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LiquidApps launches first truly decentralized chain to integrate USDC – EOS

3 min read

I wanted to share with you the latest news coming from the decentralized development solution provider LiquidApps.
Thanks to LiquidApps bridging technology, EOS will become the first truly decentralized chain to integrate USDC with the Bifrost bridge, built by the community-led DAPP Account DAO (DAD). This is coming from the same community that has launched an EOS clone of Curve (which holds over $4 billion of TVL) named eCurve.

This can be seen as a proof of concept utilizing EOS, but the same concept could work on other blockchains such as Binance Smart Chain or Polkadot. This could not only help EOS survive but also establish grounds for a future interconnected DeFi system.

The Bifrost bridge allows for USDC or DAI to be bi-directionally transferred between ETH and EOS. The bridge and eCurve have already seen $1 million of DAI/USDC liquidity cross over it from Ethereum and it has continued to grow since then. Unlike on Ethereum, where Curve transactions take 10-15 minutes and can cost $1-200 each (in gas fees), eCurve has feeless transactions and are nearly instant.

The founder of Blockstart, Raman Bindlish, has said on the matter that “These are exciting times for us as developers of the technology as years of hard work from multiple teams coming to fruition. We are seeing the vision of multi-chain DeFi materialize and it can really enable the solutions that can scale to the same level as traditional finance.”

About LiquidApps

Founded in 2019, LiquidApps is a technology company focused on optimizing decentralized development. The company empowers developers and companies with a suite of powerful services running on the first of LiquidApps’s inventions, the DAPP Network, which allows teams to accelerate their development milestones and deliver working products that solve real user problems. Its core team consists of top-tier blockchain technology experts and experienced entrepreneurs.

Detailed information on the DAD Bridge:

  • To foster cross-chain liquidity, developers on the DAPP Network, who are part of the DAPP Account DAO group (DAD), created a bridge termed the Bifrost Bridge (a “Thor” reference) to enable liquidity transfer between Ethereum and EOS. To incentivize the cross-chain liquidity, DAD created eCurve—an EOS-based clone of the program on Ethereum called “Curve.” As of the launch on March 15, over $1 million worth of DAI/USDC crossed the bridge between EOS and Ethereum. Now, it’s around $1.32 million TVL.
  • Curve is a decentralized exchange on Ethereum designed to combat price slippage and high fees, allowing swaps of stablecoins pegged to the same type of underlying asset. Curve operates a unique model of maintaining equal parts of three different stablecoins in its supply, which remain balanced each at one-third of the total pool supply in order to prevent price slippage.
  • This particular example demonstrates the potential of cross-chain automated market-making (AMM).
  • It also demonstrates the potential for arbitrage across chains. The eCurve pool is using wrapped DAI, wrapped USDC, and EOS USDT as its three stablecoins for its Curve-designed, balanced, three-coin swap pool. If the equal one-thirds model falls out of equilibrium, there is an arbitrage opportunity for users on Ethereum to swap their USDC or DAI in exchange for whichever stablecoin has the highest ratio of the pool.
  • Cross-chain bridging and liquidity mining are not only demonstrations of the future potential of DeFi, where other chains can offer lower gas fees than Ethereum to process transactions.
  • In addition to the broader DeFi potential, the bridge could also be the savior for EOS, especially considering the network just lost its largest DeFi application. Developers looking for a solution to getting cheaper gas fees might look to bridge to EOS.

Ofir Sever

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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