Hedera-based DEX SaucerSwap and Axelar-powered cross-chain swap platform Squid are building solutions spanning both networks.
Decentralized interoperability network Axelar has integrated Hedera, plugging the latter’s applications to dozens of other blockchain networks through a single programmable interface.
Axelar is a universal communication layer that lets blockchains share arbitrary information and smart contracts, not just tokens, across networks. It currently connects more than 60 networks, from Ethereum, Arbitrum, and Optimism to Base, Polygon, and the Cosmos ecosystem, which has over 200 independent networks.
The integration gives “developers and users across on-chain finance seamless access to Hedera technology, applications, and liquidity through a single programmable interface,” it stated in its announcement.
Hedera’s integration with Axelar is not new, however. As we reported, the Hedera Foundation first announced the integration in November last year, noting that this would give its network a direct path to leading networks like Solana, Arbitrum, and XRPL.
“The main impact is that the Axelar bridge plugs Hedera directly into over 60 interconnected ecosystems. Users can now transfer assets from other supported chains to Hedera through Axelar’s infrastructure, expanding their options for cross-chain interactions,” the Foundation stated at the time.
According to the latest announcement, Squid and Saucerswap are using the integration to extend cross-chain liquidity and execution.
Saucerswap is Hedera’s largest decentralized exchange, letting users swap tokens issued on the network, provide liquidity pools, offer yield farming, and stake. With the integration, Saucerswap can now tap into liquidity from other networks, including the massive Ethereum DeFi ecosystem. Squid is a cross-chain swap protocol deployed on Axelar that allows users to swap tokens across dozens of chains in a single transaction. The integration adds Hedera to Squid’s list of networks on which users can swap tokens.
“By leveraging Axelar for secure message passing and settlement, Squid acts as an access and distribution layer for the Hedera ecosystem, bringing external liquidity and users onto Hedera while preserving its security model, performance profile, and governance standards,” the announcement says.
For Hedera, Axelar presents the opportunity to expand non-custodial interoperability as more users seek new asset liquidity venues and issue real-world assets on the network. As we reported earlier this month, BCarbon moved its 2 million carbon credits to the Hedera blockchain from Polygon. The network also became the official blockchain partner of McLaren F1 and ventured into ticketing and fan engagement with the MINGO Tickets launch in January.
These enterprise applications will be well served by a fast and secure interoperability solution that allows them to target users in other networks.
It stated:
Read more on Crypto News Flash
