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Wanchain is an advanced blockchain interoperability platform that is launching a new L2-L2 bridge solution.
Therefore, Wanchain wants to connect every isolated public and private blockchain to allow the optimal flow of the world’s digital assets and data.
Wanchain Wants to Solve Current Blockchain’s Scalability Issue
Ethereum is the world’s largest smart contract-compatible Layer 1 blockchain. However, after its launch, it has consistently faced issues of scalability.
To solve this, Wanchain locks tokens on the original blockchain using a decentralized, non-custodial mechanism to issue proxy tokens on the target blockchain. Then, the platform uses these proxy tokens in dApps throughout Wanchain’s cross-chain ecosystem. Finally, proxy tokens are burned and unlock the original tokens.
Source: Wanchain
Wanchain is Launching a Layer 2 Solution
Layer 2 is an innovative approach with the primary aim of solving scalability problems on Layer 1 blockchains like Ethereum. Therefore, Layer 2 solutions consist in building secondary blockchains built on top of Layer 1 blockchains. This L2 solution can support heavy-duty processing computations, state storage, and the sequencing of transactions. Meanwhile, Layer 1 blockchain continues to provide a security and consensus framework.
Wanchain has particularly interested in the prospect of Layer2-to-Layer 2 bridges. As a result, the Wanchain team is excited to launch a new L2-L2 bridging solution, developed and undergoing final testing.
Wanchain L2 Bridges Features
Wanchain’s L2 bridge was built to give a user-friendly, versatile and decentralized solution to make anyone can benefit from it. Here you can find more details about them.
- It is efficient and user-friendly: To transfer an asset from one Layer 2 to another, the Layer 2 blockchain does not require passing through the Layer 1 blockchain. This dramatically improves the efficiency of asset transfers. Also, there is no low transaction speed and high gas fees of Layer 1 blockchains.
- It is versatile: Wanchain’s L2-L2 direct bridges are not limited to a particular Layer 1 blockchain. Instead, L2 bridges are a hybrid solution that can be used to connect different Layer 2 blockchains.
- Decentralized: Wanchain’s L2-L2 bridges leverage Wanchain’s existing architecture to ensure that the bridges remain fully decentralized and permissionless. Therefore, Wanchain’s Storeman Group innovations, such as secure multiparty computing, effectively eliminates the risk of single-point failure while transferring assets are present in the L2-L2 bridges.
Wanchain L2 Bridge Use Cases
Wanchain offers developers the economic foundation they need to construct multi-blockchain and multi-community financial apps, having numerous use cases. For example:
- Cross-chain decentralized exchange.
- Cross-chain mobile payments.
- Connected enterprise blockchain.
- Decentralized finance applications (dApss).
As you can see in the picture below, Wanchain’s Explorer Dashboard has different indicators like the latest status of the Wanchain network, PoS staking, validators list, WAN transactions, and also cross-chain transactions. These factors prove how this L2 bridge solution is growing:
Source: Wanchain
Wanchain Wallet
With the Wanchain Wallet, you may transmit and receive your digital assets such as WAN, manage them, and send them to other Wanchain users. The wallet may also stake PoS tokens across several blockchains. This wallet has a desktop, mobile and offline version.
Also, it’s important to mention that Wanchain Wallet supports 3rd-party wallets:
- Hardware wallets: Trezor and Ledger.
- Mobile wallets: Trust wallet.
- Chrome-extension: WanMask.
$WAN Token Utility and Price
The native token of Wanchain, $WAN Token, provides several additional features and essential value storage and transfer.
- Proof-of-stake block rewards.
- Cross-chain bridge node staking rewards.
- Transactions fees.
At the time of publication of this article, the $WAN price was USD 0.816 with a 24-hour trading volume of $5,055,796. Also, the $WAN price dropped by 12.6% over the last 24 hours. Besides, it has a circulating supply of 193.6 Million $WAN tokens and a total supply of 210 Million.