China-Endorsed Blockchain Conflux Connects Asia’s Big Three Crypto Exchanges

China-Endorsed Blockchain Conflux Connects Asia’s Big Three Crypto Exchanges

April 21, 2021

Conflux, the only state-endorsed public blockchain in China, is launching a cross-chain bridge that brings interoperability between and across Binance Smart Chain, OKExChain, and Huobi ECO Chain.

Conflux is a permissionless Layer 1 public blockchain connecting decentralized economies across borders and protocols. 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.

In a press release, Conflux 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. According to the company. 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.

ShuttleFlow reportedly addresses the limited cross-chain protocol solutions in the space by providing 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.”

Source: Read Full Article