Singapore, Dec. 2, 2021 — Singapore-based ShuttleOne is changing how decentralized applications (DApps) use blockchain protocols with infrastructure solutions. Poised to become the operating system for new-generation financial services and Web 3.0 applications, the 2021 Fintech Monetary Award of Singapore winner has created the first Metachain. This one-stop multichain network builder lets developers build products that work on all blockchains through a unified interface. The ShuttleOne Metachain is accompanied by a suite of plug-and-play decentralized finance (DeFi) tools that can readily integrate into any DApp or Web 3.0 platform to create a well-rounded financial solution in no time.
The all-unifying Metachain
ShuttleOne’s Metachain is a much-needed solution that opens the door for the creation of blockchain-agnostic DApps from day one. The Metachain, as a multichain aggregator, brings together the blockchain multiverse to solve the issue of fragmentation associated with the presence of multiple protocols and their share of strengths and shortcomings.
The origin of Metachain lies in ShuttleOne identifying the challenges faced by businesses and products while attempting to utilize multiple blockchain networks to satisfy their real-world requirements. The lack of communication between different networks, combined with varying token standards and technology implementation, has forced developers to create multiple versions of their DApp on each protocol, making the entire exercise a resource-intensive and time-consuming process. By aggregating multiple blockchain protocols, ShuttleOne’s Metachain allows developers to build a single version of the DApp and connect it to desired blockchain networks through a single application programming interface.
Further, the ShuttleOne Metachain enables a wide range of users across industry, government and consumer segments to leverage all the benefits of different blockchain protocols without compromising on speed, security and decentralization. ShuttleOne also eliminates the need for different tokens to execute transactions on participant blockchains. Instead, the platform’s native SZO token will be sufficient to carry out all the transactions on ShuttleOne Network-based DApps and Web 3.0 applications.
The ShuttleOne ecosystem for real-world applications
The Metachain is just one, albeit important, part of the ShuttleOne ecosystem. Having experience developing decentralized financial applications for the government and private entities, the ShuttleOne team has created a suite of products and services that can be readily implemented to create DeFi ecosystems. These products include the ShuttleOne multichain bridge that connects the Tezos, Ethereum and Binance Smart Chain networks, the decentralized ShuttleSwap multichain fiat ramp for the deposit and withdrawal of stablecoins to and from bank accounts, multichain liquidity pools, and more.
The ShuttleOne multichain bridge, as a part of the Metachain ecosystem, is the first of its kind. It is a decentralized two-way bridge that connects three networks that’s capable of supporting more. The bridge doesn’t hold liquidity to enable the transfer of assets from one blockchain network to another. Instead, it uses smart contracts to hold tokens, making it secure and resistant to hacks. By using SZO as the intermediary token while conducting multichain transactions, the ShuttleOne bridge optimizes liquidity utilization on connecting chains by ensuring that liquidity in the form of native tokens is not simultaneously locked on their respective blockchains to facilitate the transfers.
Another prominent product from the ShuttleOne stables is the Shuttle Wallet, an all-in-one wallet for liquidity providers and SZO holders in the ShuttleOne ecosystem. Connected to an email account, the wallet comes complete with additional layers of security to enable users to hold their crypto assets, participate in liquidity pools, and buy and sell crypto assets against fiat, etc.
Tezos and the Metachain
The choice of Tezos as one of the supported Metachain protocols is not a coincidence. As a self-amending blockchain that can adapt to changing requirements, and with scalability and low transaction costs, it is a prominent future-proof protocol for DeFi applications. The qualities of Tezos have made it the preferred ecosystem for governments and enterprises, as they can be assured of minimal network disruptions or hard forks.
As the search for reliable blockchain protocols to serve as the foundation of DApps continues, both new and existing projects are adopting the Tezos ecosystem. With this trend expected to prevail, the inclusion of Tezos early on into the Metachain doesn’t come as a surprise.
ShuttleOne is launching its SZO token on Tezos for the same reason. The platform has partnered with Tezos, the first-ever decentralized fundraising and incubation platform in the Tezos ecosystem to introduce SZO through an upcoming initial decentralized exchange offering.
The inclusion of Tezos into the Metachain also benefits the blockchain ecosystem, as it will encourage more projects to take advantage of Tezos without having to build from scratch. It will also drive demand for Tezos and Tezos-based assets, including SZO, resulting in a significant influx of liquidity into the Tezos ecosystem, which the growing Shuttle multichain liquidity pools will further amplify.
Introducing the Tezos-based SZO and ShuttleOne’s partnership with Instaraise, HongZhuang Lim, CEO of ShuttleOne, said, “We see the value and revenue models of the internet changing, and crypto is leading the way in how value is accrued. Adding Tezos as a major protocol is not only exciting but technically challenging and, by God’s grace, the team has great support from the foundation.”
ShuttleOne is a decentralized financial-solutions protocol that utilizes a combination of artificial intelligence and blockchain technologies to solve the fragmentation issues currently plaguing the DeFi industry. It offers a unified, multichain-compatible platform for the development of DeFi and Web 3.0 applications.
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