Optimism Bedrock Live | Arbitrum Sequencer Issues | Cross-Chain Zaps w/ Wido & More!
Last Week In The Multi-Chain Ecosystem (05 - 11 June '23)
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Bridge Updates
1) Ser Bridgealot Campaign Live on Jumper.Exchange 🔥
Jumper Exchange launched the Ser Bridgealot campaign, a quest for the cross-chain enjoyooors. The campaign will take place over the next few weeks on Tide and will see users participate in cross-chain quests to be knighted as ‘Ser Bridgealot’ and win rewards (OATs, partner protocols’ tokens, misc. Jumper rewards).
2) USDD pools are Now Live on Stargate 💸
$USDD pools are now live on Stargate. Users can now bridge $USDD between Ethereum and BNB Chain via Stargate.
3) OptyFi Integrates Connext’s Chain Abstraction Toolkit ⛓️
OptyFi, a protocol for automated yield maximization, has integrated Connext’s chain abstraction toolkit to bring chain-abstracted vaults to the platform, enabling users to access the highest returns on Liquid Stake tokens from any chain.
4) KyberSwap Partners with Axelar and Squid 🤝
KyberSwap has partnered with Axelar and Squid to introduce one tx cross-chain swaps on the platform. The feature is currently live on 6 chains including Ethereum, BNB Chain, Arbitrum, Polygon, Fantom, and Avalanche.
5) Beamswap Partners with Wormhole 💪
Beamswap, the DeFi hub on Moonbeam, has integrated Wormhole Portal Bridge and Wormhole Assets on the Beamswap platform. Users can now bridge into Moonbeam and access the Polkadot ecosystem via Beamswap.
Multi-Chain Ecosystem Updates
1) Optimism Bedrock is Now Live 👏
Optimism’s Bedrock upgrade, which enables lower fees, shorter deposit times, and improves modularity and performance of the blockchain, is now complete, and all the key infrastructure of Optimism is back online.
2) Arbitrum Sequencer Issues 🧐
On June 8, Arbitrum experienced a halt in processing transactions due to a bug found in the Sequencer’s batch poster, which paused the Sequencer from finalizing transaction ordering onchain. The bug has now been fixed and Arbitrum has resumed operations.
3) Native USDC is Now Live on Arbitrum 🔥
Circle has launched native USDC on Arbitrum. Native USDC is officially issued by Circle. This means it is always redeemable 1:1 for US dollars and going forward, it’s believed to be the version of USDC that will be recognized as the main USDC within the Arbitrum ecosystem.
4) Polygon zkEVM Mainnet Beta Update Completed 💪
On June 8, Polygon zkEVM Mainnet Beta completed an update in some of the network’s infrastructure services. The update required restarting the network’s Sequencer and has now been completed, with the network resuming full service.
5) Robinhood Ends Support for Cardano, Polygon & Solana 🤔
As a result of the SEC suing companies like Binance and Coinbase and their allegations that Cardano, Polygon, and Solana are unregistered security, Robinhood has decided to end support for these assets on the platform.
What’s Popping?
(we are ~officially~ announcing this tomorrow but wanted to give CCI readers an early look. So, please, keep the following “What’s Popping" between us for now.)
Wido + LI.FI = Cross-Chain Zaps
LI.FI, the DeFi Liquidity Router. Wido, the Universal Zap Router.
We’re partnering.
Partnership Details
LI.FI and Wido are partnering to build CUSTOM cross-chain experiences for teams interested in improving the crypto user experience.
Wido specializes in same-chain zaps and has worked with DeFi OGs to improve the user journey. Yearn.Fi utilizes Wido on its front end. So does Harvest, Mozaic, and Pickle Finance. With Wido’s API, crypto websites can let users deposit any token into any contract in one click – without worrying about swapping or getting LP tokens.
LI.FI is cross-chain infrastructure for dApps, wallets, and TradFi businesses. MetaMask and DeFi Saver’s bridge interfaces are built on top of LI.FI’s API. So are BlockWallet, Pangolin, and StakeDAO’s frontends. With LI.FI’s API, crypto websites can let users move any token across chains in one click – without relying on a single bridge or DEX.
Combined, our two projects source, route, and deposit tokens anywhere in DeFi.
5 DEX aggregators
15 chains
20 bridges
25 DEXs
1500 contracts
Together, our two teams are excited to FINALLY upgrade the crypto user journey. Universal token support. Abstracted user experiences. Minimal dev support.
We think LI.FI x Wido unlocks a new paradigm for crypto applications.
(And all cross-chain zaps are available via a Widget or SDK. Implementation details here.)
Use-Case Examples
The Wido and LI.FI partnership unlocks a wide range of use cases, as any contract in DeFi can now be “zapped” into from a LI.FI supported chain, starting with any token (ERC-20 or LP).
Wallets
Users deposit into safe yield opportunities (Yearn Vaults or stETH) from any chain/token combination.
Ex: Mark recently received 2,000 OP in an airdrop and wants to convert it to a safer form of value. Via LI.FI and Wido, Wallet XYZ can build a zap that swaps OP into WETH, bridges WETH to Ethereum, then stakes into Lido contracts… in one click.
Borrowing/Lending Platforms
Users deposit into lending positions from any chain/token combination.
Ex: Roman has 5,000 BUSD on BNB Chain, but sees that Aave is offering 8% for USDC deposits on Optimism. Aave can build a zap that swaps BUSD to USDC, bridges USDC to Optimism, and then deposits into a lending position on Aave… in one click.
Yield Aggregators
Users deposit into a vault from any chain/token combination.
Ex: Philipp was yield farming on Fantom, but liquidity mining rewards are starting to run dry. Yearn can build a zap that takes Philipp’s food/dog/meme/LP tokens on Fantom, swaps and bridges them to mainnet, and then deposits them into a Yearn Vault to earn a safe 4% yield.
Derivatives Exchanges
Users purchase a derivative from any chain/token combination.
Ex: Max recently sold a Nakamigo for .73 ETH on Ethereum and wants to up the ante. GMX can build a zap that takes Max’s ETH and allows him to buy a levered long position on ETH on Arbitrum.
General Dapps
Users interact with the same dApp on various chains in a single interface.
Ex: Instead of sorting by “chain”, dApps could sort by “token” – thereby, for example, showing USDC yields across chains. From there, via LI.FI and Wido, dApps can build zaps to let users zap into any form of yield from any chain.
Cross-Chain Yield Farming Automation
Teams building automated strategies that can touch yield on any chain with any token.
Ex: LI.FI lets teams move any token to any chain. Wido lets teams deposit any token into any contract. Both of us offer an API, meaning these movements can be automated – allowing for anyone to build xchain yield farming strategies that automatically rotate depending on yield opportunities on different chains.
Conclusion
Imagine building a crypto application and not having to think about different chains, gas tokens, bridges, swaps, or deposit support.
Imagine a single API letting developers source liquidity from all of DeFi.
Imagine dApps, wallets, and websites building experiences that didn’t require users to bridge, swap, or deposit – or even know what chain they were interacting with.
Now stop imagining. Because sometimes dreams do become reality… and this is exactly what LI.FI and Wido are bringing to the crypto industry.
The bridge? Gone. The DEX? Gone. Switching chains? Gone. Depositing? Gone.
One click, from this to that.
An experience ready for 1 billion users.
And all you, dear developers, need to do is this: start building on top of us!
Contact @markmurdock3 or @rmazur on Telegram for information on implementing cross-chain zaps!
Interesting Reads
1) Bridge Aggregation in a Multi-Chain World
2) Catalyst Unit of Liquidity Whitepaper
3) How Lack of Social Consensus Around How to Bridge/Name Tokens Creates Confusion
4) Account Abstraction and SUAVE: How far are we from an Intent-Centric Ethereum?
Get Started With LI.FI Today
For more information about the LI.FI protocol,
Head to our link portal at link3.to/lifi
Read our SDK’ quick start’ at docs.li.fi
Join the official Discord server
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Subscribe on our Substack
or try our any-2-any swaps NOW at jumper.exchange