits. You can build the most secure app, but if a downstream or upstream provider or a dependency in your code has a vulnerability and gets exploited, you are at risk. It might be considered negligence if your code is exploited proof or claiming it. This is why we emphasize business and operational security best practices and technical architecture security.” he concluded.
Ferrum is also set to launch native network mainnet which will house: Quantum Portal, multi-channel validation staking, and other products like Infinity Swap (the next iteration of the multi-chain token bridge) and Plasma Staking, the underlying technology of Crucible – a revolutionary hybrid DeFi product that combines mechanisms inherent in reflection tokens with elements of liquidity staking…
Key partnerships
Ferrum has also been able to achieve major developments via its partnership with Algorand and Casper to make the bridge the multi-chain powerhouse it aims to be.
According to Ralf Kubli of the Casper Association:
“Casper and Ferrum share a common objective to break down barriers to mass adoption of Web3 by accelerating enterprise and developer deployment of future-proof, decentralized technologies.”
COO of the Algorand Foundation, Jason Lee, also stated:
“We are delighted to welcome Ferrum Network to the Algorand ecosystem through our Grant Program. For mass blockchain adoption, interoperability is imperative. The true value of blockchain use cases across digital identity, healthcare, supply chain, etc., cannot be fully realized without interoperability. Therefore, we are very excited to partner with Ferrum Network and look forward to integrating with their Cross Chain Token Bridge’’. He concluded.
What is Ferrum Network?
Ferrum Network is a pioneer in ushering in the era of Interoperability 2.0. In addition, the network is powered by Quantum Portal, Ferrum Network’s Mainnet nodes and other related infrastructure that will bring value, data, and functional interoperability to every chain in the industry.
With Ferrum, anyone can build and deploy solutions on one network and instantly enable multi-chain functionality without the burden of managing multifunctional infrastructure for their dApps and projects.
The platform recently launched its new website to break down barriers, especially in the security system of the DeFi ecosystem in general.
Click on the following links to learn more about Ferrum Network.
Website
Telegram
Source: https://crypto.news/ferrums-highly-secured-multi-chain-token-bridge-hits-138-million-in-total-transacted-volume/