Various cryptocurrency and blockchain projects explore opportunities across multiple blockchains. It is a healthy industry development, as every ecosystem has certain benefits or advantages. The following projects all explore cross-chain opportunities beyond Ethereum..
Cross-Chain is The Future of DeFi
To unlock the true potential of decentralized finance, focusing on a multi-chain approach will become the norm. Unfortunately, despite the potential of the Ethereum network, its transaction eyes and lack of scaling hold it back quite a bit. That will all change when ETH 2.0 launches, although no one knows when that will happen exactly. Until then, DeFi projects have to look for alternative solutions and develop an approach that works for them.
Unlike other industry segments, decentralized finance competes on a Total Value Locked (TVL) basis. Finding new liquidity by focusing on one-chain is nearly impossible these days. It is one of the driving factors for DeFi protocols to expand beyond the Ethereum chain and venture elsewhere. It also facilitates cross-chain asset support, which can create a competitive edge over similar solutions.
SushiSwap Paves The Way
Even though SushiSwap doesn’t come close to rivaling Uniswap for liquidity and revenue on Ethereum, the team is proactive. More specifically, they explore cross-chain support across a dozen blockchains. That list includes Avalanche, Moonriver, OKExChain, Palm, Heco, and Arbitrum, among many others. The approach seems to work, as SushiSwap now has over $5.04 billion in TVL.
Anyswap is Close Behind
The example set by SushiSwap has not gone unnoticed. Anyswap is looking to make a similar move by expanding to roughly a dozen blockchains. It is not far behind SushiSwap, with the exception of the Celo and Palm network. However, Anyswap is active on KuCoin’s blockchain, indicating many options to explore in the current landscape. Moreover, Anyswap’s TVl has risen by 241% in the past week to $5.34 billion.
Beefy Finance Makes Some Moves
For most DeFi protocols, residing on three or four blockchains is sufficient; for now, Beefy Finance, along with the other two projects below, takes a slightly less cautious approach. Residing on seven blockchains is a big step forward, and the list includes Harmony and Fantom. Beefy Finance’s TVL has risen by 7.36% to over $931 million last week. Surpassing the $1 billion level is a matter of time.
pNetwork Follows Beefy Finance
Similar to Beefy Finance, pNetwork is active on seven different blockchains. However, the team opts for some particular ecosystems other projects seem less keen to explore. EOS, Ultra, and Telos are all interesting blockchains that can contribute to the ongoing growth of decentralized finance and pNetwork. The expansion across networks yielded a 14.38% TVL increase last week to $231.07 million.
UniFi Is The New Kid
It is always good to see new DeFi protocols make a move in this competitive space. UniFi, while still relatively new, takes a bold approach by spanning seven different blockchains. Support for Ontology, Avalanche, Icon, and Polygon – among others – is a good starting point, though. Surpassing $1 million in TVL should prove relatively easy with such strong cross-chain support.
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