The blockchain interoperability market is expected to grow up to $ 1 billion by 2028! This comes as no surprise though. I mean, there is an increased need for secure cross-chain communication and as far as the future seems, developers and users are grappling with this challenge alike.
To achieve this ultimate goal of cross-chain interoperability, many big names have entered the market with one vision: enable blockchains to communicate effortlessly. ARMswap has entered this play as a trailblazer in the cross-chain space, and is offering you advanced technologies to make secure, efficient, and real-time asset transfers a reality
Today, let’s learn how ARMswap is making it all happen. Without further ado, let’s begin:
Cross-Chain Interoperability
Blockchain technology has moved well beyond its original use in cryptocurrencies like Bitcoin. Ethereum brought in smart contracts and decentralized applications (DApps) that opened avenues toward several use cases, such as decentralized finance (DeFi) and non-fungible tokens. However, this journey led toward asset fragmentation across numerous blockchains all with distinctly different features, communities, and technical complexities.
With the advent of DeFi applications, what is required is a full cross-chain interoperability solution. Each blockchain has different DeFi applications that are superior to others; in fact, most DeFi applications are supported by the Ethereum system because of the sheer strength of its smart contract capabilities whereas Binance Smart Chain supports more rapid and less expensive transactions. Interoperability between these ecosystems enables users to exploit the strengths of different blockchains with ease.
All You Need to Know About ARMswap
ARMswap addresses cross-chain interoperability issues by introducing its platform that supports over 31 blockchains. Unlike traditional bridges, which rely on centralized processes prone to security flaws, it uses Hardware Security Modules (HSMs). This technology ensures a high level of security by securely storing and managing critical cryptographic keys and signing tasks, thus eliminating single points of failure.
What Does ARMswap Offer?
ARMswap is designed to simplify cross-chain transactions through two key mechanisms: cross-chain bridging and cross-chain swapping.
Cross-Chain Bridging
ARMswap‘s built-in cross-chain architecture allows users to transfer their assets securely and efficiently from one blockchain to another. The process involves depositing the tokens in a pool within the source blockchain liquidity pool and receiving an equivalent number of tokens in the destination blockchain.
For example, a user might want to move a token from the Ethereum blockchain to the Fantom blockchain. The user deposits ETH into a pool, and ARMswap converts these tokens into a format compatible with the Fantom network. If there is insufficient WETH liquidity on Fantom, ARMswap mints LP tokens as placeholders until liquidity normalizes.
Cross-Chain Swapping
ARMswap facilitates direct token swaps between two blockchains using liquidity pools that belong to it or community members. This process allows users to swap tokens directly, improving security and reducing costs compared to centralized exchanges.
Features and Benefits of ARMswap
Here are some benefits and features of ARMswap:
Support for Multiple Blockchains
ARMswap is supporting the highest number blockchain networks as compared to its competitors. Not only this, ARMswap has plans to integrate 20 additional EVM-compatible blockchains by the end of this year, thus expanding its reach and enhancing interoperability across the crypto ecosystem.
Real-Time Algorithm
ARMswap provides real-time monitoring of swap rates for supported assets through its platform, helping users make informed decisions during cross-chain transactions.
Decentralized Governance
ARMswap ‘s ecosystem is governed by its utility token, ARMSP. Token holders, or “freemen” of the network, have voting rights on platform improvements, tools, and integrations with other blockchains. This decentralized governance ensures community involvement and enhances platform security.
Enhanced Security with HSM Technology
The HSM technology is central to ARMswap’s design, handling transaction signing and key management. By securely storing the private keys required for signing transactions, HSMs minimize the risk of key compromise. This distributed system enhances both security and transparency aligning with the core values of blockchain technology.
How the HSM Technology Works
The Hardware Security Module (HSM) technology used by ARMswap ensures the utmost security for your assets during cross-chain transactions. By securely storing and managing cryptographic keys, HSM adopts a hardware-based approach that enhances the reliability and integrity of ARMswap’s cross-bridging technology. During cross-chain swaps, HSM facilitates secure communication and transaction verification ensuring that all parties involved can confidently engage in asset exchanges without compromising security
Mission and Vision of ARMswap
ARMswap is committed to expanding cross-chain infrastructure by increasing blockchain coverage and enhancing cross-chain performance. The platform aims to connect with more blockchains to broaden its ecosystem. It is also actively researching oracles, relayers, and advanced cross-chain messaging. These developments will help ARMswap become the go-to cross-chain router for Web3, managing cross-chain interactions in the decentralized internet.
ARMswap is a groundbreaking innovation in establishing secure, decentralized cross-chain connections. With HSM technology as a strong defense system and decentralized governance, ARMswap offers enhanced security and fosters active user participation contributing to the blockchain industry’s growth.
