The success of the Ethereum network has been both a major step forward for DeFi and one backward for scalability.
Now, widespread usage of decentralized apps (DApps) is growing with the hype of NFTs and the metaverse, resulting in a significant number of transactions and, therefore, increased processing times. Ethereum's struggle with scalability and high fees has led to tremendous growth in DApps, users and capital on alternate chains. Right now, according to on-chain analytics, alternate chains make up more than 45.2% of the total on-chain value.
Forging the path forward is a number of solutions, varying from new networks to Ethereum bridges. While bridges such as AllBridge, AnySwap and Ronin Bridge are often positioned as a solution to move assets to alternate chains, at present, they come with significant complexity. Users have to deal with the inefficient process of wrapping and unwrapping tokens and sourcing for liquidity. This has become a pain point for both experienced and inexperienced users.
Swaps to and from different chains
Reducing the complexity of cross-chain swaps is the Atlas DEX. The decentralized exchange is making fast and seamless swaps between different chains possible by sourcing liquidity across multiple DEX aggregators, DEXs and automated market makers (AMMs). Users are able to swap and receive native tokens in a single transaction without having to unwrap them after. Atlas leverages an algorithm to source the best rates and splits users’ trades to the most efficient routes while simultaneously minimizing gas fees and slippage. The result is an ideal choice for all investors, regardless if they are retail or institutional users.
However, the platform has a lot more in the works, as indicated by Ahmed Salam, the founder of Atlas DEX, who shares, “These innovations do not end with our cross-chain DEX aggregator. The Atlas DEX team has begun developments on new product innovations to bring greater value to the decentralized finance space and the Atlas DEX community.” These efforts have become evident in the team’s latest roadmap updates.
A step towards cross-chain interoperability
Atlas DEX has recently launched v2.0 of its cross-chain DEX aggregator, which allows users to seamlessly trade cryptocurrencies across multiple chains in an experience similar to a centralized exchange (CEX).
With Atlas DEX, users are now able to make cross-chain swaps to and from networks, including Ethereum (ETH), Solana (SOL), Binance Smart Chain (BSC), Polygon (MATIC), Avalanche (AVAX) and Fantom (FTM) on their decentralized platform.
In practice, Atlas DEX searches for price and liquidity information on DEXs across multiple connected chains. It determines the best way to navigate between a specified pairing, later executing the trade for the user when they indicate their confirmation.
Cross-chain swaps are currently enabled through a burn and unlock mechanism in partnership with Wormhole, alongside DEX aggregators such as 1inch, 0x and Jupiter. “We will continue to forge strong partnerships with projects in the DeFi space who want to build a more secure, transparent and inclusive financial system,” Tina Qi, the chief of growth at Atlas DEX, shares.
Together, these efforts are said to place Atlas DEX at the epicenter of the 15.8 trillion dollars in on-chain and cross-chain cryptocurrency transactions in 2021, a value indicated by crypto research sites.
An ever-expanding ecosystem
Atlas DEX has successfully undergone an initial coin offering (ICO) in January 2022. Following this ICO, the Atlas DEX token, ATS, was listed on various exchanges, such as Huobi, Gate.io and Raydium. Their private funding round was led by Jump Capital, a tier-1 venture capital firm, as well as participation from many more key partners.
With strong foundations for the project’s future developments, the Atlas DEX roadmap shows promise in its pipeline with releases, including an all-in-one DeFi Dashboard, Cross-chain Launchpad and new chain integrations such as Terra (LUNA). The ecosystem and its future developments will be powered by the ATS token. The team believes that these innovations will be foundational to expanding their ecosystem and the token’s use case.
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