DeFi Needs New Multichain Products To Develop Further: Analysis

Defi needs new multichain products to develop further as it is still in the early stages of growth. Most blockchain products are built on the Ethereum blockchain which is notorious for gas fees and transaction speeds which limits the DEFI adoption however, with the creation of new blockchains like Fantom, Binance smart chain, and Avalanche, Defi gained traction via multichain products that enable interoperability which is why we take a closer look in today’s crypto news.

Defi needs new multichain products because they facilitate interactions between incompatible blockchains allowing the industry to develop faster and in a short period of time. As a result, producing interoperable products became a necessity for the continued growth of DEFI. We’ll take a closer look at the products that are helping to revolutionize the DEFI space. IDO launchpads are in the early stages and they had one of the first launchings in 2019. similar to the early days of DEFI, most of the launchpad protocols are limited to one blockchain and incompatible with other blockchains. SkyLaunch is a multichain IDO launchpad that can revolutionize the DEFI space by providing the necessary pre-IPO and Post IDO support and tools.

SkyLaunch’s model is similar to the one of an IDO accelerator and was created to ensure that the projects are successful in the long run after completing their IDO round. SkyLaunch is a multi-chain launchpad platform whcih is based on multiple EVM compatible chains such as Polygon, Ethereum, and Binance Smart chain. SkyLaunch helps projects on the platform with information security, finance, law, and marketing as well as covering the necessary elements to become a successful blockchain startup.

SkyLaunch even formed a governance council to vet projects on the platform. The Governance council comprises independent blockchains experts that protect investors from harmful projects. Rubic on the other hand is another multichain protocol that you should keep an eye on. Rubic is a multichain swap protocol that allows users to exchange tokens on different blockchains and facilitates the trading of more than 9500 tokens on different blockchain networks. Rubic multichain swap protocols now support six blockchains and the goal is to add one new blockchain to the multichain swap protocol each month.

For DEFI to reach its full potential, the multichain approach has to be prioritized. Supporting multi-chain assets in DEFI allows for the discovery of new liquidity and the expansion of the DEFI industry user base. DeFi’s main goal is to replace the traditional finance that can’t be achieved without the interoperability of blockchains.