04.02.2023

Cross-chain solutions as a new and promising industry trend

The concept of "cross-chain" is becoming more and more popular, forming a new trend with obviously good potential. To begin with, let's define what it is. Cross-chain is nothing more than the transfer of assets from one blockchain network to another, while the algorithm and technology of this transfer may vary depending on specific blockchains.

Based on this, it is quite logical that cross-chain bridges are specialized applications that allow these transfers to be carried out. That is, literally assets seem to move from one blockchain to another on a bridge, and these blockchains can be built on completely different technologies. And the algorithms of the bridges themselves also vary significantly.



Among the most popular of them are:


- cBridge. A project using L2 solutions using smart contracts for cross-chain transfers. With its help, you can move stablecoins, a limited number of tokens based on Ethereum, BSC, HECO and other ecosystems, as well as between various second-level networks (Polygon, Arbitrum, etc.);


- Hop Exchange. Here again we see L2 solutions using smart contracts to transfer assets between second-level blockchains. All operations are carried out in stablecoins;


- THORChain. This is a blockchain intermediary that allows the exchange of BTC, LTC, BCH and other assets between the respective blockchains, as well as Ethereum and Binance Chain. It is also possible to exchange an impressive number of tokens of the ERC-20, BEP-20 standards, including native coins;


- AnySwap. The project operates using several cross-chain translation technologies at once. A large number of tokens are available for exchange in the Ethereum, BSC, HECO, OKExChain blockchains, as well as between different L2 solutions.


Why has cross-chain become a trend that will definitely continue to gain popularity? Because the scenario in which a single blockchain gets the status of the main one and displaces all other competitive solutions becomes less likely. Of course, Ethereum, for example, has impressively wide possibilities, but new and new solutions regularly appear that give important and noticeable advantages — high transaction speed, lower fees, increased functionality and flexibility.


The existence of many competing blockchains unequivocally states that cross-chain transfers are simply necessary. Cross-chain bridges have already begun to seize popularity from ordinary exchanges, and the regular appearance of new projects and the demand for technology in the market leaves no doubt about the prospects of this direction.


Thus, the blockchain and the cryptocurrency market are constantly evolving, offering more and more new features and functionality for their customers. And we at GRIN4 fully follow this trend and are constantly working to modernize and improve our ecosystem so that its use becomes even more convenient and brings even more profit.

The GRIN4 ecosystem

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