Tezos, the highly scalable, self-amending proof of stake blockchain protocol is opening its arms to ShuttleOne – a one of its kind Metachain solution aimed at addressing the fragmentation issues in the crypto industry. The adoption of Tezos by ShuttleOne is marked by the upcoming launch of its native $SZO token on Tezos over Instaraise IDO platform.
ShuttleOne, the operating system for blockchain-based financial applications offers innovative products to the DeFi segment. As a part of its ambitious project to create a unified interface for dApps and Web3.0 applications that enables them to operate on multiple blockchain protocols, ShuttleOne has created the Metachain.
Blockchain Interoperability Turns into Reality
The ShuttleOne Metachain is a multichain aggregator where users can create blockchain-based applications on a single interface and operate on any supported blockchain without making protocol-specific modifications to the product. Instead, they can connect their application to many blockchains with a single API to create truly interoperable dApps. ShuttleOne uses artificial intelligence to prioritize transactions between the dApp and best performing blockchain networks based on the need for security, transaction costs, speed, and decentralization. The inter-compatibility between different blockchains is facilitated by Metachain bridge, which is a decentralized multi-blockchain two-way bridge and ShuttleOne’s native $SZO utility and insurance token.
At present, ShuttleOne has chosen to operate on three different networks, Ethereum, Binance Smart Chain and the Tezos blockchain. The inclusion of Tezos as one of the Metachain supported blockchains early on, combined with the introduction of $SZO on Tezos makes the protocol easily accessible to hundreds of DeFi and NFT projects that are currently constrained by the limitations of Ethereum Network. It will equally help Tezos based solutions to adopt the Metachain to cater to a wider audience. ShuttleOne is preparing to launch the first ever two-way blockchain bridge connecting Ethereum, Tezos and Binance Smart Chain networks.
Metachain Adds More Liquidity to Tezos Ecosystem
Tezos is known for its scalability, low transaction fees, high security standards and self-amending nature which makes it easily upgradable without forks or network disruptions. All these factors have made it one of the most sought-after blockchain protocols for dApps and Web3.0 applications. As more projects look for ways to leverage the advantages of Tezos, the issues of inter-compatibility and popularity of Tezos based assets among the crypto community have so far held them back. With the Metachain bridge, they can leave behind the apprehensions and start using the Tezos ecosystem without duplicating their efforts so far by creating a Tezos-compatible version of their existing applications.
Whenever a Metachain dApp utilizes the Tezos Network, it will be liable to pay the necessary transaction fees, which will be paid in $SZO and settled by ShuttleOne as a native Tezos token. With the adoption of Tezos protocol bound to increase, cross-chain liquidity is also expected to grow in the coming days. Apart from the transaction fees, the Metachain bridge also supports transfer of assets from one blockchain to another, enabling Tezos based DeFi projects to bridge stablecoins like USDT, USDC, DAI and others to further enhance liquidity on Tezos chain.
“Metachain seeks to help unify the Defi ecosystem, currently at a TVL of $245b (see defillama.com) with a fully interoperable platform. Users can move their digital assets for borrowing/ trading across different DeFi bridges seamlessly and reduce the high gas fees associated with moving their assets cross-chain, with a single settlement token by the Tezos blockchain. TZ APAC looks to support Tezos blockchain-based solutions that can help create a more inclusive and sustainable financial system for the crypto markets.”- TZ APAC
