A huge boom is taking place in the cryptocurrency industry. Assets like Bitcoin, Ethereum, and the other cryptos that follow, make it seem like mass adoption will soon be possible.
The industry still needs technological advances to be accepted widely by the rest. This includes cross-chain capability.
Cross-Chain Problem
There are many new crypto projects on Ethereum, Binance Smart Chains, Avalanche and Solana. Users want to explore and interconnect across these networks. The current industry makes cross-chain activities difficult and costly.
Swapping assets from one asset chain to the next is difficult, expensive, and time-consuming. This makes it a daunting task for newcomers to crypto. It is crucial that the cryptocurrency industry solves interoperability if it wants to achieve mass adoption. Fortunately, current blockchain projects are working on just that: a solution to the blockchain industry’s rampant interoperability problems.
FibSwap is one such project. It’s a multi-chain, decentralized exchange (DEX), that offers lower fees and quicker transaction speeds for users who swap between networks.
FibSwap’s Multi-Chain Solution
FibSwap uses a special technology, the Interoperable Multichain Bridge System. (IMBS), to build bridges between blockchain networks that allow for instant swapping. FibSwap’s technology was designed with interoperability across all blockchain networks in mind. Swapping is as simple as clicking a button.
All token swaps are managed via the project’s native $FIBO governance token. Traders can keep $FIBO to know exactly how much they will be charged for their swaps. This will prevent them from paying hidden fees, and save them money over the long-term. As $FIBO is used to swap between chains, swaps will reduce the overall amount of $FIBO over time, potentially increasing the asset’s value in the long term if demand remains constant or rises.
Current blockchain bridges exist, but they’re not optimized for an ideal user experience. Network swaps can take anywhere from 20 to 30 minutes, and users regularly spend hundreds of dollars on trading fees if they’re frequently swapping.
FibSwap, which is built on multi-chain principles from the beginning, is well-suited to facilitate swaps. While bridges between Binance Smart Chain and Ethereum exist right now, they’re nowhere near ready to facilitate trading on a mass scale.
FibSwap: The Future
To prep itself for crypto’s impending mass adoption, FibSwap plans to integrate $FIBO tokens on various blockchain networks before listing them on decentralized exchanges like PancakeSwap. FibSwap plans to offer additional services such as FibSwap Farming or FibSwap Staking.
These changes are entirely up to the community. The governance token $FIBO can be used to make these decisions. Owners of the $FIBO token can have a voice in network developments such as when features are implemented. A $FIBO token is worth more than a word.
Conclusion
There are hundreds of billions of dollars in DeFi’s ecosystem, and there is trillions more invested in the cryptocurrency market. It doesn’t make sense to keep these funds separated from one another. FibSwap understands how important interoperability can be for the success of cryptocurrency and hopes to take the lead in multi-chain project development. FibSwap’s goal is to build a stronger crypto community for traders new and old.