Coinovy Bridge: DeFi’s Cross-Chain Link
November 18 2021 - 1:01AM
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The cryptocurrency market is currently in one of its biggest bull
runs in history. With the prices of Bitcoin and Ether reaching
record all-time highs, the crypto market cap has surged to over $3
trillion, making it one of the most valuable industries in the
world. If the predictions are to be believed, this is only the
beginning. The scale of future possibilities and growth of the
crypto market is gargantuan. But as always, there’s a catch. Even
though the crypto market has achieved substantial collective
success, its operations are still fragmented. There is little to no
interoperability between different chains and this hinders the
seamless exchange of assets within the market. Users are often
forced to stick to a single network, limiting not only their choice
but also the potential growth of decentralized finance (DeFi)
itself. As the market continues to grow both in value and the
number of users, there seems to be a rising demand for solutions
that promote interoperability and seamless exchange of assets
between chains. In this regard, Coinovy’s cross-chain bridge is the
need of the moment for the DeFi space. Interoperability Like Never
Before Coinovy is a platform built to make cryptocurrencies
accessible to the masses. It aims to simplify the complex process
of buying, selling, and trading cryptocurrencies that hinders
beginners and non-tech folk from riding the crypto wave. With a
multi-currency wallet and the ability to withdraw crypto to a debit
card for everyday use, Coinovy eliminates the major roadblocks
making crypto inaccessible. In addition to this, the platform also
redefines payments by assigning an International Bank Account
Number to its users that can be used to transfer funds across 150
countries. But when it comes to making crypto accessible,
interoperability plays a major role. Realizing this, Coinovy has
come up with a cross-chain bridge that facilitates the seamless
exchange of assets. This bridge connects Ethereum and Binance Smart
Chain (BSC), the two blockchain networks that are synonymous with
DeFi. These two chains are home to the most innovative DeFi
projects and the biggest DEXs Uniswap and Pancake Swap. So, it is
quite natural for users to want to trade on both chains. Using the
bridge, users can transfer assets between these two chains and
transact on the chain that promises speed and the most effective
liquidation for their assets. This bridge is also extremely
beginner-friendly, facilitating cross-chain transactions with a
single click. With the number of crypto assets, DeFi projects, and
global users increasing by the day, this Bridge can provide them an
easy on-ramp to enter and exit different networks when needed.
Making the Fragments Whole When trying to build a whole industry
from scratch it is quite possible to leave out a few key factors
that could be detrimental to its growth. In the case of DeFi, the
whole frenzy of creating new blockchain networks and projects gave
rise to a fragmented space that is difficult to navigate. It is
only recently that this problem of lack of interoperability came
into the limelight. With projects like Coinovy taking strides to
connect the DeFi world, interoperability could become the new norm
in DeFi, taking the industry to its next level of growth.
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