DeFi Liquidity Protocol Squid Supports Arbitrum and Multiple Networks
It is reported that the DeFi liquidity protocol Squid based on Axelar now supports Arbitrum. Users can exchange tokens between the Arbitrum network and the mai…
It is reported that the DeFi liquidity protocol Squid based on Axelar now supports Arbitrum. Users can exchange tokens between the Arbitrum network and the main EVM chain. At present, Squid has supported Ethereum, Avalanche, Polygon, BNBChain, Fantom, Moonbeam, Celo and other networks.
Axelar-based DeFi liquidity protocol Squid adds support for Arbitrum
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The decentralized finance (DeFi) industry has been undergoing tremendous growth and development, especially since the launch of Ethereum’s blockchain. However, as the demand for DeFi-based solutions increases, so does the need for interoperability between different blockchain networks. The DeFi liquidity protocol Squid is one of the platforms that has been exploring this possibility to improve accessibility to these services for users.
According to recent reports, Squid, which is based on the cross-chain communication platform Axelar, now supports Arbitrum – a popular EVM-compatible Layer 2 solution for Ethereum. This integration enables Squid users to exchange tokens between the Arbitrum network and the main Ethereum Virtual Machine (EVM) chain. With this support, Squid now joins the list of DeFi protocols that have bridged the gap between their networks and Arbitrum.
Additionally, Squid already supports other networks such as Ethereum, Avalanche, Polygon, BNBChain, Fantom, Moonbeam, Celo, and others. This means that the protocol offers access to liquidity from various DeFi ecosystems, which strengthens its value proposition. By tapping into the liquidity pools from multiple networks, Squid can improve users’ trading experience by eliminating the hassle of searching for liquidity across different platforms.
The integration of Arbitrum into Squid is a significant step towards achieving DeFi interoperability, which is crucial for the industry’s growth. The Layer 2 solution’s fast, low-cost, and secure transactions provide an excellent alternative to the congested and expensive mainnet. As more DeFi protocols integrate with Arbitrum and other Layer 2 solutions, users will benefit from faster and cheaper transactions, leading to wider adoption of decentralized finance.
In conclusion, Squid’s support for Arbitrum and multiple networks is a testament to the DeFi industry’s quest for interoperability. By providing access to different liquidity pools, the protocol enables users to trade assets efficiently and cost-effectively. Furthermore, it shows how DeFi protocols can leverage the capabilities of Layer 2 solutions to unlock high-speed transactions and reduce gas fees. The future of decentralized finance and its growth are heavily reliant on DeFi projects’ successful collaboration, and this move by Squid is among the steps towards that collaboration.
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