peaq announces its first cross-chain bridge as it integrates with Wormhole, the leading blockchain interoperability protocol. This links peaq with over 30 Web3 networks, including Ethereum and BNB Chain, and layer-2s like Polygon and Optimism.
Why is it important?
The integration with Wormhole establishes a bridge for value and liquidity between peaq and a variety of ecosystems. Users of Ethereum, Aptos, Base, and other networks will now be able to move their liquidity to peaq, use DePINs in the peaqosystem, and earn in the Economy of Things on peaq.
What does it mean for the community?
By unlocking cross-chain communication and value exchange with some of the largest and most popular blockchains, more people can build and interact with DePINs on peaq, and crucially, vehicles, machines, robots, and devices running on peaq can receive liquidity from other chains and earn APY (Annual Percentage Yield).
A major step towards true, open decentralization
Decentralization is a primary goal in the realm of Web3, or so they say. But sometimes it feels less like a vision and more like a buzzword. In reality, a blockchain is often a standalone system by design, mimicking the walled-off, centralized Web2 space we’re supposed to be leaving behind.
It’s down to those building Layer-0s, 1s and 2s especially to embrace the open Web3 ethos and for those building decentralized applications and decentralized physical infrastructure networks (DePINs) to take Web3 ideals seriously and decide where to build accordingly if we’re ever to cross the chasm.
peaq believes in the open, multi-chain ethos of Web3, and we’ve been driving this vision through recent integrations of core Modular DePIN Functions with other layer-1 blockchains like Solana and Cosmos. The next step? Integrating with Wormhole, the leading blockchain interoperability protocol.
By integrating with Wormhole, peaq will connect with over 30 Web3 networks, including Ethereum and BNB Chain.Just to put things into perspective, the integration links peaq with Algorand, Aptos, Arbitrum, Avalanche, Base (Coinbase), BNB Chain, Celo, Cosmos, Ethereum, Fantom, Near, Optimism, Polygon, Polkadot, Solana, Sei, and Sui — and that isn't even the full list. The full list is here, check it out for the big wow.
This is a massive step toward our vision of true decentralization, introducing the first bridge for cross-chain asset movement on peaq. Currently, the integration is testing live on agung as peaq’s first outbound blockchain bridge. After peaq’s mainnet goes live this year, the bridge will link it with the wider Web3 space.
Conducted via Moonbeam, the integration unlocks the movement of assets between the peaq ecosystem and all blockchain networks connected with Wormhole. DePINs and dApps built on other layer-1s will find it much easier to migrate to peaq where they can tap into peaq‘s Modular DePIN Functions which include the likes of self-sovereign Machine IDs and peaq access. Also, DePINs and dApps will be able to use peaq’s economic features, including rewards for people adding their devices to the network.
“We are excited to see peaq join the largest Web3 cross-chain connectivity platform. Real-world adoption is one of the biggest challenges for Web3, and peaq’s focus on DePINs places it at the forefront.”
— Robinson Burkey, CCO at Wormhole
Imagine the possibilities. A car sharing DePIN on peaq can become easily accessible for users across more than 30 ecosystems, enabling them to quickly bridge their tokens to peaq and pay for a ride. The same holds true for every other type of real-world application (DePIN) on peaq, of which there are already 15 from 7 different industries. This would be a huge expansion of its potential reach and boost its scalability through peaq’s multi-chain tools.
“Smooth cross-chain communication and liquidity flow is crucial for Web3’s future. It unlocks more value and opportunities for everyone in a positive-sum game, making for a great foundation for its push into the real world. peaq’s integration with Wormhole brings a lot of value into the ecosystem and makes it exponentially more open and versatile.”
— Till Wendler, co-founder of peaq
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