Sifchain Rolls Out the Latest Peggy 2.0 Update
15 September 2021 - 03:54PM
NEWSBTC
Sifchain, the omni-chain DEX platform connected to the Cosmos
network, recently rolled out the 2.0 update for its signature
product Peggy. Peggy is a two-way bridge that connects Sifchain to
the Ethereum network and enables a seamless flow of assets between
the chains. Now that Sifchain is connected to the Cosmos network,
Peggy also facilitates the transfer of assets from Ethereum to any
of the chains connected to Cosmos. This innovative project gained
significant traction from the market, and capitalizing on this
success, Peggy has now rolled out the new and improved Peggy 2.0.
This update will see Peggy becoming an omni-EVM chain bridge, which
means that apart from Ethereum, Peggy will facilitate the flow of
assets to and from all EVM (Ethereum Virtual Machine) compatible
blockchains. Peggy 2.0 will also connect to the layer-2 chains on
the Ethereum network to bring assets from layer 2 to layer 1 with
minimal effort. With non-crypto native companies likely to build
EVM-compatible blockchains, Peggy aims to position itself as the
ultimate bridge for the transfer of all kinds of assets in the EVM
ecosystem. The updated platform also aims to have a smart contract
on all compatible chains to let users stake, unstake, burn, and
mint crypto assets. To top it all up, the updated version will come
with infrastructural improvements that reduce costs associated with
relayer gas. With connectivity between blockchains gaining
prominence every single day, it is likely that Peggy 2.0 is
uniquely positioned to profit from this trend and establish itself
as the go-to bridge protocol for the transfer of multichain assets.
It also aims to connect to existing bridges like Wormhole to
further enhance interchain connectivity in the decentralized
framework. In near future, Peggy will become a chain of its own
with a focus on crypto-economic security. It will require users to
stake collateral specifically used to secure the bridge and they
are subject to slashing as per Tendermint consensus. The Peggy
Chain will have its own token PEGGY that powers the network,
solving utility and governance issues. There is also a PeggyDAO
(decentralized autonomous organization) in store for users.
Sifchain aims to achieve all of this while still realizing its
dream of developing the first omni-chain decentralized exchange.
Sifchain has a long-term goal of facilitating cross-chain
transactions for over 25 of the top blockchain networks including
Bitcoin, BSC (Binance Smart Chain), and Polkadot. In this context,
the Peggy 2.0 update will add fuel to fire of Sifchain’s efforts of
creating an omni-chain decentralized framework by connecting and
enabling asset flow among blockchain networks.
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