Following its successful seed funding round and the release of its testnet 2.0, deBridge, a cross-chain interoperability and liquidity transfer protocol, has now announced the launch of its public mainnet. deBridge’s decentralized setup allows users and protocols to transfer assets and data between different blockchains, starting with Ethereum, Binance Smart Chain, Huobi Eco Chain, Arbitrum, and Polygon.
Projects can integrate with deBridge’s infrastructure to tap into the various cross-chain opportunities the protocol enables, such as asset swaps and transfers, governance voting, farming strategies, NFTs, oracle data, and much more. This facilitates overall composability and allows new cross- chain applications and primitives to be built. The protocol enables users to transfer not only assets but any arbitrary asset and data that will be executed on the target chain.
“The launch of Mainnet marks deBridge’s official entry into an exciting new era of the multi-chain ecosystem following the explosive development of DeFi, NFTs, and DAOs powered by a multitude of chains. deBridge’s goal is to be the standard for cross-chain interoperability and liquidity transfers to interconnect the industry’s innovations, making the crypto world more united.”
– Co-Founder & CEO of deBridge, Alex Smirno
In addition to its public mainnet, deBridge is launching its official partnerships with decentralized exchange (DEX) aggregators 1inch and ParaSwap as the project continues to build efficient infrastructure for cross-chain swaps between any arbitrary assets. Cross-chain swaps will be one of the first applications built on top of the deBridge infrastructure that utilizes the protocol to pass liquidity and instructions in the same transaction between different blockchains.
By enabling any existing protocol or application to instantly scale up to any L1, L2, or sidechain and become interconnected across ecosystems, deBridge eliminates the need to fragment liquidity, technologies, and competitive environments. For example, Solana users can interact with protocols in Polygon directly from their Phantom wallets without switching wallets or networks.
deBridge employs a lock and mint approach that continuously validates the current state of the protocol, and checks if the total supply of the wrapped asset is entirely backed by its collateral. If a wrapped asset loses its peg, security monitoring can be triggered to automatically pause the protocol by a special “pauser” role. This would prevent the bridging of fake-minted assets to other chains and narrow down the potential damage. Validator nodes also continuously update the state of the token balances on each supported blockchain and never allow total withdrawals of an asset to exceed its total deposits.
This announcement follows a $5.5 million seed funding raise in 2021 led by ParaFi Capital. Participation in the round also came from partners including Animoca Brands, Huobi Ventures, Lemniscap, Crypto.com Capital, MGNR, IOSG, and bitScale.