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Liquid Multi-Chain: Deposits and Withdrawals Using Multiple Blockchains
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Interoperability has been an ongoing issue in the crypto space. In other words, different blockchains can’t really talk to each other. For instance, if you make a Bitcoin transaction, the Ethereum blockchain won’t know it happened.
Every blockchain network has its advantages and aims to solve a specific problem. Giving the power to choose what network our clients want to use has been a long-term goal of Liquid.
We are happy to announce that Liquid has launched Multi-Chain support for deposits and withdrawals, allowing to receive and send assets across multiple blockchains to and from Liquid.
As an initial step, we've added support for USDC Stellar-based version and USDT TRC-20 version, in addition to the Ethereum network.
Liquid’s new multi-chain support for single assets allows our users to enjoy lower withdrawal fees and faster withdrawals for tokens across different chains while entirely abstracting away the technological challenges of dealing with multiple wallets and private keys.
To celebrate the new feature, Liquid is waiving all withdrawal fees for Stellar USDC and TRC-20 USDT.
How does Multi-Chain work?
Here is an example to understand the multi-chain functionality better. When a user deposits 500 ERC-20 USDC and 500 Stellar USDC, the deposit will reflect a single asset as a 1,000 USDC balance in your Liquid wallet.
Clients can easily withdraw USDC in either protocol irrespective of how they funded their account. For example, if you deposited ERC-20 USDC, you could easily withdraw your funds in a Stellar USDC.
There are no fees charged for converting the asset across multiple blockchains.
How to use Multi-Chain? Learn by visiting this tutorial.
More Supported Blockchains incoming
Going forward, Liquid will extend the benefit of its multi-chain support to other assets and blockchain networks, including USDC, USDT, GYEN, XSGD, IDRT, with blockchain interoperability with Stellar, Tron, Zilliqa, Algorand, Solana, and many more to follow.
Liquid COO Seth Melamed: “Liquid is committed to promoting cryptocurrency adoption by introducing a technologically superior alternative to traditional payment rails. We're taking a blockchain agnostic approach because we want to give maximum flexibility for our users to access diverse blockchain ecosystems. Being blockchain agnostic means, Liquid users can optimize for transaction time and network fees and access fast emerging ecosystems in DeFi and Dapps.”
Blockchain First Initiative (BFI)
Multi Chain support is the first step in Liquid’s larger Blockchain First Initiative (BFI). With BFI, our goal is to offer best-in-class service and flexibility for users to leverage the growing ecosystem of blockchain-based financial applications. Liquid is committing resources to create a bridge between Centralized Finance (CeFi) and Decentralized Finance (DeFi) systems.
If you would like to know more about Liquid’s BFI, or you want to have your token or blockchain included in Liquid’s multi-chain ecosystem, please reach out to firstname.lastname@example.org.