When the first blockchain came to life, it shared a vision for an all-encompassing solution that would enable anyone to transact on a single chain regardless of what they were hoping to accomplish.
In practice, the result has been much different, with new blockchain protocols coming to life, attempting to solve concerns around scalability or employ an original approach to a specific use case. Although many of these blockchains have demonstrated success in the mission they hope to accomplish, their growth is done in parallel, never advancing to the next level. The resulting silos have limited all users from benefiting from the sum value of the blockchain as a whole.
So, how does one go about eliminating these siloes? The answer is simple, cross-chain solutions. A cross chain enables two independent blockchains to interact with each other, exchanging assets from one to the next and achieving blockchain interoperability.
The caveat is that the majority of the solutions available to the public are complicated to use, deterring users from taking advantage of their functionality. This complexity is often a product of numerous restrictions, such as a limit on the transactions that may occur and several steps required to move a user’s assets, which may be time-consuming.
Aiming to change the current narrative is Chainge Finance. The project, which operates as a home for decentralized finance (DeFi), has since emerged as a solution for the cross-chain experience with a roaming feature that further improves the ease in which assets can be moved across the blockchain sphere. Subsequently, no matter how many exchanges they may be split over, users’ assets can be used without issue. The intent is that soon chains won’t matter anymore, just the assets will.
To date, Chainge Finance has 16 integrated chains, including over 85 assets from Bitcoin (BTC) to Tether (USDT) and enabling users to maximize the value that these solutions can bring when combined.
Roaming from one chain to the next
With Chainge Finance, users can move or “roam” their assets from one chain to the next with a few taps. In the back end, their assets on chain one are sent through multiple nodes, each with its own private key, before later being signed off on chain two, effectively sending the asset to the user. These steps occur in seconds, ensuring a fast experience.
In addition to speed, Chainge Finance’s roaming feature is placing a significant focus on the simplicity of its solution. The platform’s underlying technology is designed to support common operations, including swaps on a decentralized exchange (DEX) and the addition of liquidity, without any concern about which chain an asset exists. In fact, when interacting through the app’s interface, users can focus solely on the finance experience without ever interacting with any of the complex tech back end.
Although existing solutions might provide this functionality, it is not unheard of for them to be expensive and time-consuming, even requiring multiple steps. Chainge Finance goes one step further to eliminate these additional steps, reducing costs while simultaneously lowering the typical fees a user would be subject to.
As a cohesive solution to blockchain interoperability, the Chainge Finance roaming feature must also address industry-level concerns around security. Blockchain news continues to be filled with hacks from fraudulent parties looking to make a quick dollar. Chainge Finance is less vulnerable to attacks by operating in a decentralized fashion. Additionally, the unhackable Fusion DCRM tech can guarantee 100% safety for all users.
Safety is further extended to providing a stealth mode that guarantees user anonymity, in alignment with classic DeFi principles.
Facilitating blockchain interoperability
Following their philosophy, Chainge Finance has seen success in the 450,000 users who have begun using the app and achieving an average of $4 million in 24-hour trade volume. With such a promising start, the team continues to engineer their offering to expand the opportunities being sought out by end-users.
The company’s roadmap for extended blockchain interoperability includes the introduction of a cross-chain liquidity aggregator and desktop widget, fiat on- and off-ramp and the addition of 20 more chains and 500 listed assets by Q3 2022.
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