Cross-Chain Interoperability For Elrond DeFi Via Fire Protocol
Huobi is building an Ethereum compatible chain called Huobi ECOchain (HECO), which is currently in the public testnet stage. One of the first & leading projects to build on HECO is Fire Protocol, who are creating a cross-chain Money Market solution that combines trading, lending and borrowing.
We’re happy to announce that we are working with Fire Protocol to further our interoperability goals. Our collaboration will focus on connecting the Elrond blockchain to Fire Protocol’s cross-chain hub. This integration will allow assets on Elrond to be wrapped on HECO, and vice-versa, enabling them to participate in DeFi opportunities spanning multiple chains.
“Protocol interoperability is an essential part of our vision about the Internet of Money, where Elrond is committed to play an important role. The collaboration with Fire Protocol supports our strategic goals to connect our mainnet to other blockchains and enable borderless DeFi opportunities.” said Beniamin Mincu, Elrond CEO.
Fire Protocol will enable assets originating on different blockchains to be leveraged in one place. The integrated trading and lending capabilities will allow for interesting opportunities for liquidity providers, who can leverage their tokens as collateral.
“Elrond has been very successful at creating a rich DeFi ecosystem of projects that are building on their blockchain. We’re excited to join them and make use of their innovative technology to further our shared vision of a borderless global financial system.” said Danny Christ, Fire Protocol CEO.
The collaboration is important for Elrond because it will enable eGold holders to participate in new DeFi opportunities that extend to multiple chains and assets.
Elrond is the internet-scale blockchain, designed from scratch to bring a 1000-fold cumulative improvement in throughput and execution speed. To achieve this, Elrond introduces two key innovations: a novel Adaptive State Sharding mechanism, and a Secure Proof of Stake (PoS) algorithm, enabling linear scalability with a fast, efficient, and secure consensus mechanism. Thus, Elrond can process upwards of 15,000 transactions per second (TPS), with 6-second latency, and negligible cost, attempting to become the backbone of a permissionless, borderless, globally accessible internet economy.
About Fire Protocol
Fire Protocol is the first infrastructure to Huobi (Smart) Eco Chain (HECO), the first batch member of developers invited to test HECO (an Ethereum compatible Public Chain for Blockchain Developers). Fire Protocol is like the combination of Uniswap plus Compound with better performance thanks to HECO — low gas fee, high speed and security.
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