Editorial note: The following article contains discussion of Decentralized Finance (DeFi). DeFi refers to a relatively new financial system based on blockchain, that decentralizes the infrastructure, processes, and technologies used in traditional financial transactions. As such, when it comes to DeFi, the regulatory framework that exists around traditional finance is incomplete and evolving. It is important that readers do their own research, and understand that coverage of DeFi products and services on Spotlight does not constitute endorsement by either the Spotlight editorial board, Blokhaus Inc, or any affiliated organizations.
MadFish has announced the launch of a new cross-chain bridge, created via a collaboration between its Quipuswap team and Allbridge, billed as a step towards attracting liquidity from other blockchains to Tezos.
MadFish is the development team behind some of Tezos’s most widely used applications, such as Temple Wallet and the Quipuswap DEX. The new cross-chain bridge, which MadFish originally blogged about in January, allows users to move liquidity from the Polygon blockchain and BNB Chain to Tezos, with the potential for integration with 14 other chains. The code has been audited by Cossack Labs.
Primarily, this bridge should help NFT collectors from other blockchains to start working with Tezos NFT marketplaces and make it easier for DeFi users to discover new earning opportunities on Tezos - MadFish
Allbridge offers a modern cross-chain solution that currently connects and bridges 17 blockchain protocols (including Tezos). Cross-chain bridges are important because assets that live on one blockchain are not always compatible with another.
Cross-chain solutions like Allbridge allow users to move assets between Ethereum Virtual Machine (EVM) and non-EVM compatible blockchains, and other Layer 2 solutions. The Quipuswap DEX acts as a gateway for people using the bridge. To date, Allbridge has moved near $5.3 billion worth of assets.
For more information about the new cross-chain bridge, check out this detailed article, published on the MadFish blog.