Switcheo TradeHub’s integration with Zilliqa is now complete! This integration brings the protocol one step closer to its vision of truly open financial markets across multiple blockchain networks by allowing the seamless transfer of assets between Zilliqa, Switcheo TradeHub and Layer 1 chains Ethereum, Binance Smart Chain (BSC) and Neo. Soon, transfers will also be enabled across Cosmos IBC-based protocols, bringing even greater cross-chain capabilities to Zilliqa-based assets for the very first time!
Powering cross-chain interoperability
Switcheo TradeHub will be fully interoperable with Zilliqa and enable cross-chain transactions between both ecosystems. Soon, users will be able to trade Zilliqa-based tokens with assets from other blockchains within a single decentralized platform!
An additional key component of this integration is the extension of Switcheo TradeHub’s trustless wrapper module. Originally developed to wrap the Switcheo token, SWTH, from the native Switcheo TradeHub chain to other blockchains, this wrapper module will now allow any token on Ethereum to be wrapped on Zilliqa, and vice-versa.
The value this brings to Switcheo TradeHub
Introducing Zilliqa to the Switcheo TradeHub ecosystem is a huge milestone for both protocols. As the fourth chain to be supported on the protocol, new cross-chain opportunities are presented to both users in the Switcheo TradeHub and Zilliqa’s ecosystem.
- ZRC-2 token support on Switcheo TradeHub
Switcheo TradeHub will be able to support any ZRC-2 token, liquidity pool or market pair, providing a new avenue for trading of Zilliqa-based assets beyond its native Zilliqa chain!
This means more liquidity, trading pairs, and greater trading volume as more ZRC-2 markets can be added permissionlessly by anyone on the protocol!
2. Cross-chain native ZIL/ZRC-2 liquidity pools (LPs)
Anyone will be able to create cross-chain LPs for their favourite ZRC-2 asset (e.g. ZWAP/ETH or ZWAP/USDC) via Switcheo TradeHub’s governance system, and earn from trading fees on the platform!
Cross-chain ZIL/ZRC-2 liquidity pools are soon to come where users will be able to contribute liquidity and earn rewards!
3. ZRC-2 token derivatives
Spot trading is just the tip of the iceberg! Users can look forward to futures and options markets on Switcheo TradeHub among many other new derivative products that will be able to support ZRC-2 assets in the future.
A cross-collateral feature for the protocol is in the pipeline to allow any underlying asset to be collateralized. This means that ZRC-2 assets can be collateralized to open positions in ETH, BTC and more, significantly adding to their use-case in the DeFi space.
Bridging two worlds
Switcheo Labs and Zilliqa are long standing partners, having collaborated on projects such as ZilSwap, the first DEX on Zilliqa, The Bear Market, a commemorative collection of NFT bears and an upcoming NFT marketplace. More notably, this integration also powers the highly-anticipated ZilBridge on ZilSwap which allows for cross-chain transfer of assets between Zilliqa and Ethereum using Switcheo TradeHub as an intermediary.
We built the trustless wrapper module on @SwitcheoNetwork #TradeHub to enable $SWTH to be bridged to other chains.— Ivan Poon (@ivan_switcheo) June 11, 2021
Turns out it's now also going to power a #Zilliqa bridge on @ZilSwap that can turn *any* ERC-20 token into a ZRC-2 equivalent. https://t.co/Ua8VKEFTek
As Switcheo TradeHub and Zilliqa become more and more interconnected, new doors will continue to open to accelerate the growth of both ecosystems!
Zilliqa is a high-performance, high-security blockchain platform for enterprises and next-generation applications. Developed through academic research and helmed by a team of experienced scientists, engineers, venture creators and leaders in the financial services, Zilliqa addresses limitations in scalability and security, enabling real-world usability across a variety of industries, including finance, digital advertising, and gaming. In 2019, Zilliqa became the first public blockchain platform to be built on sharded architecture, with smart contracts written in the platform’s secure-by-design programming language, Scilla. For more information, visit: zilliqa.com.