Blockchain Bridges To DeFi Transfers
There are some signs that some crypto collateral is starting to get liquidated and withdrawn from DeFi protocols as double digit yields start to dwindle. The total value locked across all platforms has declined by 9.3% since its all-time high in late September according to DeFi Pulse because of several challenges including interoperability.
These days, paying for purchases in cryptocurrencies no longer seems like something out of the ordinary. Many online stores accept Bitcoin and other coins along with traditional currencies, while in some cases, cryptocurrency holders can even pay using point-of-sale terminals.
However, there is one thing that distinguishes traditional financial systems from cryptocurrencies: advanced interoperability. Thanks to interoperability, cardholders can make payments anywhere in the world without worrying about device compatibility and currency conversion.
Interoperability
While blockchains represent a decentralized yet connected world, individual blockchain platforms, to date, remain in silo. They are not inherently communicable to one another. Consequently, protocols, services and/or institutions leveraging these different blockchain platforms operate in segregation, which prevents them from reaping the full potential of the technology. A number of cross-chain solutions have been explored, but they are far from attaining mass adoption.
HBS’s interoperability resolve
We remark that our purpose is not to compete against Ethereum-based DeFi services, but rather complement them. Nonetheless, it would not be of much help if our services remain siloed. Therefore, our third pillar focuses on improving the interoperability of different blockchain platforms, and by its extensions, services inhabiting them. In other words, we shall implement cross-chain bridges that allow DeFi services across blockchain platforms to connect and interoperate.
- Website: https://hbsplatform.com
- Chanel: https://t.me/HBSPlatformCO
- Medium: https://medium.com/@HBSPlatform
- Twitter: https://twitter.com/HBSPlatform
- Reddit: https://www.reddit.com/user/HBS_Platform
