Users on Ethereum, Binance Smart Chain, Huobi ECO Chain or OKEx Chain would be able to convert digital assets on one of these networks to an identical asset on a different chain.
Conflux, a public blockchain endorsed by the Shanghainese government, is launching a cross-chain bridge to facilitate easier operations among three of Asia’s largest crypto exchanges – Binance, OKEx and Huobi – as well as Ethereum.
The cross-chain bridge, called ShuttleFlow, will enable digital asset swaps between and across the Conflux network, Ethereum, Binance Smart Chain, Huobi ECO Chain and OKex Chain, the firm announced Tuesday. In other words, a user can take an asset on one of these networks and convert it into an asset on a different one.
The ShuttleFlow solution is the first cross-chain bridge to support Asia’s most widely used digital asset exchanges, according to a press statement shared with CoinDesk.
“The name ‘ShuttleFlow’ means allowing assets to flow between multiple public chains as freely as water,” Eden Dhaliwal, global managing director at Conflux, told CoinDesk via an email.
Increasingly more crypto firms are coming up with cross-chain liquidity and interoperability solutions for decentralized finance (DeFi). Earlier this month, decentralized liquidity network Thorchain launched cross-chain trading of cryptocurrencies. In March, Alameda Research invested $20 million in cross-chain DeFi platform Reef Finance.
ShuttleFlow’s multi-chain capabilities are twofold, Dhaliwal explained. First, it provides decentralized app (dapp) developers with solutions to integrate multi-chain asset deposits and withdrawals at a low cost, he said.
“As a project, the Conflux Foundation has historically covered all or most of the Ethereum gas fees associated with transactions, in order to facilitate the onboarding of new users who typically experiment with lower dollar amounts,” Dhaliwal said, adding that now, dapps building on Conflux can sponsor transactions with their own CFX (Conflux’s native token), or op