Say Hi to the Newest Member of Wanchain’s Family of Cross-chain DeFi Applications — WanFarm
Wanchain’s cross-chain DeFi ecosystem ushered in great development. Cross-chain DeFi projects such as WanSwap and WanLend were born successively and achieved great success. With the continuous development of Wanchain’s cross-chain mechanism and the growth of the Wanchain ecosystem, users from the community will definitely put forward more stringent requirements and more refined demands for decentralized financial services. A group of community-driven projects that keep pace with times, such as the AMM DEX WanSwap, and the Cross-chain Lending Platform WanLend, have emerged at this stage.
In late January this year, WanFarm, a new DeFi project developed by the Wanchain team, will be expected to launch on Ethereum and will open up yield farming on Ethereum using cross-chain wanTokens.
WanFarm is a yield farming DeFi DApp deployed on Ethereum. In the initial stage, users of WanFarm get LP tokens by providing asset pairs (e.g., WAN@Ethereum and USDT) to AMM DEX (e.g., UniSwap), and stake their LP tokens on WanFarm to earn real-time farming rewards in WAN.
WanFarm aims to promote a series of coins and tokens, such as wanBTC, wanDOT, wanXRP, wanEOS, wanTRX, etc., on mainstream public chains to be cross-chain integrated into Ethereum, which contributes sufficient liquidity to these AMM DEXes (e.g., UniSwap, SushiSwap) on Ethereum, and offers richer types of borrow & lend cryptocurrencies for lending dapps (e.g., Compound, Aave), so as to make Wanchain cross-chain assets form a scale effect in the huge and rich Ethereum ecosystem. At the same time, the increasing usage of cross-chain assets on Ethereum can in turn further accelerate the construction of cross-chain wanBridges. Driven by economic interests, Storeman nodes will continue to widen the wanBridges (that is, to ensure the quota of cross-chain assets by staking more collaterals), and build up new cross-chain wanBridges (that is, to make more new assets to be cross-chain transferred to Ethereum by integrating new public chains with Ethereum). Therefore, Wanchain’s cross-chain mechanism and DeFi applications will develop hand in hand and complement each other.
For the details on cross-chain DeFi projects in the Wanchain ecosystem, please see:
Q1 2021, A Major Upgrade For Wanchain’s Cross-chain Mechanism
For Wanchain 5.0, there is a one-to-one correspondence between a wanBridge and a Storeman Group. Therefore, to connect any two public chains, at least one Storeman Group must be created between the two. Under this mechanism, if a Storeman node wants to participate in multiple wanBridges of connecting different public chains, the node operator must run multiple Storeman nodes in different Storeman Groups. Obviously, this situation increases the difficulty of operation for node operators. The deposit funds among different Storeman Groups are independent and cannot share the cross-chain quotas with each other. So, the utilization rate of the deposits is low, which results in the intensive economic bandwidth of busy wanBridges and wastes economic bandwidth of leisure wanBridges. Theoretically, this mechanism has a small security risk of collusion among Storeman nodes.
For the reasons above, considering the efficient utilization of resources, the improvement of cross-chain security and the optimization of user convenience, the Wanchain cross-chain mechanism will undergo one more major upgrading on the basis of 5.0. It is expected that the upgraded Storeman Group mechanism will be launched in Q1 2021.
At that time, a Storeman Group will uniformly manage all wanBridges which connect two different public chains, and the staking deposits will also serve as the common deposit for all wanBridges in the entire cross-chain network.
For more details on the new generation of Wanchain’s cross-chain mechanism, please stay tuned for more details. We will share more detailed articles in the next two months.
Wanchain is the infrastructure connecting the decentralized financial world. Wanchain’s live cross-blockchain solution is EVM-based, includes optional private transactions, and provides a decentralized, permissionless, and secure approach for interoperability. Wanchain has employees globally with teams in China, the USA, and other team members around the world in Asia, Africa, and Europe.