Faster Transactions, Lower Fees: New Cross-Chain Solution
November 16 2021 - 12:19AM
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The crypto industry is experiencing a massive upswing. With assets
like Bitcoin and Ethereum hitting new all-time highs, and other
cryptos following in their wake, it seems like a matter of time
before mass adoption is imminent. However, the industry needs some
technological improvements before it can be broadly accepted by the
rest of the world. Namely, it needs cross-chain capabilities. The
Cross-Chain Problem With so many crypto projects launching on
Ethereum, Binance Smart Chain, Avalanche, Solana, and other
decentralized networks, users will want to experiment and interact
across the different chains. However, cross-chain activity in the
current industry is quite cumbersome, expensive, and
technologically challenging. As of now, swapping an asset from one
chain to another is costly, time-consuming, and a bit of an
overwhelming process for those new to crypto. If the crypto
industry plans to support the mass adoption it so very much needs,
it must solve interoperability. Fortunately, current blockchain
projects are working on just that: a solution to the blockchain
industry’s rampant interoperability problems. One such project is
FibSwap, a multi-chain decentralized exchange (DEX) providing lower
fees and faster transaction speeds to users swapping between
networks. FibSwap’s Multi-Chain Solution By utilizing a unique
technology called the Interoperable Multichain Bridge System
(IMBS), FibSwap builds bridges across blockchain networks for
near-instant swapping. Considering that FibSwap technology is built
with cross-chain interoperability in mind, swapping becomes as easy
as pressing a button. All token swaps are managed via the project’s
native $FIBO governance token. By holding $FIBO, traders will know
precisely how much their swaps will cost, preventing hidden fees
and saving them money in the long run. As $FIBO is used to swap
between chains, swaps will reduce the overall amount of $FIBO over
time, potentially increasing the asset’s value in the long term if
demand remains constant or rises. Current blockchain bridges exist,
but they’re not optimized for an ideal user experience. Network
swaps can take anywhere from 20 to 30 minutes, and users regularly
spend hundreds of dollars on trading fees if they’re frequently
swapping. By building on a multi-chain basis from inception, no
project is better suited than FibSwap to facilitate such swaps.
While bridges between Binance Smart Chain and Ethereum exist right
now, they’re nowhere near ready to facilitate trading on a mass
scale. The Future of FibSwap To prep itself for crypto’s impending
mass adoption, FibSwap plans to integrate $FIBO tokens on various
blockchain networks before listing them on decentralized exchanges
like PancakeSwap. From there, FibSwap hopes to provide users with
additional services, such as FibSwap Farming and FibSwap Staking
methods. Of course, these developments are up to the community.
$FIBO is a governance token, after all. Users holding the $FIBO
token have a say in upcoming network developments, such as which
features are implemented and when. The more $FIBO one holds, the
more weight their word holds within the community. Conclusion With
hundreds of billions of dollars invested into the DeFi ecosystem
and trillions in the crypto market overall, it makes no sense to
leave these funds isolated from blockchain to blockchain.
Understanding how interoperability is vital to the future success
of crypto, FibSwap hopes to lead the charge into multi-chain
project development. In doing so, FibSwap will build a healthier
crypto ecosystem for all traders, both new and experienced.
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