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In the initial stage of the blockchain industry, the priority for many stakeholders was simply getting their feet in the door. This means attracting more people to the blockchain industry, securing mainstream acceptance, and so on. Now, over a decade since the inception of Bitcoin, these priorities have changed. What is on the minds of many blockchain projects and crypto users is getting access to more innovative and convenient blockchain-related products and services.
A significant development on this path has come via Magic Square (NYSE:SQ) with the integration of the deBridge protocol.
Details About the Integration The integration for Magic Square with deBridge focuses on cross-chain interoperability and for Magic Square and its users to seamlessly go cross-chain. Today, there is no single blockchain that everyone uses and that every asset is based on. Instead, there are multiple blockchains including Layer 1s and Layer 2s that are widely used by the public.
Despite this diversity in blockchain platforms, people still need to transfer assets and data across blockchains. This is where a generic messaging and cross-chain interoperability protocol like deBrigde comes in. As its name implies, deBridge acts as a cross-chain bridge and communication layer that facilitates the effective movement of data and assets across different chains.
“The basis of cross-chain interoperability is freedom and accessibility for projects and users to move between ecosystems, and everyone needs a secure and reliable infrastructure that enables this. This is why deBridge exists to make sure everyone can scale up to and effectively move between ecosystems to tap into new userbases and opportunities, and to drive overall composability for the space” says Alex Smirnov, CEO & Co-Founder of deBridge.
Through deBridge, which acts as both an infrastructure platform and framework, all aspects from smart contracts and messages to NFTs and gaming assets can be moved across different blockchains. For users and projects, this means increased opportunities while being connected to different blockchains that they rely on or want to scale up to, and moving their assets and data when needed in a secure and decentralized manner.
Beyond this, the integration can also open up to more robust DeFi options. Usually, a customer would only be able to access different DeFi features on the blockchain they are using. With this integration, cross-chain lending, staking, lotteries, and so many other opportunities can be accessed. This means users can, for example, move assets and data including staking their tokens across multiple blockchains in a single transaction.
The integration with deBridge could enable more access and benefits for everyone involved in the Magic Square ecosystem.
A More Connected (Blockchain) World With more maturity in the blockchain world comes greater demand for flexibility and access to innovative features. “With its new integration, the Magic Square is making sure that not only can its users maximize their benefits with the digital assets they use, but also that they are not restricted to any one blockchain.” said Andrey Nayman, CEO & Founder of Magic Square.
All in all, Magic Square wants to make sure that the blockchain world is as connected and robust as possible.
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