The DeFi movement has been gaining momentum for quite a while now, and its popularity is on the rise.
Unfortunately, DeFi is still flawed by siloed blockchain, and despite all attempts to build cross-chain bridges, there are still only a few really decentralized bridges.
This is happening because not everything decentralized is also trustless.
LiquidApps’ bridging tech changes the scenery
Now, it’s been just revealed that thanks to the LiquidApps bridging tech, EOS is on its way to becoming the very first truly decentralized chain that integrates USDC with the Bifrost bridge – this is built by the DAPP Account DAO (DAD), which is community-led.
It’s important to note the fact that this comes from the very same community that launched an EOS clone of Curve – eCurve.
LiquidApps has been founded back in 2019, and the tech firm is focused on optimizing decentralization.
They are empowering devs and companies with some pretty powerful services that are running on the first of LiquidApps inventions – the DAPP network.
This offers teams the opportunity to boost their development milestones and offer flawless products that have the ability to solve real user issues.
This whole entity can be seen as a PoC that uses EOS, but the very same concept could definitely work with any other blockchain such as Polkadot or Binance Smart Chain.
The best advantage of the move is that it could not only support EOS’ survival, but it could also establish the grounds for a future interconnected DeFi system which would open the door to a new dimension of decentralization for sure.
According to the official notes, the Bifrost bridge is allowing for USDC or DAI to be bi-directionally transferred between ETH and EOS.
cCurve and the bridge have managed to see $1 million of DAI/USDC liquidity cross over it from ETH and it has been growing ever since.
It’s also interesting to note the fact that on Ethereum, Curve transactions are taking about 10-15 minutes and it can cost $1-200 each, but eCurve has no fees involved, and the transactions are almost instant.
“These are exciting times for us as developers of the technology as years of hard work from multiple teams coming to fruition. We are seeing the vision of multi-chain DeFi materialize and it can really enable the solutions that can scale to the same level as traditional finance.” Raman Bindlish, founder of Blockstart (a leading DSP on the DAPP Network) said.