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Squid, an Axelar-powered cross-chain routing protocol, has completed a $3.5 million seed round to build a native-to-native cross-chain token swap.
The protocol allows developers on 25 chains to exchange tokens between blockchains natively. His blockchain messaging network Axelar backed the funding as a strategic investment.
According to Ika’s announcement,
There are many ecosystems and chains waiting to be explored, but accessing them can feel impossible.
It obscures the wrapped assets, confuses the bridge UX, and requires extensive research just to safely move tokens between chains
Swapping tokens between chains can be cumbersome, confusing, and expensive. Additionally, bridges are often a weak link from a security perspective, and there have been numerous bridge hacks in recent years. Tokens sent over the bridge are locked in the native chain and wrapped as tokens in a destination chain such as wLUNA or pBTC. As a result, many investors choose to use centralized exchanges to move tokens from one blockchain to another.
Squid will allow DEXs to add native tokens from other chains to their offerings. Outside of centralized exchanges, current options for cross-chain swaps are limited. THORChain is he one of the leading blockchains offering cross-chain swaps through a liquidity pool of RUNE token pairs. THORSwap is a DEX built on THORChain, currently offering cross-chain swaps on eight different networks. TVL is over $132 million and daily swap volume is about $20 million.
Squid DEX allows all users across 25 chains to exchange their native tokens with a single click. Its developer tools are provided as “APIs and SDKs, along with easily implemented and customizable widgets.”
Squid mainnet launch includes support for 25 chains, including interoperability between EVM chains and Cosmos.
Additionally, Squid will leverage Axelar to enable the purchase of NFTs with assets from any blockchain, transforming the integrated wallet into a chain-agnostic wallet. The ability to trade across 25 chains in any supported token appears to enable a multi-chain future. Squid believes the companys protocol addresses his long-standing cross-chain UX problem as the industry gears up for onboarding new users in a future bull market.
Travis Scher of Squid investor North Island Ventures said:
We believe the future of crypto is multi-chain and cross-chain, and we are very excited to help the amazing team at Squid as they build the critical infrastructure to bring this vision to life.
Some of the major players in the cryptocurrency space, including QuickSwap, Pangolin, Ledger and BitKeep, have already announced their integration with Squid.
Squid runs on Ethereum, Moonbeam, Binance Chain, Arbitrum, Avalanche, Polygon, Fantom, Celo, Cosmos Hub, Crescent, Injective, Juno, Kujira, Osmosis, Secret Network, Terra-2, Agoric, AssetMantle, Axelar, Comdex, Evmos Did. , Fetch, Ki, Regen, and Umee.
Axelar co-founder Sergey Gorbunov nodded at the collapse of FTX, Celsius and others said:
The failure of centralized trading platforms has highlighted the need for secure decentralized alternatives. Empowering Excited to see them build on the Axelar Network.
