Wanchain has made a name for itself as a decentralized bridge that helps crypto users move tokens between chains. In addition, Wanchain believes that the future and potential of blockchain depends on interoperability. However, interoperability is only happens when blockchain platforms partner.
So, Wanchain has announced another impressive partnership with Astar, which would see Wanchain’s USDT XFlows service arrive on Polkadot. USDT is no doubt the most popular stablecoin used for various purposes. However, for a long time, centralized exchanges were the easiest way to move native USDT between the dozens of chains where it is minted. But, Wanchain’s XFlows changes all that.
#XFlows is coming to @Polkadot via @AstarNetwork.#WeAreAllConnected #Wanchain #USDT $USDT pic.twitter.com/JmUEEJ4dxY
— Wanchain (@wanchain_org) February 12, 2023
Wanchain’s XFlows service simply refers to a decentralized cross-chain service that allows native-to-native cross-chain transfers between chains where Tether natively mints USDT. So, XFlows leverages Wanchain’s cross-chain bridges to enable non-custodial transfers between chains without needing centralized exchanges. Read this article for more information about XFlows.
Why Astar?
Tether issues USDT on Statemint, Polkadot’s “common good” generic asset parachain. So, native USDT can be sent to parachains like Astar as “xcUSDT” by utilizing XCM, Polkadot’s cross-consensus communication protocol.
.@AstarNetwork, a @Polkadot parachain with #EVM and #WASM smart contracts, will be the next network added to #Wanchain's cross-chain infrastructure. $ASTR $WAN#WeAreAllConnected #ComingSoon pic.twitter.com/TbtJ6Jkz5r
— Wanchain (@wanchain_org) February 12, 2023
The new announcement makes Astar the first Polkadot parachain to experience the USDT XFlows service. Interestingly, Astar’s highly engaged community and team were some reasons why it was selected. Additionally, Wanchain and Astar have similar ideas on how blockchain interoperability will develop in the future.
Astar Network provides developers with genuine interoperability through cross-consensus communications and facilitates the development of dApps with EVM and WASM smart contracts.
With the backing of all major exchanges and tier 1 VCs, Astar’s dynamic ecosystem has emerged as Polkadot’s dominant blockchain globally. Astar gives developers the versatility of all Ethereum and WASM tooling to begin creating their dApps. Astar SpaceLabs provides assistance and direction to developers of all kinds of dApps in order to speed up growth on the Polkadot and Kusama networks.
🗣 @Tether_to issues #USDT on @Polkadot's 'common good' generic asset parachain, Statemint.
💡 $USDT is the blockchain industry’s biggest stablecoin by means of total market capitalisation.#WeAreAllConnected #ComingSoon #XFlows #DOT pic.twitter.com/XHZWBwHDtS
— Wanchain (@wanchain_org) February 10, 2023
Current routes for USDT on Astar
Astar currently supports USDT XFlows via direct bridges to chains such as Arbitrum, Avalanche C-Chain, BNB Chain, Ethereum, OKC, Polygon, Wanchain, and Tron.
The launch of XFlows on Polkadot means Wanchain’s vision of interoperability is fast advancing, and more people will be able to bridge their UDST across native major chains.
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Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. This article has been sponsored by Wanchain. Copyright Altcoin Buzz Pte Ltd.
