Chainflip, a cross-chain decentralised exchange slated to launch in the middle of 2023, has started its partnership programme and announced its plans to establish a two-way interface with Squid, a cross-chain token swapping service that was just introduced. As a result of the collaboration, users of both Chainflip and Squid will have easier access to cross-chain swaps powered by Axelar between an expanded set of blockchains.
The initial step in this new collaboration is to discuss the feasibility of integrating both parties’ web interfaces. If this works, swaps to chains that aren’t supported by Chainflip will be aggregated by Squid and vice versa.
By channeling at least a portion of the swap through the Chainflip protocol, users of Squid and other companies within the Axelar ecosystem can exchange native BTC through the Squid web interface. To illustrate how this would work in the real world, consider this example. Customers can trade assets on any of the many Ethereum networks supported by Axelar and Squid, all through the same central web interface provided by Chainflip.
The collaboration’s goal is to eliminate as much complexity as possible from the process of creating immersive experiences by removing the requirement for builders to learn and implement different standards to gain access to as many chains as possible.
This two-way connection between Chainflip and Squid is a tremendous step forward in making cross-chain solutions far more competitive, and it will greatly improve price and access to more assets for users of both platforms. President and CEO of Chainflip, Simon Harman, made the announcement. We think it’s crucial that like-minded partners in the DeFi ecosystem figure out how to work together in this way to replace centralised exchanges.