Crosschain is the inevitable future of blockchain and crypto market

[MrSpasybo]

Before 2020, I thought about several limitations of blockchain technology and one of them was the lack of interoperability between assets on different chains:  tokens on Ethereum can only be swapped on UniSwap, while tokens on BSC is only available on PancakeSwap. Usually, the simplest way to swap them with each other is to buy and sell on CEX.

However, the story was different when the cross-chain concept attracted investors' attention. Initially we had simple bridges, then we had cross-chain focused projects like Polkadot, or projects that wanted to become blockchain-Hubs like Cosmos, or some Layer-1 want to support multiple sub-blockchain like Avalanche.

Cross Chain Swap: The Future of Decentralized Token Exchanges in Blockchain Technology

The market is operated by  circulation of money between each sector in each ecosystem and between ecosystems. 2020 cycle was good for Defi growth but we haven't seen much value in cross-chain. Layer-0 projects focusing on cross-chain have developed very well in crypto winter 2022, I hope that they will create great momentum for crypto market to grow and create an impressive boom in next crypto 2024 cycle.

Among cross-chain projects, Polkadot is my favorite project in terms of ideas, solutions and development speed. Although the DOT and tokens of projects in this ecosystem have not had an impressive recovery like Avalanche, I still believe in their potential.

What do you think about the cross-chain trend in crypto market? Is there a cross-chain project you particularly love?

[Jaephoenix]

Before 2020, I thought about several limitations of blockchain technology and one of them was the lack of interoperability between assets on different chains:  tokens on Ethereum can only be swapped on UniSwap, while tokens on BSC is only available on PancakeSwap. Usually, the simplest way to swap them with each other is to buy and sell on CEX.

However, the story was different when the cross-chain concept attracted investors' attention. Initially we had simple bridges, then we had cross-chain focused projects like Polkadot, or projects that wanted to become blockchain-Hubs like Cosmos, or some Layer-1 want to support multiple sub-blockchain like Avalanche.

Cross Chain Swap: The Future of Decentralized Token Exchanges in Blockchain Technology

The market is operated by  circulation of money between each sector in each ecosystem and between ecosystems. 2020 cycle was good for Defi growth but we haven't seen much value in cross-chain. Layer-0 projects focusing on cross-chain have developed very well in crypto winter 2022, I hope that they will create great momentum for crypto market to grow and create an impressive boom in next crypto 2024 cycle.

Among cross-chain projects, Polkadot is my favorite project in terms of ideas, solutions and development speed. Although the DOT and tokens of projects in this ecosystem have not had an impressive recovery like Avalanche, I still believe in their potential.

What do you think about the cross-chain trend in crypto market? Is there a cross-chain project you particularly love?

Crosschain intractions these days are easy. Many exchanges have native or partner bridges on their platforms. Some multichain dexes have them too. It is a good development for crypto in that one does not have to send tokens or coins to cexes to have them swapped from one chain to the other. The concern now is the way malicious characters have begun to use the bridges. Like the Evo bridge, Multichain etc. These were bridges I used but were either hacked or rugged. Poor developments if you ask me

[owmivmen]

I am more used to doing cross chain swaps (Bridge) using the Ethereum network to L2 and other networks that I usually use for transactions such as on the site https://layer3.xyz/ to do daily quests. Maybe one day I will use another network like the Polkadot you talked about because several projects I have participated in are on the Polkadot network

[Zed0X]

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Crosschain intractions these days are easy. Many exchanges have native or partner bridges on their platforms. Some multichain dexes have them too. It is a good development for crypto in that one does not have to send tokens or coins to cexes to have them swapped from one chain to the other.

Yeah I agree that it's not as complicated as it used to be. One of my favorites right now is Wormhole's Portal Token Bridge and I've used it to transfer funds across four blockchains at least (EVMs and non-EVMs). It still has some liquidity issues in other pairings causing large price gaps but it does the job on major swaps.

[MrSpasybo]

Crosschain intractions these days are easy. Many exchanges have native or partner bridges on their platforms. Some multichain dexes have them too. It is a good development for crypto in that one does not have to send tokens or coins to cexes to have them swapped from one chain to the other. The concern now is the way malicious characters have begun to use the bridges. Like the Evo bridge, Multichain etc. These were bridges I used but were either hacked or rugged. Poor developments if you ask me

We have seen a lot of hacks related to bridges in 2022 and 2023, and of course in 2024 @@ L1 and L2 blockchains don't have any problems, but the bridge protocol was hastily developed and poorly audited, they have too many vulnerabilities for hackers to attack and appropriate users' assets. The closest example is Orbit Chain with a loss of $81.5M.

We haven't actually used Polkadot's cross-chain services yet, but I hope that with synchronization through relay-para chains these vulnerabilities will be less and users' crypto assets will be safe. Over the past few years, Cosmos's HUB has worked quite well, but unfortunately the number of interactions is not large enough to prove the stability and safety of Cosmos.