Is EYWA the next revolution in DeFi? Here’s what we know
Cross-chain solutions are increasingly attracting the attention of speculators within the decentralized financial ecosystem. As products and platforms grow in popularity, interoperability between separate chains becomes increasingly important.
Since protocol layers often solve a variety of legacy economics problems, connecting disparate solutions into a complete and homogeneous ecosystem could be the difference between mass adoption of cryptocurrencies and failure.
EYWA is a project that is presented as the solution to a problem that plagues current DeFi: it allows developers to create their own liquidity pools and move their tokens between different blockchains. Real interoperability.
The solution proposed by EYWA allows to move identical assets between blockchains in a simple way, like the complete logic of the decentralized exchanges Uniswap and Curve.
One of the strengths of the platform is to make cross-chain interactions open to everyone, both users and decentralized finance (DeFi) developers. They do this through a fully decentralized data transfer system between blockchains. This makes EYWA a unique cross-chain protocol that integrates different blockchains, transferring both liquidity and arbitrary data, simplifying the user experience.
An unique DeFi
EYWA solves various problems for DeFi users by helping them exchange different assets between blockchains quickly, using both their own pools and liquidity from other exchanges.
This thanks to the fact that EYWA DEX will basically function as a liquidity aggregator between chains, finding the best exchange option between blockchain, paying commissions on convenient assets using transactions without gas. So it is not necessary to use ETH or BNB to carry out transactions, there are cheaper alternatives such as USDT.
Additionally, EYWA enables DeFi developers to create easy-to-use tools to build their own cross-chain applications with minimal effort through an infrastructure to transact without gas, across all popular blockchains.
It also allows developers to move their tokens between blockchains and create their own cross-chain liquidity pools. While allowing them to offset the disadvantages of some blockchains with the advantages of others.
Decentralized from top to bottom
EYWA has its own EYWA Cross-chain data protocol, for the transfer of data between blockchains, developing a decentralized and infinitely scalable EYWA Relayer network whose task is to validate and transfer the transactions sent between blockchains.
Current bridging solutions on the market, such as Anyswap, Multichain or Biconomy, are highly centralized and apply a proof of authority approach. Whereas anyone can participate in the EYWA Relay Network by launching a node and having a commitment of 100,000 EYWA and winning from it.
This exchange will make life easier for all DeFi users and cryptocurrencies in general.
EYWA can create cross-chain assets that you can easily convert into the assets you want on the blockchain you want. An example would be to convert a stablecoin with different chains such as USDT and convert it into the blockchain that interests you.
EYWA’s “e” tokens (eUSD, eBTC, eETH) are synthetic assets backed by the most reliable original assets placed on different blockchains.
Testing phase with rewards
For those who cannot wait to participate in the EYWA project, the alpha test version is available, which has been active since September 8, 2021.
At the moment, more important features of the platform such as cross-chain bridges, inter-chain exchanges and creation of synthetic assets can be tested.
The tests will last until the end of the year and during that time, participants can complete the tasks assigned by the Telegram bot, and in return obtain points as a reward, the more points are accumulated, the higher the rewards will be.
Currently, more than 40,000 users have already participated in the alpha trial version. Users who participate in the testing phase will receive unique tokens from NFT and EYWA.
Moving forward, we will likely see similar demands as DeFi development grows beyond the confines of Ethereum so that users can move between a melting pot of digital assets and applications on many blockchains.
EYWA enables efficient fund transfers between DeFi protocols on different blockchains, as well as a ready-to-use blockchain interoperability protocol that decentralized application (DApp) developers can freely use.
According to the EYWA developers, this will not only simplify the creation of cross-chain DApps, but will also increase their quality, as teams will be able to focus on the business logic of their applications.
This ensures the full compatibility of even the most diverse blockchains. And EYWA’s decentralized structure eliminates the need for users to trust developers.
The idea of interoperability is extremely important in these times where the cryptocurrency industry continues to expand and seeks to reach new users.
Someday there could be thousands of application-specific blockchains communicating with each other through a single decentralized main hub, it would be irresponsible to claim that EYWA will be this protocol. What we do know is that it has good possibilities.
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Disclaimer: This press release is for informational purposes only, the information does not constitute investment advice or an offer to invest. The opinions expressed in this article are those of the author and do not necessarily represent the views of CCN, and should not be attributed to CCN.