Following the success of its seed funding round and the release of its testnet 2.0, deBridge, a cross-chain liquidity and interoperability protocol, has now announced the launch of its public mainnet. deBridge’s decentralized setup allows users and protocols to transfer assets and data between different blockchains, starting with Ethereum, Binance Smart Chain, Huobi Eco Chain, Arbitrum, and Polygon.
Projects can integrate with deBridge’s infrastructure to leverage the various cross-chain opportunities the protocol enables, such as asset swaps and transfers, governance voting, farming strategies, NFTs, oracle data , And much more. This facilitates global composability and allows new cross-chain applications and primitives to be created. The protocol allows users to transfer not just assets, but any arbitrary assets and data that will be executed on the target chain.
“The launch of nainnet marks the official entry of deBridge into an exciting new era of the multi-chain ecosystem following the explosive development of DeFi, NFT and DAO powered by a multitude of chains. deBridge’s goal is to be the standard in cross-chain interoperability and liquidity transfers to interconnect industry innovations, making the crypto world more united.
– deBridge co-founder and CEO, Alex Smirno
Mainnet launch
In addition to its public mainnet, deBridge is launching its official partnerships with decentralized exchange aggregators (DEX) 1inch and ParaSwap as the project continues to build an efficient infrastructure for cross-chain exchanges between all arbitrary assets. Cross-chain swaps will be one of the first applications built on top of the deBridge framework that uses the protocol to transmit liquidity and instructions in the same transaction between different blockchains.
By enabling any existing protocol or application to instantly scale to any L1, L2 or sidechain and become interconnected across ecosystems, deBridge eliminates the need for fragmented liquidity, technologies and competitive environments. For example, Solana users can interact with Polygon’s protocols directly from their Phantom wallets without switching wallets or networks.
deBridge uses a lock-and-mint approach that continuously validates the current state of the protocol and checks whether the total supply of the wrapped asset is fully backed by its collateral.
If a wrapped asset loses its anchor, security monitoring can be automatically triggered by a special “pause” role. This would prevent the bridging of counterfeit assets to other chains and reduce potential damage. Validator nodes also continuously update the status of token balances on each supported blockchain and never allow an asset’s total withdrawals to exceed its total deposits.
Additionally, with security being an ongoing priority, deBridge has been audited by Halborn, Zokyo, and Ackee Blockchain and maintains an ongoing bug bounty program on Immunefi.
Today’s announcement on mainnet follows a $5.5 million seed funding round in 2021 led by ParaFi Capital. Participation in the round also came from partners such as Animoca Brands, Huobi Ventures, Lemniscap, Crypto.com Capital, MGNR, IOSG and bitScale.