Decentralized finance (DeFi) has been growing at an unprecedented rate, with new blockchain networks and decentralized applications emerging daily. While this diversity offers significant potential, it also creates hurdles that can slow broader adoption.
The Challenges of Fragmentation in DeFi
Having multiple blockchains attract the same types of projects creates an environment where both attention and liquidity are diffused, slowing down development and adoption in the process. Bridging tokens between chains can be risky if security isn’t designed with multiple points of failure in mind. This fragmentation poses real challenges for DeFi participants seeking seamless crosschain access and reliable tools for managing assets.
The Need for Unified Liquidity and Secure Bridging
Effective solutions must tackle both the need for unified liquidity and a more resilient approach to bridging. In doing so, the overall user experience could become more intuitive and less prone to common pitfalls, supporting the continued growth of DeFi.
Eywa: A Crosschain Platform for DeFi
Eywa is a crosschain platform that blends capital efficiency, reliable bridging, and user-focused design to tackle two major bottlenecks in the growth and adoption of DeFi. The platform’s two core products — CrossCurve and the Consensus Bridge — work together to simplify liquidity provision while strengthening security standards.
CrossCurve: A Decentralized Exchange for Unified Crosschain Trading
CrossCurve is a decentralized exchange (DEX) that taps into the established liquidity pools of Curve Finance — a DeFi platform — to offer unified crosschain trading. Projects that list on one chain gain instant access to trading pairs with tokens on many others. This streamlines the user experience and reduces slippage, meaning traders enjoy tighter prices.
- Key Features:
- Unified crosschain trading
- Instant access to trading pairs with tokens on multiple chains
- Tighter prices due to reduced slippage
- Recent Milestones:
- Hosted its first crosschain listing — Units’ native token, UNIT0
- Amassed over 3.5 million transactions and handled more than $1.85 billion in cumulative trading volume
- Backed by roughly $20 million in total value locked (TVL)
Consensus Bridge: A Trustless Bridging Solution for Secure Asset Transfers
Yet, having a robust exchange alone does not solve the bridging challenge. Eywa’s upcoming Consensus Bridge, a trustless bridging solution, enhances security by requiring agreement among multiple messaging protocols. This multi-layered approach is designed to reduce the risk of a single compromised bridge leading to a loss of user funds.
- Key Features:
- Trustless bridging solution
- Requires agreement among multiple messaging protocols for enhanced security
- Reduces the risk of a single compromised bridge
- Benefits:
- More dependable asset transfers between blockchains
- Relieves concerns around crosschain bridging
Global Support and Investment in DeFi Solution
Eywa has attracted notable attention and funding, raising $1.5 million in public rounds and over $7 million from well-known venture capital firms such as Fenbushi and GBV Capital. Curve founder Michael Egorov has also joined funding rounds as the lead investor.
- Notable Investors:
- Fenbushi
- GBV Capital
- 1inch co-founders
- Kenetic Fund as a co-lead
- Recent Developments:
- Held the token generation event (TGE) for its EYWA token
- Got the EYWA token listed on KuCoin, Gate.io, and MEXC
The Eywa DAO and Token Governance
The EYWA token governs both Eywa and CrossCurve via the Eywa DAO, where EYWA will be used to vote on governance decisions and control reward distribution in liquidity pools. Token holders can vote by locking their EYWA tokens.
- Key Features:
- Governed by the Eywa DAO
- Used for voting on governance decisions
- Controls reward distribution in liquidity pools
Conclusion
By addressing liquidity fragmentation and security vulnerabilities with unified solutions like CrossCurve DEX and Consensus Bridge, Eywa sets a strong example of how DeFi can overcome its most pressing challenges. As projects like Eywa continue to mature, they have the potential to reshape the landscape of DeFi, fostering greater accessibility, efficiency, and trust across the entire blockchain ecosystem.
Learn More About Eywa
- Website: https://www.eiwaproject.com/
- Twitter: @EiyaProject
- Medium: https://medium.com/@eyia-project