Ferrum’s Highly Secured Multi-chain Token Bridge Hits USD 138 Million in Total Transacted Volume
Disclaimer: The text below is a press release that was not written by Cryptonews.com.
Ferrum Network, a blockchain platform that enables multi-chain smart contracts, recently announced their transaction volume since the launch of the Ferrum Network Multi-Chain Bridge, soon to evolve into InfinitySwap - a smart routing multi-chain aggregator set to solve the problem of fragmented liquidity by routing fractionalized transactions toward optimal arbitrage opportunities across multiple networks and DEXs.
So far, the blockchain interoperability protocol has bridged a USD equivalent of $138,924,228.2628. And while that's exciting, what’s even more exciting is that they’ve done this with an average of just $2 million a day in liquidity. Due to the fact that they’ve deployed a multi-chain bridge, they are able to keep track of native assets and their state across networks without having to lock up tokens on the bridge and mint new ones on the destination chain. Keep reading to find out why that is important!
Despite the success of DeFi in recent months, there have been high profile hacks on cross-chain bridges, including Ronin, Wormhole, Poly Network, and Anyswap. This has led to major problems concerning adoption.
Ferrum was built to solve the challenges of most DeFi investors who wish to secure their assets. With the Ferrum Network Multi-Chain Token Bridge being their first step toward Interoperability 2.0, the blockchain protocol has been able to expand its ecosystem.
Most bridges use the lock and mint or burn approach, which requires them to hold the tokens on the original chain as backing for the wrap token, thereby minting them out of thin air. However, Ferrum has a multi-chain bridge that keeps track of native coins and
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