Spin and Axelar Partnership

Spin has partnered with Axelar to enable cross-chain trading on the NEAR Protocol.  Axelar is a universal overlay network that provides secure cross-chain communication for Web3 users who support different EVM (Ethereum Virtual Machine) compatible blockchains, including Aurora. 

The partnership of the two Web3 projects will simplify user access to a wide range of tools for DeFi, including spot and leveraged (perpetual) trading, decentralized option vaults and other derivatives and investment products offered on Spin from various chains.

The upcoming integration of Spin and Axelar will allow users from EVM blockchains to make transactions on Spin without the need to create a wallet and transfer money to the NEAR Protocol.

axelar and spin partnership
Axelar and Spin Collaboration

What Do Spin and Axelar Plan to Do Together?

Let’s briefly look at how Spin and Axelar integration will work:

  1. Just click on deposit and enter the USDC amount you want to deposit.
  2. Axelar receives the deposit and locks it on Ethereum, then transmits a message for an equal amount of axlUSDC to be minted (mint) on Aurora.
  3. The second message is sent to Spin via Rainbow Bridge to confirm that the ERC-20 USDC is locked.
  4. The required amount of NEAR Protocol’s USDC is added to your balance and you can start trading.

If the user’s balance on the Spin increases after several successful trades (trades), he receives his winnings directly to the ERC-20 wallet. If the user loses in the trade, Spin receives the difference from Aurora through the platform, and the user also receives the remaining difference. 

Spin aims to make derivatives trading and investing more accessible by offering DeFi and CeFi users fast participation, a convenient interface, low fees, instant speeds and a wide range of trading tools.

About Axelar and Spin

Spin is a decentralized trading platform based on the NEAR Protocol. DeFi aims to bring a CEX competitive experience to its users. DEX was the first structure in NEAR Protocol to offer on-chain order book trading. Shortly after, the team will also launch the first decentralized option cases in NEAR. With 18,000 weekly transactions and 1,000 active accounts, Spin is one of the largest and fastest growing platforms in the NEAR ecosystem.

Axelar provides secure communication between chains. At its core is a permissionless overlay network, which ensures Turing-complete message passing and composability of programs. A simple API allows developers to Decode cross-chain dApps. It connects users to any application, any entity in any chain with one-click experiences. Axelar is for Web3.

References

  • https://smartliquidity.info/

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