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UMA’s Across announces V2 with new cross-chain capabilities

invezz.com 18 May 2022 20:52, UTC
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Across, the cross-chain bridging solution from the UMA protocol that allows for decentralized and near-instant transactions within the Ethereum rollup ecosystem, has officially launched new features meant to bolster the overall functionality in that ecosystem.

Leveraging UMA’s optimistic oracle, the new features will enable users to benefit from increased capital efficiency and usability between the rollup chains and mainnet Ethereum.

With the new functionality, users across the ecosystem will be able to transfer assets between Polygon, Optimism, Arbitrum, Boba Network and Ethereum L1.

Hart Lambur, the co-founder of Across and UMA noted in a statement:

Ethereum’s future depends on its ability to make rollups easy, cheap and safe to use. Our vision for Across is that it will become the one-stop shop for users looking to move between these rollups –  this new upgrade is a big step towards that vision.

The suite of features includes L2 – L2 transfers at significantly lower gas fees;  Just in Time liquidity for improved liquidity and efficiency and Netting that removes the need to bridge funds on Across’ backend, thereby allowing for cheaper transactions. 

All the features are designed to maintain the high levels of security available on the Ethereum mainnet and come as part of AcrossV2 announced on Wednesday.

Across launched in November 2021 and has enabled the relaying of over $251 million worth of value across 12,300 cross-chain transfers.

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