Cross-chain interoperability – The next wave for DeFi and NFTs

We already live in a multi-chain world with more than 100 public blockchain networks available. The major problem is that these chains are evolved independently and are not connected with each other, or linked through some specific channels that are often centralized and different for each blockchain. This leads to vital problems of ecosystem fragmentation, such as fragmentation of technologies, liquidity, and even competitive environments. Blockchains need a cross-chain interoperability protocol that can interconnect them all in a secure and decentralized way. Moreover, the protocol should enable a vast range of new use cases, features, and flexibility for projects – both protocols and applications. Included here comes the ability to let users from other blockchain ecosystems interact with your protocol, scale up your protocol to other chains and exchange commands between components of your protocol, and facilitate overall composability. This is something all projects will want to achieve in the future. Ultimately, it’s about connecting every contract on every chain. This will open up opportunities to build new cross-chain mechanics and primitives, and we will see how the blockchain space will become with true cross-chain interoperability.