The crypto industry is experiencing a massive upswing. With assets like Bitcoin and Ethereum hitting new all-time highs, and other cryptos following in their wake, it seems like a matter of time before mass adoption is imminent.
However, the industry needs some technological improvements before it can be broadly accepted by the rest of the world. Namely, it needs cross-chain capabilities.
The Cross-Chain Problem
With so many crypto projects launching on Ethereum, Binance Smart Chain, Avalanche, Solana, and other decentralized networks, users will want to experiment and interact across the different chains. However, cross-chain activity in the current industry is quite cumbersome, expensive, and technologically challenging.
As of now, swapping an asset from one chain to another is costly, time-consuming, and a bit of an overwhelming process for those new to crypto. If the crypto industry plans to support the mass adoption it so very much needs, it must solve interoperability. Fortunately, current blockchain projects are working on just that: a solution to the blockchain industry’s rampant interoperability problems.
One such project is FibSwap, a multi-chain decentralized exchange (DEX) providing lower fees and faster transaction speeds to users swapping between networks.
FibSwap’s Multi-Chain Solution
By utilizing a unique technology called the Interoperable Multichain Bridge System (IMBS), FibSwap builds bridges across blockchain networks for near-instant swapping. Considering that FibSwap technology is built with cross-chain interoperability in mind, swapping becomes as easy as pressing a button.
All token swaps are managed via the project’s native $FIBO governance token. By holding $FIBO, traders will know precisely how much their swaps will cost, preventing hidden fees and saving them money in the long run. As $FIBO is used to swap between chains, swaps will reduce the overall amount of $FIBO over time, potentially increasing the asset’s value in the long term if demand remains constant or rises.
Current blockchain bridges exist, but they’re not optimized for an ideal user experience. Network swaps can take anywhere from 20 to 30 minutes, and users regularly spend hundreds of dollars on trading fees if they’re frequently swapping.
By building on a multi-chain basis from inception, no project is better suited than FibSwap to facilitate cross chain swaps. While bridges between Binance Smart Chain and Ethereum exist right now, they’re nowhere near ready to facilitate trading on a mass scale.
The Future of FibSwap
Following the release of staking this week Fibswap has much more enhancements set to be released over the next months. Fibswap will add additional features such as apps for IOS and Android as well as additional blockchain bridges.
It’s a technology ensuring FibSwap can offer the best to its user base across a variety of networks, giving the DEX legs for long-term usability and longevity.
With hundreds of billions of dollars invested into the DeFi ecosystem and trillions in the crypto market overall, it makes no sense to leave these funds isolated from blockchain to blockchain. Understanding how interoperability is vital to the future success of crypto, FibSwap hopes to lead the charge into multi-chain project development. In doing so, FibSwap will build a healthier crypto ecosystem for all traders, both new and experienced.