Wanchain Embeds with Moonbeam to Facilitate Cross-Chain DeFi
Wanchain, a decentralized blockchain compatibility platform, and Moonbeam, a smart contract platform, have announced Wanchain’s interconnectivity with Moonriver. Despite the growing popularity of cross-chain platforms, wide ranging interconnectivity mechanisms for blockchain networks remain missing.
Wanchain and Moonbeam are working to find a solution to this problem. Significantly, Moonbeam is a Polkadot-based Ethereum-compatible smart contract platform. Moonriver, its community-led sister network, completed its final launch stage on Kusama on Thursday and is currently operational. Wanchain, or the Wide Area Network chain, is a worldwide leader of decentralized blockchain interconnectivity.
Wanchain is already in the record books as one of the foremost projects to launch on Moonriver. Wanchain plans to connect with Moonbeam in the future to get entry to the rapidly expanding ecosystems of Moonbeam and Polkadot. Engineers on Kusama’s DeFi platform will indeed be able to build decentralized cross-chain apps as a result of this.
Wanchain, crucially, connects Moonriver to the broader cross-chain DeFi environment. Wanchain, Bitcoin (BTC), Ethereum (EHT), Litecoin (LTC), Binance Smart Chain (BSC), and XRP Ledger are now all straightaway linked to Moonriver. As a result, crypto assets and tokens on these public chains may be transferred to Moonriver. Moonriver’s native token, $MOVR, is also now cross-chain interoperable with Wanchain, Ethereum, and BSC.
Significantly, Wanchain and Moonbeam are dedicated to creating a multi-chain future that is compatible. The two are sure that the next blockchain innovation will include cross-chain compatibility of assets, smart contract calls, and information.
“Moonbeam is quickly transforming into the industry expert for ideas and implementation by creating a completely ethereum-compatible ecosystem atop Polkadot,” says Li Ni, Wanchain VP of Business Development and Operations. “They are becoming the top entry point to the Polkadot network. Wanchain’s top notch cross-chain network will link Polkadot and Moonbeam to the broader cross-chain DeFi ecosystem by collaborating effectively with Moonbeam.”
“DeFi transactions are rising on several blockchain networks, but the dearth of integration between these blockchain networks restricts the liquidity and momentum for several covenants,” said Derek Yoo, Founder of Moonbeam.
“Wanchain provides bi-directional networking capabilities to several blockchain environments from Moonriver. This connection will offer a plethora of resources to the developing DeFi environment on Kusama and, eventually, Polkadot.” Moonbeam’s Ethereum interoperability allows coders to easily port existing Solidity language smart contracts to Moonbeam.
The same was true for DApp front ends. Moonbeam gains from the total security of the Polkadot relay chain and its sidechains as a parachain on the Polkadot system. Moonbeam is currently scheduled to debut on MainNet in Q3 2021.
Wanchain, on the contrary, thinks genuine DeFi will facilitate interconnectivity. As a result, Wanchain promotes blockchain adoption by connecting the world’s various blockchain platform. As a result, coders may create fully decentralized cross-chain apps that fuel the DeFi sector. More information regarding the Wanchain and Moonbeam interface will be released in the following weeks and months as it becomes available.