No chain is an island entire of itself; every chain
is a piece of the continent, a part of the main
- John Donne (with apologies)
With every passing day, it becomes clearer that the future of Web3 will be an interoperative ecosystem of blockchains and sidechains. No dApp, and no chain, can thrive in isolation. The success of any Web3 project is driven by its internal and external network effects: Connections between dApps and liquidity both on their own chains, and on other chains. No chain is an island.
That's why the release of Metaport, SKALE's new interchain bridging app, is so important and so exciting for Ruby.Exchange and the wider SKALE-based Web3 ecosystem. Metaport is now available for developers to integrate into SKALE dApps—enabling instant, decentralized token transfers directly between SKALE Chains, and allowing the full potential of the SKALE Network to be unlocked!
Connecting The SKALE Ecosystem
Over the past year, Ethereum has strengthened its position as the leading smart contract ecosystem as new scaling solutions have come online, effectively addressing gas and congestion problems. Solutions including roll-ups and SKALE will continue to be an important part of Ethereum's roadmap, even with the successful Merge and, in the future, sharding.
Bridging between these networks and Ethereum mainnet has become the latest priority, since their interoperability allows liquidity to flow freely around the Ethereum world. SKALE's IMAv2 bridge enables transfers between Ethereum mainnet and Europa to take place in less than five minutes—significantly faster than other comparable bridges, which can take hours or even days.
For the SKALEVERSE, which takes the form of a network of interlinked chains rather than a monolithic whole, there is the additional requirement of enabling tokens to move directly and frictionlessly between SKALE Chains. This is where IMAv2 really shines.
Read SKALE Deep Tech Dive: IMA Bridge FAQ and What Is Metaport?
The rollout of Metaport will enable users to transfer tokens across chains with the ease and speed of a regular SKALE transaction. It's decentralized, free, instant, and convenient. This functionality is set to power a seamless, interconnected DeFi and Web3 ecosystem—with Ruby at its heart.
Ruby, The Trading Hub Of The SKALE Network
The significance of this functionality cannot be overestimated for the dozens of projects launching on SKALE. It allows critical services such as a fiat gateway partner or a lending dApp to maintain technical integration with a single SKALE Chain, while enabling all IMA 2.0-enabled chains to access their features—without the costs and delays of using Ethereum mainnet as an intermediary hop between chains.
For Ruby.Exchange, direct SKALE-to-SKALE bridging will mean the AMM can now fulfill its goal of becoming the leading DEX in the SKALEVERSE. The Europa SKALE Chain is the gateway for mainnet assets to move into the wider SKALE network. Ruby can be the first and default venue for Web3 projects and their users to converge from across the entire network to trade, LP, co-promote each other, and enjoy the mutual benefits of working together.
Open For Business
Effective interchain bridging is the highway network of the SKALE-based blockchain world, enabling tokens and liquidity to flow seamlessly between different networks in the ecosystem. It is crucial to establishing Ruby.Exchange as the source of liquidity for SKALE and a destination for traders and LPs across the entire Ethereum and non-Ethereum DeFi space.
We are currently integrating Metaport into Ruby.Exchange. Keep up to date about SKALE and the latest developments for Ruby.Exchange by subscribing to the blog, or following us on Twitter and Telegram.