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Multiverse madness
Crypto world is becoming increasingly multi-chain.
As demonstrated previously, Ethereum is gradually giving up its dominance and new(er) networks are gaining traction:
We are now operating across a diverse universe of various blockchain with billions of dollars deposited on each of them. Some of these chains are compatible with each other and some are unique. In order for them to not exist as isolated islands, bridges have to be built, creating a truly global network.
As per usual, crypto innovation did not disappoint:
Dozens of bridges have emerged, each offering a specific solution, security compromise and network support.
Some of them, like Hop Protocol, allow for a seamless migration of assets across numerous chains:
Some, like Connext, allow professional market participants to spin up dedicated servers and run routers to provide liquidity cross-chain:
Public infrastructure
Why is this exciting?
Well, the DAO behind these bridges are ‘building’ them but anyone in the crypto land can become a ‘contractor’ to maintain these roads, collect the toll and participate in the repair works. This is akin to public infrastructure being managed and monetised collectively by local communities instead of outsourcing the work to obscure lucrative private companies. Just imagine getting a penny every time someone crosses this bridge:
We are very excited to be running routers and providing liquidity to those whose journey takes them across the bridge.
Author is the Managing Partner of Re7 Capital - a stablecoin centric DeFi fund.