- According to the protocol, this change would improve the user experience on all of the main blockchain networks.
DeFi protocol In a statement issued with CryptoSlate on August 7, Li.Fi announced its entry into the Solana ecosystem with the goal of improving user experience across decentralized applications (dApps) by enabling cross-chain connections.
The importance of this development was underlined by Li.Fi CEO and Founder Phillip Zentner, who said that it would enable the protocol to provide a simple and safe method of managing assets inside Solana’s ecosystem.
Notably, LiFi’s growth occurs less than a month after the business experienced an Ethereum and Arbitrum $10 million attack. Since then, the procedure has fixed the problem and is assisting law enforcement in locating the pilfered money.
Extension of Solana
Li.Fi noted that this extension strengthens the original integration with Solana’s Phantom wallet from the previous year.
The platform thinks that by integrating with Solana, cryptocurrency applications will be able to provide a more user-friendly interface, simplifying and improving the intuitiveness of cross-chain interactions.
This would be accomplished by giving Solana users more options for cross-chain transactions with the Wormhole-powered Mayan bridge and Circle’s Cross-Chain Transfer Protocol (CCTP), offering in-app swapping and bridging capabilities.
Furthermore, Li.FI has partnered with Jupiter, a DEX situated in Solana, to offer consumers switching rates that are judged economical and efficient.
The Li.Fi API, SDK, and Widget have live integrations already. In the future, Li.Fi intends to support SVM chains, extending its support for Eclipse to include more chains.
One of the blockchain networks that is currently growing the quickest in the business, the Solana ecosystem is expected to draw more users in the DeFi platform’s opinion.
Additionally, it will enable cryptocurrency applications to make money from asset-swapping fees and create new avenues for liquidity from sources such as bridges and DEXs.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
