Spherium

What started as an idea to eliminate the barriers between Blockchains and different DeFi protocols, is now becoming a truth, putting validation to our envision of an all-inclusive ecosystem.After a successful initial run, we are finally launching the most stable version of our cross-chain bridge, code-named, “HyperBridge” on 5th May 2022 to make cross-chain bridging convenient, feasible, secure, and dynamic.The previous version of HyperBridge linked Ethereum and the Binance Smart Chain to transfer ERC-20 tokens and BEP-20 tokens between either chain easily. With the promise to continuously build an ever-growing cross-chain network under Spherium, we have now made the bridge compatible with four major EVM chains:<ol><li>Ethereum</li><li>Binance Smart Chain</li><li>Avalanche</li><li>Polygon</li></ol><h2 id="header-0">What does the new update bring forth?</h2>As a new version of Hyperbridge, extending the cross-chain functionality to Avalanche and Polygon chains, the outreach becomes increasingly significant to aid users and projects wanting to stretch their liquidity across ecosystems.For users it primarily means that they will be able to bridge across the four chains for all the available tokens on HyperBridge.For projects this entails that they can now move their liquidity on four chains, increasing their token utility and inviting more user participation from those chain specific enthusiasts.Commenting on the recent advancement, Aanchal Thakur, CEO of Spherium Finance, says, “Building a cross-chain protocol is unlike anything else in DeFi space. The advent of multiple blockchains emerging with separate scalability features, made us steer into the direction of creating a complete cross-chain solution, for projects and users alike. HyperBridge is our gateway to make the cross-chain transfers, a common practice and putting Spherium at the forefront of invoking a new DeFi revolution.”<h2 id="header-1">What makes HyperBridge distinct?</h2>Overlooking the small but fairly roller-coaster ride of bridges, HyperBridge had few very critical focus points, to make it stand out and regroup the practicality of using cross-chain bridges.First and foremost, the concern of security sits right at the top of why adoption of bridges, which is why we have instilled multiple layers of security aspects to keep the liquidity locked on HyperBridge almost hack-free.Multi-sig Cold Wallet Protection — All the liquidity locked in HyperBridge will be protected by a multi-sig wallet through which 95% of the liquidity will be moved into a safe wallet and the rest will work as active liquidity for bridging.Asset Freeze functionality — In case of any malicious attacks is identified on the node or server, the Bridge will automatically lock its entry points preventing any breakage and loss of funds.Moving into more application-centric distinctions, HyperBridge is made with an composable framework allowing an omni-directional way of bridging assets. Based on a Lock-Unlock-Mint-Burn bridge architecture, HyperBridge does not create wrapped assets but directly mint the same asset on different blockchains, keeping the value of the asset intact.This architecture is also what makes HyperBridge ultra-fast in completing transactions with an average time of 120 seconds provided both source and destination networks are not overly congested, ensuring a practical use of bridge.<h2 id="header-2">Implications of HyperBridge</h2>The use of Spherium’s cross-chain bridge is appropriate in the following scenarios:<ul><li>Seeking for Interoperability between Ethereum, BNB chain, and Layer 2 networks — Avalanche, and Polygon, to enable faster and easier deposit of funds, withdrawal of assets, and exit time reduction,</li><li>High fees and usage during times of chain congestion;</li><li>Increasing the number of assets supported by cross-chain bridges as opposed to thin assets;</li></ul>Our cross-chain building phase will be the most intense in the coming months as we look to add more EVM compatible chains from the likes of Hedera, Aurora, Moonbeam, Arbitrum, Fantom and more.In addition, it is the right time for projects to start collaborating as free bridging is getting ready to be offered as part of Spherium’s HyperLaunch program. The feature, however, will be available initially only to the first 50 projects onboard.Having an interoperable financial system has always been essential, long before cryptocurrency existed. However, blockchain technology is becoming more popular than just crypto, and solutions like cross-chain bridges are a step in the right direction.With Hyperbridge, we aim to facilitate the comprehensive interoperability and integration of blockchain applications to help project owners, various blockchains, investors, and address the problem of capital flow and eliminate any barriers and communication channels between blockchains and their communities.

HyperBridge: The Most Simple Cross-Chain Bridging Solution

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Spherium Finance

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