Unlocking Native BTC in the First Omnichain DEX: Eddy Finance

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Our mission at ZetaChain is to offer an EVM-compatible L1 blockchain that connects everything. A key feature of web3 interoperability is empowering users to move value across any chain in a cheap, fast, and safe way. Today, we’re excited to share a case study on a new generation of omnichain DEXs on ZetaChain. Introducing Eddy Finance — now live on testnet.

Extremely Efficient Cross-Chain Swaps

Eddy Finance is a DEX designed to power native cross-chain asset transfers and stableswaps across any blockchains. Using Omnichain Smart Contracts, Eddy Finance can orchestrate external, native assets as if they were all on one chain.

For example, you could have a multichain tri-token pool of stablecoins — USDC on Arbitrum, USDT on Polygon, DAI on Ethereum — all existing in a single pool of unified liquidity. With all app logic living in one place, Eddy Finance swaps are extremely efficient and save crypto users gas, time, and slippage when trading across networks.

Founder of Eddy Finance Mrigank says, “Omnichain contracts was quite powerful in building Eddy Finance. The simplicity of inheriting a basic zContract on ZetaChain facilitates seamless value transmission between blockchains… the effort to deploy and maintain contracts on multiple chains goes away when using ZetaChain.

Unlocking Native BTC in DeFi

Native cross-chain asset transfers and swaps is not only possible across smart contract compatible blockchains, but also non-smart chains such as Bitcoin and Dogecoin. Eddy Finance lets you trade your native Bitcoin directly with other assets without having to acquire a wrapped version or derivative, all in a single transaction. For example, swap USDC on Ethereum → BTC on Bitcoin via a USDC.Ethereum/BTC.Bitcoin/USDT.Polygon pool.

In general, the ability for developers to deploy contracts on ZetaChain that control Bitcoin natively — together with assets and data from other chains — is transformative. Previously, Bitcoin users had no way to use their Bitcoin within the broader DeFi ecosystem. Now, developers can unlock this entire userbase and offer new, cross-chain opportunities.

Looking Forward

Eddy Finance is live on testnet. You can get test ZETA here and prepare to beta-test the first cross-chain swaps (including BTC) later this week. Omnichain liquidity pools, known as The Eddy Currents are in development.

Apply Now to the ZetaChain Grants Program

During a time where securing funding is difficult and other L1 programs have gone idle, ZetaChain is actively dispersing grants since the launch of its $5 million grants program in April 2023. Check out this 2-minute recap on grant program eligibility and criteria and omnichain dApp ideas, and then apply here.

About Eddy Finance

Eddy Finance is a DEX and a Stableswap on ZetaChain, enabling effortless cross-chain asset transfers between blockchains like BTC and EVM networks. By pooling native assets and stablecoins like ETH, BTC, and USDC into a unified pool, Eddy Finance facilitates seamless interaction with native assets, reducing the risks of wrapped assets. Consolidating logic via Omnichain Smart Contract, Eddy Finance ensures the best swap prices with minimum slippage and gas fees for users.

Follow Eddy Finance on Twitter @eddy_protocol and join the conversation on Discord. Get rewarded by taking part in the fun quests on our Zealy.

About ZetaChain

ZetaChain is the world’s first and only decentralized EVM-compatible L1 blockchain with built-in cross-chain interoperability, connecting all blockchains, even non-smart contract chains like Bitcoin and Dogecoin. With ZetaChain’s complete Omnichain toolkit, developers can build true omnichain dApps from a single point of logic, and users can access all of their assets, data, and liquidity in a single place, securely.

Follow ZetaChain on Twitter @zetablockchain and join the conversation on Discord and Telegram. Reach out to [email protected] if you’re building on top of ZetaChain.

Any projects mentioned are 3rd party, not ZetaChain.