Developing Multichain Products Is A New Necessity For DeFi

The rise of interoperable blockchain or multichain products is one of the key factors contributing to the growth of DeFi. In the early stages of DeFi, most blockchain products were built solely on the Ethereum blockchain, which was notorious for issues with gas fees and transaction speed, severely limiting Defi adoption. However, with the creation of new blockchains such as Avalanche, Fantom, Binance Smart Chain, and a slew of others, DeFi has gained traction through multichain products that enable interoperability across multiple blockchains.

The innovation behind multichain products has facilitated interactions between previously incompatible blockchains, allowing the industry to develop extremely quickly in a short period. As a result, producing interoperable, multichain products has become an absolute necessity for the continued growth of DeFi. In this article, we’ll look at some multichain products that are helping to revolutionize the DeFi space.

Skylaunch Multichain IDO Launchpad

IDO launchpads are still in their early stages, with one of the first launchings in 2019. Similar to the early days of Defi, the majority of launchpad protocols are limited to one blockchain and are incompatible with other blockchains. Skylaunch is a multichain IDO launchpad that aims to revolutionize the DeFi space by providing all necessary Pre IDO and Post IDO support, tools, and resources for projects listed on its platform.

SkyLaunch’s business model is more akin to that of an IDO accelerator. It was created to ensure that projects are successful in the long run after completing their IDO round. SkyLaunch is a multi-chain launchpad platform based on multiple EVM compatible chains such as Ethereum, Polygon, and Binance Smart Chain.

Before IDO, SkyLaunch helps projects on its platform with product development, information security, law, finance, project marketing, and covering all of the necessary elements to become a successful blockchain startup. SkyLaunch also formed a governance council to conduct due diligence and thoroughly vet projects listed on its platform. The Governance Council comprises independent blockchain experts who will protect investors from harmful projects and serve as an additional line of defense.

Rubic

Rubic is another DeFi multichain protocol to keep an eye on. Rubic is a multichain swap protocol that allows users to exchange tokens across multiple blockchains with a single click. Rubic facilitates the trading of over 9500 tokens across numerous blockchain networks such as Ethereum, Polygon, BSC, Moonriver, and others. Rubic collaborates with DEXs on these blockchains to provide users with the best rates, making swaps seamless with the lowest transaction fees possible. Rubic multichain swap protocols currently support six blockchains, according to the most recent official count. Rubic’s goal is to add one new blockchain to its multichain swap protocol every month.

Ramp DeFi

Ramp DeFi is a forerunner in liquid staking and cross-chain liquidity on/off ramps. Ramp DeFi is backed by reputable blockchain investors such as Alameda Research and Signum Capital. RAMP DeFi is a multichain DeFi lending platform that allows users to unlock liquid capital from staked, non-ERC20 assets. It borrows fiat-backed currencies such as USDT and USDC using a stablecoin (rUSD). Ethereum users can also create their eUSD by depositing ERC20 stablecoins into the eUSDT liquidity pool on the platform. Users can earn optimal high yield returns on deposited assets with guaranteed access to multiple blockchain networks such as Binance Smart Chain, Solana, Polkadot, and Polygon.

Conclusion

For  DeFi to reach its full potential, a multichain approach should be prioritized. Supporting multi-chain assets in DeFi allows for the discovery of new liquidity and the expansion of the DeFi industry’s user base. DeFi’s primary goal is to displace traditional finance, which cannot be achieved without the interoperability of blockchains.

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