QuipuSwap, a decentralized exchange, and Allbridge have partnered to launch a cross-chain bridge between Tezos and 15 other blockchains.
The new cross-chain bridge will reportedly help users move liquidity to or from Tezos from other blockchains without selling their assets or intermediaries such as CEXs. The bridge will help mitigate the barrier to entry for users, helping them access all benefits and hidden gems created on the Tezos blockchain.
According to the team, the new cross-chain ridge was created by MadFish in collaboration with Allbridge and audited by Cossack Labs. The bridge seeks to help NFT collectors from other blockchains start working with the Tezos NFT marketplace while helping DeFi users discover new earning opportunities on the Tezos blockchain.
At launch, the bridge will allow the transfer of a few tokens, namely, BUSD from BNB Chain, USDC from Polygon, and ABR tokens from 15 blockchains. However, Allbridge plans to expand access to ETH, BTC, SOL, AVAX, NEAR, USDT, USDC, other stablecoins from other chains on Tezos, and more.
The bridge also benefits users, including those participating in Tezos projects with high APR farms for BTC, stablecoins, and other tokens. The bridge also helps users transfer funds more efficiently to participate in NFT marketplaces and use lending protocols and other DeFi tokens.
Tezos is a self-upgradable and energy-efficient Proof-of-Stake blockchain. Tezos is famous for its fast transactions, low transaction fees, and standing among DeFi users and NFT artists. Currently, the blockchain has integrated 16 blockchains bringing more liquidity to its ecosystem.
QuipuSwap is an open-source protocol that provides an interface for the seamless decentralized exchange of Tezos-based Tokens. QuipuSwap is also working on launching new farming programs for USDC and BUSD. Notably, the team has planned a few rewards for participants to celebrate the long-anticipated resale. Through the partnership, QuipuSwap will be used as a gateway for wrapped assets for other blockchains, allowing liquidity transfer to and from Tezos.
Commenting on the cross-chain bridge, the QuipuSwap team explains:
“We expect that cross-chain stable farming will provide a unique and lucrative opportunity for our users.”
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