Cross-chain interoperability has become a huge issue for the cryptocurrency universe as more project developers seek to utilize blockchains that offer easy connectivity between multiple networks. CashFi news…
It is a crucial factor because developers need access to tools available on different networks and all blockchains do not offer the same functionality which is why cross-chain interoperability becomes so important. It can sometimes determine the success of a dApp. We have selected 3 cross-chain compatible cryptocurrencies which could provide you with big profits in the near future. These three tokens are: CashFi (CFI), Polkadot (DOT), and Avalanche (AVAX). Let’s find out if these three coins can be a good fit for your portfolio and provide you with huge gains in the future.
CashFi Token provides staking across multiple chains
The CashFi team will provide liquid staking options which will reduce the risk for the user as the funds will be pegged to an ERC-20 token and CFI Token will act as an intermediary. Users will be able to use the pegged version and access DeFi services. The CFI team is well versed in staking solutions and will allow users access to interoperable staking services.
The CashFi ecosystem will also include support for a cross-chain NFT marketplace that will allow easy and quick trading of NFT assets. Artists will be able to develop their own marketplaces and provide customers access to secure CFI NFTs. The CashFi NFTs will be immutable meaning there will only be one version and imitation will not be possible. While the purchase and trading will be permitted on cross-chains, minting and creation will be limited to the native chain. This will reduce instances of fraud and duplication since the minting process cannot be transferred to other cross-chains.
CFI Synths will provide users the ability to trade commodities by the issuance of synthetic assets. It will help in reducing paper work by storing data on-chain through the blockchain network. Instances of illegality and fraud which are rampant in commodity trading will also be reduced. Users will get access to global liquidity for easy and quick trading of CFI Synths.
The entire CashFi ecosystem will be governed through a DAO in a democratic fashion and holders of the CFI Token will get governance rights. They will get a say in deciding the future of the platform. The CFI Token will be offered through a presale soon.
Polkadot updates Statemint to allow minting of assets like NFTs
Polkadot has recently carried out an update that will allow users to mint assets like NFTs. The update also formally launched the XCM service allowing interoperability on the Polkadot network. The announcement was made via a tweet, “Polkadot’s parachain-to-parachain communication is now enabled with XCM. Polkadot’s vision of cross-chain interoperability starts here.” The DOT Token was trading at $11.78 at the time of writing and has seen strong consolidation with whales purchasing the dip.
Avalanche embraces interoperability with subnet feature
Avalanche is a decentralized layer one platform that allows the deployment of dApps, public and private blockchain networks, subnets, etc. Easily and quickly. The AVAX Token is used as the primary utility coin inside the Avalanche ecosystem. Subnets represent highly customizable blockchains in the avalanche ecosystem with a validator set. Interoperability between subnets will result in a Cosmos like environment and dApps will be able to run on their own subnet while also communicating with other subnets. Data incorporation will work seamlessly across all subnets. It will create a smaller subnet empire within a larger Avalanche ecosystem. Creating a subnet requires a fee payable in AVAX creating more use cases and adoption for the avalanche token. The AVAX token was trading at $25.45 at the time of writing.
The three cryptos listed above are great investment opportunities and you can accumulate them for the long term. Practicing asset diversification can help in reducing risk to your portfolio.