88X Secures Axelar Network Grant to Open New Chapter in Yield Aggregation
The liquidity fragmentation problem is a sort of original sin of the blockchain space. The “bridge szn” proved that multiple approaches could be used to tackle that. And it seems like the next episode of competition would be not just around moving assets across chains in a seamless and secure way, but actually doing something in the end with those assets transferred.
In How to DeFi: Advanced by CoinGecko, yield farming was described as one of the most innovative features of DeFi. The tremendous opportunities in yield extraction are highly tailored to the problem of interoperability between chains and protocols though. Simple example: one can have different APY on USDT deployed on different networks (e.g. Avalanche, Polygon) just within one protocol (e.g. AAVE), given that the one exists on multiple chains.
The problem grows exponentially with the myriads of already existing lending protocols and the nextworks (especially non-EVM) that might be having their heydays shortly. And a cross-chain-native yield aggregation should be a solution.
88X provides vault automation strategies and high diversification without exposure to cross-chain-related risks. Within a single interface, users can enjoy yield farming opportunities on Ethereum, BNB, Avalanche, Polygon, and many more networks — without the need to switch between wallets (hence we differ from multi-chain protocols like AAVE, etc.).
88X consists of cross-chain DeFi vaults that allow users to deposit their assets and get yields based on predefined investment strategies running across multiple blockchains. The ultimate vision — a fully-fledged yield strategy marketplace.
The protocol is built on top of Axelar Network — the leading cross-chain communication layer for web3.
Georgios Vlachos, Co-Founder at Axelar:
“Cross-chain yield aggregation will be an important aspect of crypto in the coming years. As crypto is becoming increasingly decentralized, with a growing number of blockchain networks and decentralized finance (DeFi) platforms operating independently of one another. This creates opportunities for cross-chain yield aggregation, as users can potentially take advantage of different yield-generating opportunities across different networks. Cross-chain yield aggregation can also help to diversify risk and increase returns. By combining yield-generating strategies across multiple blockchain networks, investors can potentially reduce the impact of market fluctuations on their overall portfolio.
Axelar’s decentralized cross-chain infrastructure makes it easier for users to engage in cross-chain yield aggregation. We are thrilled to partner and support 88X to build out this important primitive. The 88X team has impressed us with their deep knowledge of building cross-chain applications, we look forward to collaborating with them.”
Will K, Co-Founder at 88X:
“We’re deeply proud to secure a grant from Axelar, proving that we’re going in the right direction. We’ve chosen Axelar because it goes beyond just wrapped assets whatsoever with a secure General Message Passing, which will be a circulatory system for our solution. We’re also fascinated about composability to USDC that was presented recently, and currently looking into ways to add it right away with the launch of 88X”.
While the MVP is ready, we’re planning to present the MLP (Minimum Lovable Product) with 5 blockchain networks and 5 DeFi protocols integrated in Q1 2023. The product launch is set for Q2 2023.
Website: 88x.finance
Twitter: @88x_finance
