Decentralized blockchain interoperability solution, Wanchain, and Polkadot-based Ethereum-compatible smart contract announced the integration of Wanchain’s decentralized cross-chain infrastructure with Moonbeam’s non-custodial community-led project, Moonriver.
On August 26, Wanchain’s decentralized cross-chains were successfully integrated to Moonriver, a companion network to Moonbeam that provides a permanently incentivized canary network. The integration aims to enhance the development of decentralized finance (DeFi) applications across various blockchains and strengthen the overall DeFi ecosystem on Polkadot’s relay chain, Kusama, which hosts the Moonriver platform.
Additionally, the integration will allow developers to build cross-chain DApps setting off a new innovation phase for applications on Polkadot.
Moonbeam’s cross-chain solutions have gradually grown, pushing the platform to the leaderboard on the Polkadot network, by allowing a fully compatible Ethereum environment for developers. This compatibility across chains allows developers to deploy Solidity smart contracts and Ethereum-based frontends, creating a parachain on Polkadot.
“They [Moonbeam] are already the premiere on-ramp to the Polkadot network,” Li Ni, Wanchain VP of Business Development and Operations said speaking on the latest integration. “By working closely with Moonbeam, Wanchain’s best-in-class cross-chain infrastructure will connect Polkadot and Moonbeam to the larger cross-chain DeFi world.”
The two firms aim at enhancing the DeFi space and introducing the next phase of innovations powered by interoperable cross-chain solutions, a statement from the teams read. This will allow seamless transfer of information, assets, data, and smart contracts across Polkadot-based parachains and the Ethereum blockchains.
On its part, Wanchain’s decentralized cross-chain bridges will connect Moonriver to the larger Ethereum and Polkadot DeFi ecosystem as well as other chains including Bitcoin, Litecoin, Binance Smart Chain, and XRP Ledger. As such, these assets on the integrated chains are now available and compatible with Moonriver. Similarly, Moonriver’s own $MOVR is now cross-chain compatible with Ethereum, Wanchain, and Binance Smart Chain.
Derek Yoo, Founder of Moonbeam, believes the latest integration of Wanchain is set to spark new DeFi activity when the full interoperability feature launches. Due to the lack of operability between blockchains, DeFi projects have suffered over the past year to get and keep traction of users and also caused liquidity issues as assets could only be used on a specific blockchain.
"Wanchain offers bi-directional connectivity options to multiple blockchain ecosystems from Moonriver. This connectivity will be a rich set of assets to the growing DeFi ecosystem on Kusama and ultimately Polkadot," Yoo added.
Deployed as a parachain in June 2021, the Moonriver platform provides an easy-to-use on-ramp to Kusama for Ethereum developers. Moonriver receives code deployments earlier and launches to Kusama first. This means developers have earlier access to Moonriver to start building, experimenting, and launching, and other participants can access DApps and assets on that chain.
The crypto and blockchain space has faced a constant problem of lack of communication between two blockchains - as each blockchain relies on its own data to survive. With the latest cross-chain integration solutions, Moonbeam and Wanchain will provide concrete solutions to enable interoperable blockchains across the whole ecosystem.
As the blockchain world grows, building community systems that are interoperable will boost the liquidity on DeFi DApps on different blockchains and allow sharing of data and smart contracts between Ethereum and Polkadot. More parachains and partnerships to expand the cross-chain network will be completed in the coming weeks, the report concluded.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.