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Bridge Crosschain: Revolution in the Liquidity of Different Blockchain Networks
The World of Cryptocurrencies has seen significant growth and adoption in recent years, and more and more users are trying to diverse their portfolios by investing in various blockchain networks. However, one of the main challenges that many of these new investors face is liquidity. Traditional Exchanges Often Have Limited Business Pairs and High Charges, Making It Difficult for Users To Buy or Sell Assets in Different Blockchain Networks.
A new class of solutions appeared to solve this problem: Crosschain Bridges (CCBs). The CCB allows continuous communication between different blockchain networks, allowing users to trade cryptocurrencies and assets without having to physically moves or undergo extensive research in each network. In this article, we dive into the CCB World, examining their benefits, cases of use and future prospects.
What are crosschain bridges?
Crosschain bridge is a decentralized application (DAPP) that connects two or more blockchain networks, allowing users to trade between them without any intermediaries. These bridges facility communication between blockchains by creating a safe and trustworthy interface, allowing the transfer of assets from one network to another.
how do crosschain bridges work?
The CCB Processing Process Includes Several Key Steps:
- Discovery Blockchain : The User identifies the target network of the blockchain where he wants to trade.
- Select token : Select a token or asset that they want to trade on their preferred blockchain network.
- The deployment of the bridge
: CCB is deployed in both networks, creating a bridge between them.
- Assets Transfer : The user can then use a CCB to serve a selected token or asset from one network to another.
Advantage of Cross Bridges
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- Reduced fees : CCB often have lower transaction fees compared to traditional exchanges, making users more affordable business assets in different networks.
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Use cases for cross bridges
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- Initial Coin Offers (ICOs) : CCB facilitates the transfer of assets from one blockchain network to another during ICO, thereby reducing the cost of transaction and increased liquidity.
- Game and NFT Marketplace : CCB Allow Continuous Trading of Assets between Different Blockchain Networks in Gaming and NFT Marketplaces.
Case Studies
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- Uniswap (uni) : uniswap is a popular decentralized exchange (DEX) that using ccbs to connect native token to other blockchain platforms.
calls and future prospects
Although CCB offers many benefits for users and merchants, there are still some challenges to overcome:
- Interoperability : Securing smooth communication between different blockchain networks is a complex task.
- scalacability : CCB must be designed with scope to handle high volume of transaction.
As the use of CCBs continues to grow, we can expect to see increased adoption in different sectors including:
- Marketplace Defi and NFT
- Games and Esport Platforms
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