The FVM Imaginarium: Cross-chain Interoperability
The launch of FVM on March 14, 2023 revolutionized the existing Filecoin ecosystem, unleashing the full potential of the open data economy. Below is a highlight of the projects that are building cross-chain interoperability on top of the Filecoin Virtual Machine.
The Filecoin Network has taken a significant leap forward in cross-chain interoperability with the mainnet launch of messaging and token bridging solutions by Axelar and Celer Network. These integrations enable seamless communication and asset transfers between Filecoin and 30+ other leading Web3 chains such as Polygon, Ethereum, Binance Smart Chain, Avalanche and more.
Interoperable networks allow Filecoin to export its competitive services such as data compute and storage, to applications on other chains. This approach gives dapps on all chains the ability to take advantage of thousands of Filecoin storage providers, resources, and future subnets for their data needs.
Axelar and Celer boast some of the highest standards for security, UX, modularity and feature sets and the Filecoin project is excited to have these protocols live on mainnet. By utilizing tools like Celer Network and Axelar, developers can now build for a multi-chain future using Filecoin as a scalable, trustless, verifiable and secure data layer.
Bridging Assets to Filecoin
Bridges enable the transfer of wrapped assets like ETH, BTC, USDC, USDT and others to and from Filecoin. With increased liquidity in other major tokens, off-chain protocols can easily pay for Filecoin services and FVM native dapps can easily onboard users who might have other assets in their wallets. Read Celer’s announcement blog post to learn how to bridge wrapped assets to Filecoin with Celer.
Cross-Chain Token Swapping
Developers can now take advantage of cross-chain liquidity and marketplaces, enabling easier onboarding of users and access to other protocols. This allows users on Filecoin who want to hold assets on-chain to take advantage of the deepest liquidity pools by bridging, swapping, and then bridging back to Filecoin. Protocols like Squid Protocol will soon allow dapps on FVM to integrate via front-end widgets or SDKs and allow users to onboard with 1-click. This means dapps can offer users more flexibility and low fees when using their services. Ready to start bridging your assets? Get started with cBridge, powered by Celer Network now or Satellite token transfer, powered by Axelar which will be available next week.
Cross-Chain Smart Contract Calls
Smart contracts on other leading blockchains can now fund, verify, and execute data storage on Filecoin. For instance, a DAO on Ethereum can use an FVM smart contract to verify data storage, paying in ETH, either directly or via forthcoming services such as Lighthouse Files. This offers users and devs seamless interactions with many current and future data auction and storage protocols on Filecoin. Get started with the FVM Starter Kit for Dealmaking or see documentation at Axelar’s General Message Passing or Celer’s interchain messaging.
Powerful Data Capabilities Across Chains
By allowing both token and message passing, Axelar and Celer allow dApps on over 40 different chains (including Ethereum, Polygon, and Cosmos) to access and pay for Filecoin services like data storage and compute. This interoperability allows developers to add powerful data capabilities to any chain, enhancing their dApps’ functionality and user experience. For example, OCEAN Protocol, which has launched the first data marketplace on FVM, could combine buyers and sellers across Filecoin and Binance to more efficiently discover and consume datasets, learn more.
Conclusion
The mainnet launch of messaging and token bridging solutions by Axelar and Celer Network marks a transformative moment for the Filecoin ecosystem. The seamless communication and asset transfers facilitated by Axelar and Celer create opportunities for powerful data capabilities, cross-chain smart contract calls, asset bridging, and token swapping, ultimately driving growth and innovation across the entire decentralized web.
