Blocknet, a 2nd layer blockchain interoperability protocol that enables communication and exchange between different blockchains, announced it will bring ERC20/ETH support to its decentralized exchange, Block DX. Alongside, the Blocknet team will make Block DX’s core component, XBridge, available as a JavaScript library to enable broader use in the web3 ecosystem; allowing developers to integrate Blocknet’s interchain trading technology into their DApps.
“The Blocknet’s new roadmap was recently announced, returning focus to its goal of building out interchain infrastructure and tools that foster the development of a completely decentralized blockchain ecosystem. No other “interoperability” project is decentralized at the interchain level itself, instead either placing a single blockchain’s consensus, or the agreement of a small group of individuals, at its center. In contrast, the Blocknet relies on the finality reached by interoperating blockchains themselves, and enables users to prove chain state without hosting the chain locally. With an upcoming product suite of dApps, libraries for interchain trading, and Hydra enhancements such as GraphQL support, history per address, and UTXO per address, a decentralized interchain is becoming a reality.”
– The Blocknet Team
Block DX
Unlike the current options of Ethereum DEXs, Block DX is not vulnerable to frontrunning or impermanent loss. Additionally, it is not confined to the Ethereum chain, currently supporting over 125 blockchains, enabling fast cross-chain swaps between any two of them with minimal fees. Yet, with the upcoming support of Ether and ERC20 trading, it will become possible to trade ETH and every ERC20 token without being front-run by miners and bots. Additionally, liquidity providers will not be vulnerable to impermanent loss, making it more profitable to make markets on Block DX than on other DEXs.
Interchain DeFi
DeFi is confined mostly to the Ethereum blockchain. This prevents the innovations of several thousand other blockchains from easily providing their services, and it prevents even Bitcoin from functioning as a full citizen of the DeFi ecosystem. With Blocknet’s interchain infrastructure, Bitcoin and effectively every other blockchain in existence may interoperate with Ethereum, enabling DeFi to exploit the many untapped innovations in the blockchain ecosystem, and enabling DeFi to embrace blockchains with characteristics optimized for a variety of use-cases.
