BHO MAINNET FUNCTION SERIES: WHAT IS "CROSS-CHAIN"?
When Blockchain first came out, it was considered the most efficient improvement to assist transactions, smart contracts etc that could be done on a single chain. However, as technology advances, the preceding statement is becoming relatively outdated. As a result, Cross-Chain was invented as a possible solution to this issue.
WHY IS CROSS-CHAIN TRENDING?
⚜️Created to maximize the ability to aggregate between chains by moving assets from one chain to another, cross-chain projects allow users to not only connect better, but also transfer value information easier between Blockchains.
⚜️ Cross-Chain enables the deployment of digital assets swiftly and easily. On non-scalable Blockchains, the transaction price is cheaper, and dApps can be developed on a variety of platforms.
⚜️ When Blockchains are readily communicate with one another, Token exchange will become faster and easier than ever. BHO Network has also therefore added this Cross-Chain function, which allows users to connect with Binance Smart Chain (BSC) for asset exchange via GameFi & DeFi application connections.
For detailed information, visit:
⚜️ Total Value Locked (TVL) in DeFi smart contracts on Cross-chain bridges was recorded to reach 16.2 billion USD on 26/1/2021, up 72.25% in almost 30 days, according to data from Footprint.
⚜️ Avalanche, Polygon, Arbitum, and Fantom Anyswap are the 4 largest cross-chain bridges to exist at the moment. They account for 95.61% of the overall cross-chain demand, with 401.23% as the biggest monthly rise.
⚜️ According to data from CoinTofu, these cross-chain bridges have great user experience ratings, because they:
- Increase transaction speed
- Maximize users’ experience, as contents can be interacted with openly.
- Improved productivity & utility of existing crypto assets, as well as increased security & privacy.
What are your thoughts on this Cross-Chain trend?
Published on January 08, 2022
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