GRVT Launches Gas-Free Bridging for DeFi with XY Finance

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As an analyst with over two decades of experience in the financial industry, I’ve seen countless partnerships and innovations aimed at simplifying the trading experience for retail and institutional investors alike. However, none have caught my attention quite like GRVT’s recent collaboration with XY Finance.

On October 24th, 2024, in Singapore, GRVT – the hybrid cryptocurrency exchange (pronounced “gravity”), with ambitions to be the blockchain equivalent of Goldman Sachs – is excited to reveal its new collaboration with XY Finance. This partnership aims to tackle a significant issue that crypto traders are currently grappling with: the intricacy and expense associated with transferring assets across various chains and exchanges.

This partnership introduces a user-friendly cross-chain interaction experience using XY Finance’s Proxy Bridge technology. This feature enables gasless, centralized exchange-style transfers for decentralized finance (DeFi), marking a first in the decentralized exchange (DEX) industry. Users can directly deposit funds from a centralized exchange into GRVT’s smart contract without paying gas fees or requiring numerous wallet transactions.

As a researcher, I find it crucial to emphasize that this innovation substantially streamlines the process for those unfamiliar with crypto, who often grapple with intricate matters like gas fees, bridging, and associated ideas. This development is poised to redefine standards within DeFi and the broader industry, making it more accessible for the average user.

Watch the video to learn more about how this makes DeFi deposit easy. 

Solving the Biggest Hurdle On-Chain: Cross-Chain Money Moving

In the rapidly growing world of cryptocurrencies, traders frequently encounter obstacles when trying to transfer assets between various exchanges and blockchain networks. A recent survey by GRVT involving nearly 3,000 community participants pinpointed three primary challenges in the Decentralized Finance (DeFi) user experience:

  1. Difficulty in moving money on-chain (45%); 
  2. Challenging wallet creation and management (20%); 
  3. Gas fees are a barrier (15%).

For retail and institutional users alike, these barriers have slowed the adoption of DeFi and made seamless trading a challenge. GRVT and XY Finance are stepping up to eliminate these pain points, bringing a new level of efficiency and ease to the crypto trading experience.

Hong Yea, the co-founder and CEO of GRVT, stated, “The adoption of DeFi has been relatively low due to the fact that the existing environment presents a steep learning curve, particularly for new users. The process of linking accounts, often referred to as bridging, is a significant hurdle. In the past, users were required to possess tokens to pay gas fees and execute numerous transactions simply to deposit funds into a Decentralized Exchange (DEX) smart contract. GRVT aims to eliminate these obstacles by making complex DeFi elements transparent to the user. Our aim is to extend the advantages of DeFi to a broader demographic by streamlining the user experience.

Wei Hsuan Huang, the Founder and CEO of xSync Network and XY Finance, emphasized that with the backing of xSync Network’s multi-chain infrastructure, XY Finance is facilitating smooth connections from Centralized Exchanges (CEXs) and any blockchain directly to GRVT. Alongside GRVT, they are dedicated to overcoming the intricate barriers in traditional finance that have hindered new users from fully adopting Decentralized Finance (DeFi). This partnership aims to provide a simplified experience, easing cross-chain transactions, and speeding up the broader acceptance of DeFi.

Through this collaboration, GRVT is reaching yet another major achievement in its journey, approaching the anticipated launch of its Mainnet in Q4. The Open Beta Testnet of GRVT is already active, boasting over 2.5 million individuals who have signed up for a spot on the waitlist.

For more information and to join the GRVT community, visit grvt.io.

Warning: Investing in cryptocurrencies involves significant risks. The information provided here does not constitute a financial service offer or solicitation, nor is it an endorsement of the suitability or legality of these services for you. Please note that GRVT is unregulated and your funds will not be protected by any regulatory body. Before making any decisions based on this information, consult with a financial or legal advisor and thoroughly read our [Risk Disclosure and Disclaimer] in its entirety.

Users in Singapore should be aware that GRVT operates without approval, authorization, designation, recognition, registration or regulation under any laws managed by the Monetary Authority of Singapore (MAS). Consequently, you won’t receive protection from the regulatory measures implemented by the MAS.

About GRVT

GRVT, established in 2022, functions as a cutting-edge hybrid derivatives exchange. It boasts lightning-fast off-chain order matching and on-chain settlements at an astounding speed of 600,000 transactions per second (TPS). GRVT’s mission is to revolutionize the global financial landscape by harnessing blockchain technology, empowering more people to create and truly own their wealth without hindrances. Aspiring to emulate the financial prowess of Goldman Sachs on the blockchain, GRVT infuses institutional know-how into decentralized finance. Our aim is to construct an open, scalable marketplace akin to the “Amazon of DeFi,” making it effortless for individuals to access a variety of financial products.

GRVT official website: https://grvt.io/ 

For media inquiries, contact: press@grvt.io 

Social and Community: X | LinkedIn | Telegram | Discord

About XY Finance

XY Finance, backed by the multichain service provider xSync Network, stands out as a pioneering Cross-Chain Decentralized Exchange (DEX) and Bridge Aggregator. It handles transactions worth over $2 billion across more than 25 significant blockchains, catering to a user community of over 800,000 individuals.

XY Finance Official Website: https://xy.finance/ 

For media inquiries, contact: alina@xy.finance

Social and Community: X | DeBank | Telegram | Discord

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2024-12-18 20:10