dApp Yup uses LiquidApps to Create EOS/Ethereum Bridge
LiquidApps, the decentralized development solutions provider, announces the social media dApp Yup‘s successful deployment of a cross-chain bridge from EOS to Ethereum, harnessing LiquidApps’s cross-chain technology to achieve the bridging. LiquidApps’ cross-chain technology empowers developers and projects to bridge between blockchains and unlock networked liquidity on their dApps.
Yup successfully deployed the first-ever liquidity mining platform that utilizes multiple chains on the DAPP Network, an interoperability network that connects between base-layer blockchains. DAPP Network’s bridging technology is designed for general purpose, such that any token on any chain could potentially adapt the code to allow for cross-chain transfers and liquidity. By harnessing the power of bridging and capturing the advantages of both Ethereum and EOS chains, developers and users are afforded:
- Scalability: Developers can harness high-performance chains for their token farming needs, bypassing the high gas fees on Ethereum. At the same time, their main source of liquidity for their dApps can remain on the Ethereum mainnet with seamless bridging in between the various chains.
- Multi-chain liquidity mining: Allowing liquidity pool users to stake and provide liquidity across multiple chains, and even farm new tokens in the process.
- Bootstrapping: Decentralized apps developed on new chains will be able to access expanded liquidity pools through the cross-chain incentives that drive more staking across multiple chains.
“We are pleased to see the DAPP Network’s bridging technology implemented as part of Yup’s multi-chain protocol. This is a big step for interoperability and we’re looking forward to seeing additional bridges to come across other chains as well,” said Beni Hakak, CEO of LiquidApps.
“We’re excited about the multi-chain possibilities enabled by DAPP Network’s cross-chain bridges. In Yup’s case, using Ethereum for liquidity and governance while facilitating curation and business logic on EOS is a novel and winning formula,” said Nir Kabessa, CEO of Yup. “In the near future, leveraging different blockchains or different facets of one product will be the norm.”
The demand for DeFi is growing, with total value locked (TVL) in USD skyrocketing by almost 2,000 per cent between January 1 and November 15, according to DeFi Pulse records. Yet the TVL could be much greater if not for the impediments to expanding liquidity pools, which are essential to a thriving DeFi ecosystem. Boosting liquidity to the levels it must reach in order for DeFi to blossom depends, however, on accessibility. Each blockchain possesses its own beneficial properties for expanding liquidity, such as higher volume on Ethereum or cheaper gas costs on EOS. These benefits remain out of reach for developers on either blockchain because of a key impediment: the absence of cross-chain capabilities. But LiquidApps’s cross-chain technology and Yup’s successful deployment have opened a new doorway.
The cross-chain technology will also allow general-purpose data transfers beyond token applications.