With the crypto market growing at an astronomical rate, there has never been a more important time for cross-chain tools. New networks — with next-gen features that offer high scalability — have pulled investors from Ethereum, even though it remains the dominant DeFi blockchain. Still, there is no viable solution to connect all relevant blockchain networks to date.
With growth spread around various networks, cross-chain solutions via bridges have become all the more essential, especially as Ethereum and other networks continue to refine themselves. The ability to transfer assets seamlessly from one chain to the next has injected life into this new sector of the market, which is still in its early stages.
Cross-chain capabilities are an essential part of the DeFi ecosystem, at least until more native solutions arrive. However, without a viable and easy-to-access application, users are losing out on an all important-service.
That has enormous repercussions for the global user base of crypto users, who are now left using siloed crypto ecosystems, which is entirely against the whole point of this open and decentralized market. However, teams are working on relevant and effective solutions, such as FibSwap.
FibSwap as a Solution to the Cross-Chain Problem
Solutions that have been put forward by FibSwap can help overcome this pressing problem. FibSwap is a multi-chain decentralized exchange that allows you to swap tokens from Ethereum to Binance Smart Chain with one press of a button, radically simplifying this necessary process. It also plans to support other networks in the future, making DeFi operations seamless across all compatible networks.
This has several benefits, with the most important being that it can save users a lot of money and time through a more efficient solution. DeFi interactions will also be significantly quicker with these one-click solutions, making DeFi applications and games much more usable than ever before.
The FibSwap DEX can do this because it is an Interoperable Multi-Chain Bridge System (IMBS) DEX that runs on the FibSwap Smart Algorithm. As a result, the whole swap from chain to chain takes only about ten seconds, which is a tremendous improvement over other currently available solutions.
$FIBO is the platform’s native token, which is used for governance, as well as fees and network incentivization. This is the token that users will have to use to facilitate swaps between chains, providing value to the token as the network and its user base continues to grow. It also has a deflationary mechanism, which will see supply decrease over time as users continue to make swaps.
The team is also focused on more features going into the future. The FibSwap DEX V2.0 is slated for release in the first quarter of 2022, along with the launch of the FibSwap Lottery and their Influencers NFTs.
Cross-Chain Swaps Will No Longer Be an Industry Problem
DeFi is still in its early stages, so it still has much more room to grow. Considering there are no other seamless solutions like FibSwap, the market is ripe for improvement and optimization. With the arrival of new platforms, technologies, and use cases, a DEX like FibSwap is more important than ever.
The possibilities that DeFi presents are just kicking off, so market enthusiasts and crypto newbies alike have a lot to look forward to. The future is exciting, and FibSwap aims to be at the forefront. FibSwap launched in July 2021, so its platform is available for use right now. Users can immediately check out the benefits of its cross-chain swaps by visiting FibSwap.