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deBridge launches IaaS solution for cross-chain communication between Ethereum and Solana

source-logo  cryptoslate.com 02 November 2023 07:05, UTC

Web3 interoperability layer deBridge has launched an Infrastructure as a Service (IaaS) turnkey solution that offers a subscription-based interoperability service to facilitate cross-chain movements on Ethereum (ETH) and Solana (SOL) Virtual Machines, according to a Nov. 1 statement shared with CryptoSlate.

The newly launched IaaS is designed to tackle key challenges hampering interoperability between the Ethereum and Solana ecosystems. To do this, the service is packaged as an all-in-one solution relying on some of deBridge’s products.

As a result, the service will facilitate the transfer of authenticated messages via deBridge and promote high-performance cross-chain trading and value transfers using its DeSwap Liquidity Network (DLN).

Also, the IaaS would promote cross-chain asset custody with dePort, a native protocol for bridging and creating utility for assets on other blockchains.

Meanwhile, deBridge also noted that IaaS will help project developers cross the hurdle of composability for their blockchains. By providing composability, deBridge hopes the product would help chains attract more users, developers, and liquidity from outside their ecosystem.

Onboards Neon Labs

deBridge said it has onboarded Neon Labs, an Ethereum Virtual Machine on Solana, as its first client.

This strategic use of IaaS positions Neon for increased adoption, encompassing activities like cross-SVM contract calls from the EVM, native bridging from Solana, and the integration of cross-NFTs (cNFTs).

However, it is worth noting that deBridge’s new IaaS platform comes amid new partnerships for its DLN trade product. On Oct. 30, the interoperability layer announced that DLN has partnered with RockawayX and Fordefi to bring institutional-grade liquidity to cross-chain.

According to DLN, the partnership will allow easy and fast movement of multi-million dollar cross-chain transfers.

“Our venture is intended to resolve the liquidity bottleneck in cross-chain by providing the most talented private market makers in DeFi with the ability to deploy institutional liquidity.”