Interoperable Data For Cross-Chain DeFi Applications On Elrond Via Unmarshal
The globalization of finance will allow anyone, anywhere to engage with services and products spanning multiple regions, systems, and denominations. The resulting interoperable financial system will give equal chances to all participants and enable them to leverage the best opportunities at a global scale.
The seamless value flow between fiat currencies, cryptocurrencies, and their many derivatives will be accelerated by blockchain technology and will be established on top of interoperable Layer 1 protocols.
Bridges between blockchains will therefore be the critical avenues for value to flow through. However, each blockchain manages data in a specific manner, and bridges do not address this issue. This makes extracting information, normalizing it, and applying logic on top of the resulting cross-chain data sets a challenging and resource-intensive endeavor.
We are therefore excited to collaborate with Unmarshal and share Elrond Layer 1 data into a standardized global layer of interoperable data. This will significantly reduce developer effort for extracting and processing information, allowing them to focus more resources on building the next generation of innovative financial solutions.
“A comprehensive and interoperable data layer will enable creative developers to advance the financial system beyond its current limitations. The collaboration with Unmarshal will accelerate the pace at which Elrond value and data will become a critical part of the new global economy.” said Beniamin Mincu, Elrond CEO.
Unmarshal is a multi-chain DeFi data network. It provides developers with easy and standardized means of querying data residing on multiple blockchain platforms, such as Ethereum, Binance Smart Chain or Polkadot.
The collaboration will focus on bringing Elrond data into the Unmarshal layer and provide builders with the ability to extract and combine it to create useful tools such as notifications, overviews, unified tax modules, DeFi overviews, and more.
Unmarshal has plans of launching a portal where application developers can easily get specific protocols indexed within a few hours of the request. This will further enhance the querying layer, making the infrastructure more powerful, useful, and developer-friendly.
“Their Elrond API infrastructure is quite advanced and it allows extracting a single view of the information residing on their multiple shards, which is somewhat similar to what we do for different chains. We look forward to exploring these synergies and making Elrond information a first-class citizen of our data ecosystem.” said Manohara K, Unmarshal Founder and CEO.
The collaboration is important for the Elrond ecosystem as it allows information residing on our mainnet to flow into a broader ecosystem of data. This will facilitate the integration of Elrond technology into complex applications and increase the availability of eGold and other assets native to our blockchain.
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.
Unmarshal offers an advanced solution that intends to empower the DeFi landscape through a quickly scalable functionality that could deliver rich data in multiple formats as per the needs. The Unmarshal protocol currently synergizes its functionality with Ethereum, Binance Smart Chain, Elrond, Polkadot and Solana, therefore addressing the large data limitations of DeFi applications.
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