Altszn.com
  • Home
  • Crypto
    • Altcoins
    • Bitcoin
    • Ethereum
    • Monero
    • XRP
    • Zcash
  • Web3
  • DeFi
  • NFTs
No Result
View All Result
Altszn.com
  • Home
  • Crypto
    • Altcoins
    • Bitcoin
    • Ethereum
    • Monero
    • XRP
    • Zcash
  • Web3
  • DeFi
  • NFTs
No Result
View All Result
Altszn.com
No Result
View All Result

Squid brings native cross-chain swaps to 25 blockchains

Altszn.com by Altszn.com
January 31, 2023
in Blockchain
0
Squid brings native cross-chain swaps to 25 blockchains
399
SHARES
2.3k
VIEWS
Share on FacebookShare on Twitter


Squid, a cross-chain routing protocol powered by Axelar, has closed a $3.5 million seed round to build native-to-native cross-chain token swaps.

The protocol will allow developers on 25 chains to swap tokens across blockchains natively. Axelar, the blockchain messaging network, supported the raise as a “strategic investment.”

A Squid announcement said,

“There are so many ecosystems and chains out there waiting to be explored, but gaining access to them can feel impossible.

Obscure wrapped assets, confusing bridge UX and the need for extensive research – just to move tokens securely across chains…”

Swapping tokens across chains can be cumbersome, confusing, and expensive. Further, bridges are often weak points in terms of security, with numerous bridge hacks over the last few years. Tokens sent through a bridge are locked on the native chain and then wrapped as a token on the destination chain, such as wLUNA or pBTC. As a result, many investors opt to use centralized exchanges for moving tokens from one blockchain to another.

Squid will allow DEXs to add the native tokens of other chains to their offering. Outside of centralized exchanges, current options for cross-chain swaps are limited. THORChain is one of the main blockchains to offer cross-chain swaps through its RUNE token-paired liquidity pools. THORSwap is a DEX built on THORChain currently offering cross-chain swaps across 8 different networks. It has a TVL of over $132 million and processes a daily swap volume of around $20 million.

The Squid DEX will allow any user across 25 chains to swap native tokens with one click. Its developer tools are provided as an “API and SDK alongside an easily implementable and customizable widget.”

“Squid’s mainnet launch includes support for 25 chains, including interoperability between EVM chains and the Cosmos.”

Further, Squid leverages Axelar to allow NFTs to be purchased with assets from any blockchain and convert integrated wallets into “chain-agnostic” wallets. The ability to transact across 25 chains in any supported token  looks to realize the ‘multi-chain future.’ Squid believes its protocol will “address cross-chain’s long-standing UX troubles” as the industry readies itself for onboarding of new users in future bull runs.

Travis Scher of Squid investor North Island Ventures said:

“We believe the future of crypto is multi-chain and cross-chain, and are extremely excited to back the great team at Squid, which is building critical infrastructure to bring this vision to fruition.”

Some of the major players in the crypto space have already announced they will be integrating Squid, including QuickSwap, Pangolin, Ledger, and BitKeep.

Squid went live on Ethereum, Moonbeam, Binance Chain, Arbitrum, Avalanche, Polygon, Fantom, Celo, Cosmos Hub, Crescent, Injective, Juno, Kujira, Osmosis, Secret Network, Terra-2, Agoric, AssetMantle, Axelar, Comdex, Evmos, Fetch, Ki, Regen, and Umee.

Sergey Gorbunov, the co-founder of Axelar, nodded to the collapse of FTX, Celsius et al stating:

“Failure of centralized trading platforms has highlighted the need for secure decentralized alternatives. Squid powers this future by enabling decentralized, secure, and simple to use cross-chain swaps… we’re excited to see them build on the Axelar Network.”



Read More: cryptoslate.com

Tags: BlockchainBlockchainsBringsCrossChainNativeSQUIDswaps
ADVERTISEMENT

Recent

Top L2 Arbitrum’s Scaling Roadmap Seeks to Avoid ‘Trade-offs’

Top L2 Arbitrum’s Scaling Roadmap Seeks to Avoid ‘Trade-offs’

May 16, 2025
Pixelmon Announces Strategic Partnership with Ava Labs to Launch Two Mobile Games Including ‘Warden’s Ascent’ on Avalanche with Dedicated Layer-1

Pixelmon Announces Strategic Partnership with Ava Labs to Launch Two Mobile Games Including ‘Warden’s Ascent’ on Avalanche with Dedicated Layer-1

May 16, 2025
Gamers Hate Crypto, but a New High-Profile Partnership Marks a Shift

Gamers Hate Crypto, but a New High-Profile Partnership Marks a Shift

May 16, 2025

Categories

  • Bitcoin (4,812)
  • Blockchain (11,331)
  • Crypto (9,270)
  • Dark Web (540)
  • DeFi (8,355)
  • Ethereum (4,866)
  • Metaverse (7,449)
  • Monero (287)
  • NFT (1,436)
  • Solana (5,028)
  • Web3 (20,606)
  • Zcash (501)

Category

Select Category

    Advertise

    Advertise your site, company or product to millions of web3, NFT and cryptocurrency enthusiasts. Learn more

    Useful Links

    Advertise
    DMCA
    Contact Us
    Privacy Policy
    Shipping & Returns
    Terms of Use

    Resources

    Exchanges
    Changelly
    Web3 Jobs

    Recent News

    Top L2 Arbitrum’s Scaling Roadmap Seeks to Avoid ‘Trade-offs’

    Top L2 Arbitrum’s Scaling Roadmap Seeks to Avoid ‘Trade-offs’

    May 16, 2025
    Pixelmon Announces Strategic Partnership with Ava Labs to Launch Two Mobile Games Including ‘Warden’s Ascent’ on Avalanche with Dedicated Layer-1

    Pixelmon Announces Strategic Partnership with Ava Labs to Launch Two Mobile Games Including ‘Warden’s Ascent’ on Avalanche with Dedicated Layer-1

    May 16, 2025

    © 2022 Altszn.com. All Rights Reserved.

    No Result
    View All Result
    • Home
      • Home – Layout 1
      • Home – Layout 2
      • Home – Layout 3

    © Altszn.com. All Rights Reserved.

    • bitcoinBitcoin (BTC) $ 103,462.00
    • ethereumEthereum (ETH) $ 2,492.53
    • tetherTether (USDT) $ 1.00
    • xrpXRP (XRP) $ 2.38
    • bnbBNB (BNB) $ 643.59
    • solanaSolana (SOL) $ 168.68
    • usd-coinUSDC (USDC) $ 0.999854
    • dogecoinDogecoin (DOGE) $ 0.217207
    • cardanoCardano (ADA) $ 0.773181
    • tronTRON (TRX) $ 0.269286
    • staked-etherLido Staked Ether (STETH) $ 2,490.49
    • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 103,567.00
    • suiSui (SUI) $ 3.80
    • wrapped-stethWrapped stETH (WSTETH) $ 3,002.50
    • chainlinkChainlink (LINK) $ 15.40
    • avalanche-2Avalanche (AVAX) $ 22.80
    • stellarStellar (XLM) $ 0.290339
    • hyperliquidHyperliquid (HYPE) $ 26.71
    • shiba-inuShiba Inu (SHIB) $ 0.000014
    • leo-tokenLEO Token (LEO) $ 8.94
    • hedera-hashgraphHedera (HBAR) $ 0.193857
    • bitcoin-cashBitcoin Cash (BCH) $ 395.13
    • the-open-networkToncoin (TON) $ 3.07
    • litecoinLitecoin (LTC) $ 100.61
    • polkadotPolkadot (DOT) $ 4.72
    • usdsUSDS (USDS) $ 0.999792
    • wethWETH (WETH) $ 2,495.22
    • moneroMonero (XMR) $ 337.56
    • binance-bridged-usdt-bnb-smart-chainBinance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 1.00
    • wrapped-eethWrapped eETH (WEETH) $ 2,666.65
    • bitget-tokenBitget Token (BGB) $ 5.04
    • pepePepe (PEPE) $ 0.000012
    • ethena-usdeEthena USDe (USDE) $ 1.00
    • pi-networkPi Network (PI) $ 0.688268
    • coinbase-wrapped-btcCoinbase Wrapped BTC (CBBTC) $ 103,534.00
    • whitebitWhiteBIT Coin (WBT) $ 30.14
    • bittensorBittensor (TAO) $ 421.26
    • daiDai (DAI) $ 0.999946
    • uniswapUniswap (UNI) $ 5.90
    • aaveAave (AAVE) $ 225.85
    • nearNEAR Protocol (NEAR) $ 2.77
    • aptosAptos (APT) $ 5.12
    • okbOKB (OKB) $ 53.07
    • jito-staked-solJito Staked SOL (JITOSOL) $ 202.84
    • kaspaKaspa (KAS) $ 0.114673
    • ondo-financeOndo (ONDO) $ 0.925021
    • blackrock-usd-institutional-digital-liquidity-fundBlackRock USD Institutional Digital Liquidity Fund (BUIDL) $ 1.00
    • crypto-com-chainCronos (CRO) $ 0.098840
    • internet-computerInternet Computer (ICP) $ 5.23
    • tokenize-xchangeTokenize Xchange (TKX) $ 34.84
    • bitcoinBitcoin (BTC) $ 103,462.00
    • ethereumEthereum (ETH) $ 2,492.53
    • tetherTether (USDT) $ 1.00
    • xrpXRP (XRP) $ 2.38
    • bnbBNB (BNB) $ 643.59
    • solanaSolana (SOL) $ 168.68
    • usd-coinUSDC (USDC) $ 0.999854
    • dogecoinDogecoin (DOGE) $ 0.217207
    • cardanoCardano (ADA) $ 0.773181
    • tronTRON (TRX) $ 0.269286
    • staked-etherLido Staked Ether (STETH) $ 2,490.49
    • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 103,567.00
    • suiSui (SUI) $ 3.80
    • wrapped-stethWrapped stETH (WSTETH) $ 3,002.50
    • chainlinkChainlink (LINK) $ 15.40
    • avalanche-2Avalanche (AVAX) $ 22.80
    • stellarStellar (XLM) $ 0.290339
    • hyperliquidHyperliquid (HYPE) $ 26.71
    • shiba-inuShiba Inu (SHIB) $ 0.000014
    • leo-tokenLEO Token (LEO) $ 8.94
    • hedera-hashgraphHedera (HBAR) $ 0.193857
    • bitcoin-cashBitcoin Cash (BCH) $ 395.13
    • the-open-networkToncoin (TON) $ 3.07
    • litecoinLitecoin (LTC) $ 100.61
    • polkadotPolkadot (DOT) $ 4.72
    • usdsUSDS (USDS) $ 0.999792
    • wethWETH (WETH) $ 2,495.22
    • moneroMonero (XMR) $ 337.56
    • binance-bridged-usdt-bnb-smart-chainBinance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 1.00
    • wrapped-eethWrapped eETH (WEETH) $ 2,666.65
    • bitget-tokenBitget Token (BGB) $ 5.04
    • pepePepe (PEPE) $ 0.000012
    • ethena-usdeEthena USDe (USDE) $ 1.00
    • pi-networkPi Network (PI) $ 0.688268
    • coinbase-wrapped-btcCoinbase Wrapped BTC (CBBTC) $ 103,534.00
    • whitebitWhiteBIT Coin (WBT) $ 30.14
    • bittensorBittensor (TAO) $ 421.26
    • daiDai (DAI) $ 0.999946
    • uniswapUniswap (UNI) $ 5.90
    • aaveAave (AAVE) $ 225.85
    • nearNEAR Protocol (NEAR) $ 2.77
    • aptosAptos (APT) $ 5.12
    • okbOKB (OKB) $ 53.07
    • jito-staked-solJito Staked SOL (JITOSOL) $ 202.84
    • kaspaKaspa (KAS) $ 0.114673
    • ondo-financeOndo (ONDO) $ 0.925021
    • blackrock-usd-institutional-digital-liquidity-fundBlackRock USD Institutional Digital Liquidity Fund (BUIDL) $ 1.00
    • crypto-com-chainCronos (CRO) $ 0.098840
    • internet-computerInternet Computer (ICP) $ 5.23
    • tokenize-xchangeTokenize Xchange (TKX) $ 34.84