Chainflip, the cross-chain DEX set for launch in mid-2023, has initiated its partnership program and unveiled plans to create a two-way integration between Chainflip and Squid, the recently launched cross-chain token swapping service. This partnership will bring users of both Chainflip and Squid even greater access to cross-chain swaps between a wider variety of blockchains, powered by Axelar.
The first task in this new partnership consists of looking to develop a mutual web-interface integration that will see web apps built for each of Chainflip and Squid supporting the other, aggregating swaps to chains that the other cannot yet support.
As an example of what this might look like, users of Squid and other Axelar ecosystem products will be able to swap native BTC through the Squid web interface by routing at least part of the swap through the Chainflip protocol. Similarly, users will be able to swap assets on one of the many Ethereum chains supported by Axelar and Squid when using the main Chainflip web interface.
This collaboration is designed to make it as easy as possible for builders to create the experiences that they are imagining without having to learn and develop multiple standards to access as many chains as possible.
Chainflip CEO Simon Harman said, “This two-way integration between Chainflip and Squid will greatly improve both pricing and access to more assets for users of both products, and is a huge step forward in making cross-chain products much more competitive. We think it’s vital that like-minded partners in the DeFi ecosystem find ways to work together like this in order to displace centralized exchanges.”
Fig, co-founder of Squid commented: “As cross-chain’s potential develops at pace, we’re excited to be partnering with another like-minded player who shares our vision and values. With Chainflip due to launch later this year, we were keen to build a partnership from day one which will mean a better experience for both Squid and Chainflip users.”
About Axelar & Squid
Axelar is the decentralized cross-chain messaging network that powers Squid. Squid is a cross-chain liquidity and messaging router that swaps across multiple chains and their native DEXes via axlUSDC. Axelar supports a large number of Ethereum & Cosmos chains already through an entirely decentralized protocol and messaging network.
Chainflip is a decentralized cross-chain DEX launching in mid-2023 that utilizes threshold signature schemes, its own blockchain, and a purpose-built Automated Market Maker (AMM) with Just-in-Time liquidity to enable native cross-chain swaps. It provides users with access to native assets from different ecosystems such as ETH, DOT, and SOL, as well as assets not yet integrated into the DeFi landscape, such as BTC, ADA, and XRP, without the need for smart contracts. Trading takes place on a decentralized, permissionless network at highly competitive prices with low slippage.
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