Today, a typical multichain app means siloed app instances spread across multiple chains. The result is fragmented liquidity, inefficient apps & poor UX
Socket aims to unify the multichain ecosystem by connecting all chains & enabling seamless asset & data transfer between them
Socket instead enables developers to build unified apps with shared liquidity & state across chains.
It acts as a meta-layer that developers can plug into & build apps with interoperability as a core part of protocol logic
Socketβs meta-layer already supports x-domain liquidity transfers and will soon roll out support for data transfer.
Data movement is the next step in enabling true interoperability. It will connect all dapps across chains & allow protocols to break free from the chains.
In β21, ecosystem went multichain as 1/3rd of Ethereum TVL migrated away
The multi-chain future is now firmly the multi-chain present
Introducing βMultichain Bytesββa data driven weekly activity overview to help you stay on top of trends! π§΅ 1/n
2/n
Multi-Chain Bytes at a Glance (1-28 Jan'22):
- @FantomFDN clear frontrunner with big growth across multiple metrics π
- NFT szn beginning with sales uptick on @opensea, @AvalancheavaxπΌοΈ
- Market drawdowns in January led to drop in TVL on most chains π»
3/n
Total Value Locked:
πΌ Highest Gainers - $FTM $AVAX $MATIC
π½ Biggest Loser - $SOL
ve(3,3) & the resulting liquidity rush on @FantomFDN attracted over $7.8B in capital growing TVL by +141% in Jan
@0xPolygon TVL rose by 50% with increasing DeFi and P2E activity