Figment Announces Support for Chainflip

February 8, 2024

We are excited to announce support for Chainflip. Chainflip represents a leap in decentralized finance, offering a novel solution to the complexities of cross-chain asset swaps. The network stands out by facilitating direct, native swaps between different blockchains without the need for wrapped tokens or conventional bridging methods. While leveraging a unique Just-in-Time Automated Market Maker (JIT AMM), Chainflip is able to provide highly competitive pricing. The decentralized nature and operation on the mainnet make it a strong alternative to centralized exchanges that currently dominate the trading of major cryptocurrencies against the USD. 

Key Features: Chainflip

  • Decentralized and Trustless: Chainflip operates on a Proof-of-Stake network, ensuring transactions are secure, transparent, and without reliance on a central authority.
  • Native Cross-Chain Swaps: Enables direct swaps between blockchains, bypassing the need for wrapped tokens or bridging, thereby reducing complexity and enhancing efficiency.
  • High Interoperability: Supports a wide array of chains and assets, thanks to its unique architecture that facilitates interoperability between smart and non-smart contract chains.
  • Community and Developer Support: Offers comprehensive documentation, active community channels, and simple integration options for Web3 developers, enhancing the ecosystem’s growth and accessibility.

Chainflip is not just a platform but a vision to simplify and enhance the efficiency of trading L1 assets and beyond, across the blockchain spectrum. It aims to set a new standard for decentralization, interoperability, and user experience. Chainflip addresses the industry’s pain points such as high slippage, gas fees, and the risks associated with bridges by offering a permissionless, user-friendly, and decentralized platform for seamless asset trading across various blockchains.

“I am thrilled to support Chainflip’s innovative approach to decentralized finance. By enabling direct, native swaps between diverse blockchains without the need for wrapped tokens or complex bridging mechanisms, Chainflip is paving the way for a more interconnected and efficient blockchain ecosystem.”  – Clayton Menzel, Director of Protocol Strategy at Figment

About Chainflip 

Chainflip is an innovative cross-chain protocol that utilizes threshold signature schemes, an independent blockchain, and a specially designed AMM with just-in-time liquidity. This setup enables cross-chain swaps  for native assets not usually found on the same DEX – like ETH, BTC and DOT. The Chainflip protocol maximizes capital efficiency to enable trades at extremely competitive prices with minimal slippage and low fees, through a decentralized and permissionless network. 

About Figment 

Figment is the leading provider of staking infrastructure. Figment provides the complete staking solution for over 250 institutional clients, including asset managers, exchanges, wallets, foundations, custodians, and large token holders, to earn rewards on their digital assets. On Ethereum, Figment is the largest non-custodial staking provider with nearly 5% of staked ETH on Figment validators. Figment’s institutional staking service offers seamless point-and-click staking, portfolio reward tracking, API integrations, audited infrastructure, and slashing protection. This all leads Figment’s mission to support the adoption, growth, and long-term success of the digital asset ecosystem. To learn more about Figment, please visit figment.io.

The information herein is being provided to you for general informational purposes only. It is not intended to be, nor should it be relied upon as, legal, business, tax or investment advice. Figment undertakes no obligation to update the information herein. 

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