Introduction:
In a groundbreaking development, ZetaChain is making significant strides in achieving its mission of offering an EVM-compatible L1 blockchain that seamlessly connects diverse blockchains. A case in point is the introduction of Eddy Finance, a new generation omnichain decentralized exchange (DEX) now live on ZetaChain's testnet. This article explores the key features and implications of Eddy Finance, emphasizing its ability to facilitate native cross-chain swaps, particularly unlocking the potential of trading native Bitcoin within the DeFi ecosystem.
Efficient Cross-Chain Swaps with Eddy Finance:
Eddy Finance has positioned itself as a DEX designed to empower users with native cross-chain asset transfers and stableswaps across various blockchains. Leveraging the power of Omnichain Smart Contracts on ZetaChain, Eddy Finance orchestrates external, native assets as if they were all residing on a single, unified chain.
One notable example is the creation of a multichain tri-token pool of stablecoins, where assets like USDC on Arbitrum, USDT on Polygon, and DAI on Ethereum coexist in a single pool of unified liquidity. This architecture ensures that all application logic resides in one place, making Eddy Finance swaps highly efficient and cost-effective for crypto users, saving them gas, time, and slippage when trading across different networks.
Mrigank, the founder of Eddy Finance, highlights the power of Omnichain contracts in building the platform. The simplicity of inheriting a basic zContract on ZetaChain streamlines value transmission between blockchains, eliminating the complexities of deploying and maintaining contracts on multiple chains.
Unlocking Native BTC in DeFi:
Eddy Finance's prowess extends beyond smart contract-compatible blockchains, reaching even non-smart chains like Bitcoin and Dogecoin. The DEX enables users to trade native Bitcoin directly with other assets without the need for wrapped versions or derivatives, all in a single transaction. This functionality opens up new cross-chain opportunities, allowing developers to tap into the previously untouched Bitcoin userbase within the broader DeFi ecosystem.
Beta Testing and Future Prospects:
Eddy Finance is currently live on testnet, inviting users to participate in beta-testing the first cross-chain swaps, including those involving BTC. The development of omnichain liquidity pools, known as The Eddy Currents, is underway, further enhancing the platform's capabilities.
ZetaChain Grants Program:
ZetaChain, in its commitment to fostering innovation, actively disperses grants through its $5 million grants program launched in April 2023. Developers interested in contributing to the omnichain ecosystem can explore grant program eligibility and criteria, submit omnichain dApp ideas, and apply for grants.
About Eddy Finance:
Eddy Finance stands as a DEX and Stableswap on ZetaChain, facilitating effortless cross-chain asset transfers between blockchains like BTC and EVM networks. By consolidating native assets and stablecoins into unified pools, Eddy Finance ensures seamless interaction with native assets, reducing risks associated with wrapped assets. The use of Omnichain Smart Contracts guarantees optimal swap prices with minimal slippage and gas fees for users.
Follow Eddy Finance on Twitter @eddy_protocol and join the conversation on Discord to partake in rewarding quests on Zealy.
About ZetaChain:
ZetaChain emerges as the world's first and only decentralized EVM-compatible L1 blockchain with built-in cross-chain interoperability. It connects all blockchains, including non-smart contract chains like Bitcoin and Dogecoin. ZetaChain's Omnichain toolkit empowers developers to build true omnichain dApps from a unified logic point, offering users secure access to their assets, data, and liquidity in a single, cohesive platform.
