With the rise of digital ecosystems relying on blockchains, the opportunities and challenges come to unfold at the same time. While the DeFi ecosystems continue to gain momentum in various fields, different networks still remain siloed and separated from each other, thus the demand for bridging infrastructures has surged more than ever, to break the existing barriers. In this sense, DREP team strives to provide the most optimal solution of cross-chain bridges, allowing users to gain access to a wider array of opportunities and seamless movement in a secure, efficient and trustworthy way.
Cross-Chain Bridges: Why They Can Change DeFi
“We build too many walls and not enough bridges” — Isaac Newton (1643–1727)
Recently, this nascent technology come into the public's attention given its soaring values and huge potential behind. The blockchain industry has seen growth at an exponential rate in the past few years: the rise of public chains and side chains, the rapid ecosystem establishment of Layer 2 and so forth.
However, as the number of blockchain networks continues to grow, they remain largely isolated from one another, like islands that can’t exchange information or value with other communities and economies. The enclosed nature of today’s blockchain networks goes against the philosophy of decentralization, which is precisely why the solution to this problem resides in the cross-chain bridges that allow for the transfer of data or tokens between two different blockchain ecosystems.
The move to a world where blockchains are interoperable will allow ecosystems to draw on each other’s services and specialties. For example, DApp developers often find themselves suffer from expensive gas fees and slow processing speed in the times of congestion, but by using a bridge, they are able to send their token or data onto another blockchain at a higher speed and a lower cost, which means that the developer can continue to run their DApp and tapping into the advantages of vibrant communities.
What Should an Ideal Cross-Chain Bridge Look Like
Cross-chain bridges can be conceptualized as the underlying infrastructure that will boost all blockchain systems on the grounds that they enable interoperable and vibrant blockchain layers.
Interoperability and cross-chain composability between separate blockchains, like parent chains and sidechains, open up a wide array of opportunities for users and provide network participants access to the benefits of each chain without risking the advantages of the main chain.
Cross-chain bridges should do more than digital asset transfers and serve other purposes as well, including enabling tokens on one network to be utilized on another, exchanging any type of data, including smart contract and off-chain information, offering users with:
・Seamless and friendly user experience
・Fast, low-cost transactions of tokens hosted on non-scalable blockchains
・Deployment of digital assets on one blockchain to another
・Implementation of dApps on multiple platforms.
Although this technology is still relatively nascent, it manifests huge potential to help us move towards a new-generation decentralized web, adhering to the spirit of collaboration and innovation, thus creating a more interconnected world.
Building Bridges with DREP
As previously mentioned, the isolated nature of blockchain stunts the growth and progress of the DeFi ecosystem. To reduce the impact of the gradual fragmentation of the ecosystems while protecting the security of users’ cross-chain assets, the market needs a better cross-chain solution to help users manage their assets in the increasingly complex multi-chain ecosystem.
Compared with other solutions on the market, DREP cross-chain bridge comes with these intriguing advantages:
Low operational costs: We simplify the cross-chain steps and reduce transaction costs by lowering the threshold for participation in cross-chains significantly, avoiding the need to pay a fee to the underlying cross-chain bridge at each cross-chain.
Short waiting period: Withdrawing funds from Layer 2 back to the main chain often involves a waiting period ranging from 7 days to 1 month in length. For users with large funds, the freezing of funds could induce significant opportunity cost. During this time, users will not be able to use their funds to earn income and instantly adjust to market movements. DREP promptly responded to this problem and reduce the waiting period with high efficiency.
DREP team is fully aware that it’s more important than ever for individual ecosystems to communicate and share data with one another. In the future, DREP Bridge intends to realize more functions that could better serve the blockchain industry.