Squid Expands DeFi Liquidity Pool with Arbitrum Integration
It is reported that the DeFi liquidity protocol Squid based on Axelar now supports Arbitrum. Users can exchange tokens between the Arbitrum network and the mai…
It is reported that the DeFi liquidity protocol Squid based on Axelar now supports Arbitrum. Users can exchange tokens between the Arbitrum network and the main EVM chain. At present, Squid has supported Ethereum, Avalanche, Polygon, BNBChain, Fantom, Moonbeam, Celo and other networks.
Axelar-based DeFi liquidity protocol Squid adds support for Arbitrum
Interpretation of the news:
Squid, a DeFi liquidity protocol based on Axelar, has recently announced the integration of Arbitrum, a highly scalable and low-fee Layer 2 scaling solution for Ethereum. With this integration, users can now exchange tokens between Arbitrum and the main EVM chain, further expanding the DeFi liquidity pool.
Squid has been designed to offer the efficient exchange of digital assets by offering interoperability between different blockchain networks. It allows users to exchange tokens seamlessly without leaving their preferred blockchain network. Currently, Squid supports several blockchain networks, including Ethereum, Avalanche, Polygon, BNBChain, Fantom, Moonbeam, Celo, and many others.
The addition of Arbitrum network to Squid’s portfolio enables users to benefit from its high transaction throughput, low latency, and lower gas fees, which ultimately allows users to enjoy faster and more affordable trades. This integration further expands the market reach of Squid and offers a better user experience by catering to users who may find Ethereum’s network fees expensive at times.
This integration is timely, given the continued growth and adoption of DeFi applications, where scalability and efficient transaction processing are critical. The layer-2 scaling solution provided by Arbitrum network enables more DeFi use cases, especially those that require faster transactions and more affordable processing fees.
In conclusion, the integration of Arbitrum network to Squid’s DeFi liquidity protocol is a remarkable feat that brings scalability, faster transaction processing, and lower fees to the ecosystem. It benefits users by expanding Squid’s market reach to more blockchain networks, enhancing interoperability, and providing a more seamless user experience. This development further cements Squid’s position as a leading DeFi liquidity protocol, with its focus on providing efficient and cost-effective liquidity services to its users.
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