EYWA Cross-chain Prepares A Revolution In DeFi
It’s time to stop building bridges between platforms! Existing cross-chain platforms are ineffective! EYWA developers say they are working on a project that will solve most of the DeFi problems.
While usually, in our blockchain reviews, we focus on platforms that are firmly on their feet, this time, we bring to your attention only the project. But you can already feel the potential typical of the TOPs. First, take a look at the Roadmap.
The project is handled by the Novosibirsk company DigiU, which positions itself as an ecosystem for developing and financing projects in artificial intelligence and blockchain technologies. The author of the idea of the EYWA cross-chain platform is DigiU Chief Information Officer Boris Povar.
Boris Povar, photo from the personal LinkedIn account According to him, the interest in the solution that formed the basis of the EYWA blockchain project is a consequence of long-term DeFi practice.
Over the past months, not even years, there has been explosive growth in this area. Most DeFi protocols originate from Ethereum, whose low throughput translates into high fees, which can cost hundreds of dollars to interact with smart contracts. Platforms alternative to Ether lure users into their ecosystem with high speed and low fees, but they do not guarantee decentralization.
The Flip Side Of DeFi
Because of the processes described above, the crypto market has been defragmented, and a host of alternative blockchains and cross-chain platforms have emerged. They build bridges and fight for users, offering high liquidity, but they rarely care about the user himself, concludes Boris Povar.
To work and earn with DeFi, the average person has to spend hours setting up a wallet or wallets, dealing with the technological features of platforms and their protocols, getting into a variety of interfaces, buying and exchanging altcoins.
But that’s not all — with the bridge you have purchased tokens of a successful or promising blockchain — then what? It takes time to figure out the best ways to make money in the new ecosystem. Buy internal ecosystem tokens to pay for transactions. And then keep those procedures and manipulations in mind to make the reverse transactions.
Another disadvantage of the current state of things in the modern world of DeFi is that due to the need for verifications, the time of cross-chain operations can take hours! And this is precisely the circumstance that forces the industry to seek the best alternative to the established practices.
With Occam’s Razor In Hand
To date, most alternative solutions follow one of two directions:
- Blockchain develops its infrastructure and builds bridges, attracting as many users as possible from Ethereum and other platforms. So far, this is the direction in which Free TON is also moving.
- Cross-chain platforms are being created that look for the most acceptable level of interaction with the largest number of blockchains and strive to guess the optimal user experience. This is also the choice of the EYWA project, which at the same time, positions itself above the fray.
At the moment, we need to organize cooperation between giants, and not multiply entities. The developers of the EYWA platform recall Occam’s razor
Since every project in DeFi is a protocol with the ability to integrate with its own kind, EYWA plans to offer an ecosystem with such a set of protocols that will allow even beginners to work with DeFi without thinking or worrying about the currency exchange operations taking place under the hood.
- So that once on the blockchain website, the user can exchange one cryptocurrency for any other.
- So that a liquidity pool is created immediately.
- Without fee or with the option to pay it in the currency of your choice.
About the transactions without fee, Boris Povar speaks seriously. When the project reaches a significant level of profit, it is supposed to cancel transaction fees for “small users” — those whose transactions do not exceed $1,000. This will work as subsidies from the platform itself — the fee will go nowhere, it will be on EYWA.
Sounds great. But how can this be implemented in practice?
How Is It All Supposed To Be Implemented
The technology solution will include smart contracts for decentralized exchange services like Uniswap and Curve.fi, as well as smart contracts that will create and destroy synthetic assets. By creating such an asset on another blockchain, EYWA will lock your funds in the original blockchain, and unlock them on a reverse transaction.
The transport layer of the solution will be a bridge between blockchains, consisting of off-chain nodes and a set of smart contracts in different blockchains, similar to Chainlink.
Here begins the interesting part — the bridge will be provided with a decentralized network of oracles, which will confirm the transaction in blockchains by voting.
To pay for blockchain transactions, the Gasless subsystem that is delegated the execution of user transactions and transactions between blockchains will be used. This will be done on behalf of the relay network. A relayer (sport) is a referee who mediates the passing of the ball.
To manage all the smart contracts of the system, it is planned to create a decentralized DAO apparatus, which will be managed using its native governance tokens.
It is planned to maintain consensus between relayers according to the Proof-of-Stake algorithm with slashing.
Uniting On The Way To Success
DigiU (the company behind EYWA), according to public information, has from 10 to 100 employees (leaning towards thirty). Remember the Roadmap at the beginning of the article? Does DigiU have enough startup power to implement it, will the initiative be able to attract the necessary number (and quality) of production participants, will the original solutions expressed in the presentation materials be enough to seize the initiative in the instantly changing crypto market?
In the context of the listed questions, we can only welcome the famous developers of the Free TON ecosystem — RSquad team — to join the work on the ambitious project.
The EYWA initiative group faces an ambitious task, to solve which it is necessary to create an ecosystem from scratch with its cryptocurrency and validators, with protocols and coordinations. With a close connection with the ocean of existing crypto projects.
Won’t EYWA eventually turn into a cross-chain like the ones the developers criticize and plan to create an alternative to? After all, the blockchain will still have to deal with coordination — with the same slow and expensive Ethereum.
We wish the DigiU and RSquad teams good luck because we are the users who do not want to know what’s under the hood and pay a fee.