Introducing Chainflip: A Decentralized Cross-Chain DEX
In March 2020, Simon Harman and the team at Oxen (formerly known as LOKI) found themselves in a tight spot. They were running out of funding and Bitcoin’s value had just dropped to a historic low. To survive, they needed to develop new products. This led to the establishment of Chainflip, a decentralized and chain-agnostic system for native cross-chain swaps of cryptocurrency.
Key Points:
- Oxen needed new products to survive the bear market and lack of funding.
- Chainflip was inspired by the idea of a decentralized and chain-agnostic system for cross-chain swaps.
- Current options for cross-chain swaps have security risks and high slippage.
- Chainflip uses threshold signature schemes to create wallets on different blockchains.
- Chainflip’s markets are less restrictive on liquidity and pricing and introduce limit orders.
Hot Take: Chainflip has the potential to improve speed, gas, and pricing, making it a compelling option for crypto traders. It is an innovative solution that builds on previous research and experimentation in the crypto space.
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