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 open it up as a donation and let users cover the gas fees.
Since the launch of the mainnet, there have been over 5 million transactions with a combined gas cost of just $90 across the entire chain, Dhaliwal added.
Second, ShuttleFlow uses the Conflux Network as a “transit chain” to build asset bridges and other related infrastructure across DeFi blockchains, Dhaliwal said. This means the solution can facilitate swaps directly between two external blockchains like Ethereum and Binance, according to the statement shared with CoinDesk.
Since then the ShuttleFlow protocol has moved over $120 million in assets, Dhaliwal said.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.