Dubai, UAE, 30th November 2023, Kinetex co-founder Tigran Bolshoi finished the chain of his performances at different Devconnect events in Istanbul with the Cross-chain Interoperability Alliance Roundtable. There, he participated in discussions of ways to achieve cross-chain interoperability by creating innovative solutions that can help to make trading between chains more user-friendly and cost-effective. This way, the blockchain community can ensure the efficiency and successful adoption of DeFi.
Additionally, Bolshoi had a chance to present Kinetex’s new resolving approach and intents in a more informal setting with industry leaders who share Kinetex’s vision of a secure, collaborative, and innovation-driven decentralized future.
Initially, Bolshoi pointed out the challenges that cross-chain interoperability faces, such as safety concerns, poor user experience, and excessive gas payments and fees. Firstly, the two main factors that can compromise the security of cross-chain orders are the reliance on third-party validators and the use of wrapped tokens. While the former can be compromised, the latter causes liquidity fragmentation and insufficiency, worsening the stability of the crypto market. Secondly, inexperienced users are discouraged by poor user experience and long execution periods. Users are regularly taken aback by the number of actions that must be done during cross-chain transfers and forced to return to more user-friendly centralized services. Thirdly, cross-chain trades are often disadvantageous cost-wise due to excessive gas payments and fees.
Bolshoi showed a new approach based on intents and resolvers designed to overcome the problems mentioned above. The Zk light clients presented by Kinetex at the ETHGlobal hackathon this year help to enable instantaneous swaps between users and resolvers, eliminating the need to rely on third-party validators, use cross-chain bridges, and pay excessive gas fees. Moreover, the use of intents shifts all responsibility to the resolvers, allowing for more flexibility when completing orders.
Bolshoi and the rest of the team were glad to participate in such a motivating event and discuss solutions that can positively affect the future of the crypto industry and DeFi in particular.
Kinetex Network: Website | Kinetex dApp | Blog | Twitter | YouTube
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Funds Spectrum journalist was involved in the writing and production of this article.