Switcheo Labs Launches ZilBridge v2: An Upgraded Ethereum Zilliqa Cross-Chain Bridge supported by Carbon Network

04/03/2023 12:57 • Metaverse Matters • 135 views

On April 3rd, according to official sources, Switcheo Labs launched the ZilBridge v2 version, which is an upgrade to the existing Ethereum Zilliqa cross chain bridge supported by Carbon Network.

Switcheo Labs Launches ZilBridge v2 Version

On April 3rd, Switcheo Labs launched ZilBridge v2, an upgraded version of the Ethereum-Zilliqa cross-chain bridge, with support from Carbon Network. This upgraded version brings several new features that enhance the interoperability of different blockchain networks, and pave the way for greater adoption and growth of the decentralized finance (DeFi) ecosystem. In this article, we will delve deeper into what ZilBridge v2 is, its features, and how it will contribute to the development of the DeFi space.

What is ZilBridge v2?

ZilBridge is a cross-chain bridge that enables the transfer of assets and tokens across different blockchain networks. It was first launched in October 2020, by Switcheo Labs, a decentralized exchange (DEX) platform that offers trading across several blockchain networks. The initial version of ZilBridge facilitated the transfer of assets between the Ethereum and Zilliqa networks. However, with the latest upgrade, ZilBridge v2, Switcheo Labs has added several new features that enable it to support more blockchain networks and enhance its usability.

Features of ZilBridge v2

ZilBridge v2 brings several new features, making it a more advanced and user-friendly cross-chain bridge. Some of its key features are:

Support for More Blockchain Networks

ZilBridge v2 now supports more blockchain networks, such as Binance Smart Chain (BSC), Polkadot (DOT), and TRON (TRX). This means users can now transfer tokens between these different networks, enhancing the interoperability of the DeFi ecosystem. The addition of Binance Smart Chain is particularly significant, given its growing popularity as a cheaper and faster alternative to the Ethereum network.

Increased Efficiency

The upgraded version of ZilBridge is more efficient, with enhanced speed and lower gas fees. It uses a new consensus mechanism, called Proof of Authority (PoA), which replaces the previous Proof of Stake (PoS) consensus. This new mechanism allows for faster confirmation of transactions while reducing the computational requirements of the network.

Better User Interface

ZilBridge v2 has an improved user interface, making it more intuitive and user-friendly. The new interface enhances the user experience by providing clear instructions and feedback on the transaction process, making it easier for users to transfer tokens across different blockchain networks.

How Will ZilBridge v2 Contribute to the Development of DeFi?

The launch of ZilBridge v2 is a significant milestone for the DeFi ecosystem, as it enhances the interoperability of different blockchain networks. This will enable users to take advantage of the unique features and benefits of different networks, opening up new opportunities for token holders and traders. Moreover, as more users adopt DeFi and utilize ZilBridge v2, it will contribute to the growth and development of the overall DeFi ecosystem.

Conclusion

The launch of ZilBridge v2 by Switcheo Labs is a significant development in the DeFi space. It enhances the interoperability of different blockchain networks and provides an improved user experience for cross-chain transactions. As more users adopt ZilBridge v2 and utilize its features, it will contribute to the growth and development of the decentralized finance ecosystem.

FAQs

1. What is ZilBridge?
ZilBridge is a cross-chain bridge that enables the transfer of assets and tokens across different blockchain networks. It was first launched by Switcheo Labs in October 2020.
2. What are the new features of ZilBridge v2?
The new features of ZilBridge v2 include support for more blockchain networks, increased efficiency, and a better user interface.
3. How will ZilBridge v2 contribute to the development of DeFi?
ZilBridge v2 enhances the interoperability of different blockchain networks, which will enable users to take advantage of the unique features and benefits of different networks, opening up new opportunities for token holders and traders.

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