SHANGHAI, April 20, 2021 /PRNewswire/ -- Conflux, the only state-endorsed public blockchain network in China, today announced the mainnet release of ShuttleFlow, a multi-chain asset solution that enables bi-directional interoperability for digital assets between and across Conflux Network, Ethereum, Binance Smart Chain, Huobi ECO Chain, and OKex Chain. ShuttleFlow, is the first cross-chain bridge to support the blockchain networks of Binance, Huobi, and OKex—the most widely used digital asset exchanges in Asia—in addition to Ethereum.
The rapid rise of the decentralized finance (DeFi) ecosystem on Ethereum has fueled the migration of digital assets from various centralized services to decentralized alternatives. According to DeFi Pulse, the total value locked in DeFi protocols nearly tripled from roughly $16 billion to $45 billion in Q1 2021. Demand for these crypto assets, which are issued on public blockchains and transferred from one decentralized application (dApp) to another, is high but because public blockchain systems are interdependent, their native assets stay siloed. To address this issue, many public chains have launched one-to-one cross-chain swaps, though many have arguably fallen short due to their ability to connect to only Ethereum, which limits functionality because of the high gas prices required to perform transactions.
To address the limited cross-chain protocol solutions in the space, ShuttleFlow provides DApp developers with solutions to integrate multi-chain asset deposits and withdrawals at a low cost, while building cross-chain bridges and related infrastructure with Conflux Network as the transit chain, which allows for a high volume of transactions per second without sacrificing decentralization or safety. Because the Conflux Foundation provides gas fee subsidies for all smart contracts on its chain, users can use contract services on the Conflux Network chain at no cost without holding any CFX. This can also cover the transaction costs of the transit chain.
"The cross-chain circulation of assets issued on multiple chains has drained project developers' energy and hindered liquidity, which fragments and hurts our industry as a whole," said Eden Dhaliwal, Global Managing Director at Conflux. "Using Conflux's high performance, permissionless infrastructure as the foundation, ShuttleFlow is enabling a new level of interoperability between and across multiple chains with a focus on bridging DeFi development between the East and the West."
A testnet version of ShuttleFlow was launched in Q1 2020, acting as the official minting and burning institute of cross-chain assets on Conflux Network, supporting over 49 assets from Bitcoin to Ethereum. In September 2020, Conflux Network's first AMM DEX MoonSwap completed the world's first cross-chain multi-asset migration of digital assets with a total value of over 7.6 million USD. Since then, ShuttleFlow has successfully migrated cross-chain assets with a total value of more than 25 million USD.
Conflux is a permissionless Layer 1 public blockchain connecting decentralized economies across borders and protocols. Fast, scalable, and solidity compatible, with zero congestion and low fees, Conflux is transforming how the world transacts and leading the transformation to a sustainable, borderless economy.
As the only regulatory compliant, public, and permissionless blockchain in China, Conflux provides a unique advantage for projects building and expanding into Asia. Conflux aims to connect decentralized economies to strengthen the overall DeFi ecosystem globally.
To learn more about Conflux, visit confluxnetwork.org/.