Pioneering Cross-Chain Bridge: peaq Integrates with Wormhole for Web3 Expansion Jan 23, 2024 Jan 23, 2024 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsJanuary 23, 2024 by Kelly Cromley

Pioneering Cross-Chain Bridge: peaq Integrates with Wormhole for Web3 Expansion

Blockchain platform peaq, renowned for its applications in real-world scenarios, has unveiled its inaugural cross-chain bridge through a strategic integration with Wormhole, a prominent blockchain interoperability protocol. The collaboration, disclosed exclusively to Bankless Times, establishes a crucial link between the peaq ecosystem and over 30 Web3 networks, including notable platforms like BNB Chain and Ethereum.

 

Enabling Seamless Asset Movement:

The integration facilitates a seamless bridge for the transfer of value and liquidity between peaq, recognized as the hub for decentralized physical infrastructure networks (DePINs), and diverse ecosystems collectively possessing liquidity worth billions. Ethereum, Solana, Fantom, and users of various networks can now effortlessly shift their liquidity to peaq, participating in the innovative DePINs within the peaq system.

 

peaq’s Multi-Chain Vision:

Embracing the fundamental principles of Web3’s original, open, and multi-chain ethos, peaq has systematically built its stack to align with these values. Recent integration efforts have seen core functions intertwined with Solana and Cosmos. The collaboration with Wormhole serves as the logical progression towards realizing this vision, marking the inception of the first cross-chain asset movement bridge within peaq’s ecosystem.

 

Operational Stage and Future Prospects:

The current integration is operational on peaq’s testnet agung, functioning as the platform’s inaugural outbound blockchain bridge. Upon the anticipated mainnet launch in 2024, this bridge will extend its connectivity to the broader Web3 space. The integration, facilitated through Moonbeam, empowers asset movement between the peaq ecosystem and all blockchain networks linked with Wormhole.

 

Empowering Real-World Value Creation:

The collaboration connects machines actively contributing to real-world value within DePIN and decentralized applications (dApps) on peaq with vast liquidity available in the borderless Web3 space. This linkage not only simplifies the migration process for teams building on other layer-1 platforms to join or expand into the peaq ecosystem but also enables them to leverage peaq’s core functions, such as self-sovereign Machine IDs and role-based access control.

 

Enhancing DePIN Accessibility:

The integration significantly enhances the experience for DePIN participants and users across diverse ecosystems. For instance, a DePIN focused on car-sharing within the peaq ecosystem becomes readily accessible to users spanning 30+ ecosystems. This streamlined accessibility empowers users to seamlessly bridge their tokens to peaq and engage in services like quick and efficient payment for a shared ride. The result is a substantial expansion of peaq’s potential reach and increased scalability through its multi-chain tools for DePINs.

 

Industry Perspectives:

Robinson Burkey, Chief Commercial Officer at Wormhole, expressed excitement about peaq’s inclusion in the largest Web3 cross-chain connectivity platform, emphasizing the platform’s focus on real-world adoption and its pioneering position in DePINs.

 

Till Wendler, co-founder of peaq, highlighted the significance of smooth cross-chain communication and liquidity flow for Web3’s future. The integration with Wormhole, according to Wendler, enhances the ecosystem’s openness and versatility, creating a solid foundation for its integration into real-world applications.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.