🌃Background

The cryptocurrency industry has witnessed significant growth in the past few years, with the total market capitalization of all cryptocurrencies reaching over $1.08 trillion as of late February 2023. Bitcoin and Ethereum, the leading and most well-known cryptocurrencies, have paved the way for the development of thousands of other cryptocurrencies that are now being traded on various digital asset exchanges.

However, despite this growth, the industry still faces several challenges, one of which is the lack of interoperability between different blockchain networks. Each blockchain network has its own set of rules and protocols, which means that assets and transactions on one network cannot easily be transferred to another network. As blockchains work independently, which leads to different challenges for developers and users, as single blockchains cannot meet all their requirements.

For example, dApp developers on a single base layer like Ethereum compete for throughput and space and may be priced out by rising gas fees and slow transaction times which make the cost of user acquisition prohibitively high. This has resulted in siloed ecosystems and limited functionality, with users being restricted to one particular blockchain network and unable to take advantage of the opportunities presented by other networks

Unless separate blockchains can interoperate, share the load, and scale, we cannot achieve blockchain's full potential. This issue has led to the need of multi-chain integration. Multi-chain integration allows users to seamlessly interact with multiple blockchain networks using a single interface or wallet. This means that users can access a wider range of assets and take advantage of the various functionalities offered by different networks.

Furthermore, cross and multi-chain integration is crucial for the growth and sustainability of the cryptocurrency industry. By enabling cross-chain transactions and interoperability, it allows for greater liquidity and more efficient use of resources across different networks. It also promotes innovation by creating a more diverse and connected ecosystem that allows for the development of new applications and use cases.

As the cryptocurrency industry continues to grow at an unprecedented pace, the need for secure, reliable, and user-friendly platforms that support multi-chain integration has become increasingly important. The lack of interoperability among various blockchain networks has been a major issue for users, limiting their ability to fully utilize the benefits of decentralized finance (DeFi) and hindering the growth of the industry as a whole.