We’ve recently conducted some in-depth research and studies, and we’re thrilled to share some exciting insights about a new concept we might enable - Omnichain Contracts.
Omnichain Contracts
Disclaimer: Picture for rough presentation of flow and illustration purposes only
Developers only deploy one to FXCore, and it supports native gas assets and ERC-20 tokens transfer between connected chains.
Advantages:
Easy to extend apps like Uniswap V2/V3, Curve, Aave and Compound to FXCore
After deploying dApps on FXCore chain, users can directly execute fxcore’s contracts on other chains within the Cosmos ecosystem or on layer1 and layer2 of EVMs such as Ethereum, Arbitrum, Polygon, etc., without the need for cross-chain operations.
Cost-efficient gas usage compared to message passing in many use cases.
Example of use cases:
Complex trading or DeFi applications that involve liquidity on multiple chains.
Incorporating these chains/assets with other pieces of the DeFi ecosystem natively.
Multichain smart-contract wallet applications like portfolio management across all chains.
Leveraging existing implementations of protocols like Aave, Uniswap, Curve, etc. for omnichain. Since FXCore is EVM-compatible, one can build on top of these implementations (just as they would on Ethereum) to adapt them for omnichain interoperability.
What problem are we trying to solve?
FXCore is a smaller chain, and we have been diligently working to attract more liquidity. This groundbreaking approach allows us to enhance the functionality of our FXCore chain. For example, we can introduce an dApp featuring high-yield staking within the FXCore ecosystem. Through Omnichain Contracts, it can leverage liquidity from other chains, such as Ethereum. This means Ethereum users no longer need to leave their ecosystem to stake with us; they can seamlessly participate and enjoy the benefits right here within our platform. Additionally, it supports ERC-721. So, for GameFi or SocialFi developers, after deploying the game dApp on FXCore, users can directly utilize NFTs from Polygon and Solana to play on FXCore.
About FXCore
FXCore is a Proof of Stake (POS) blockchain with Cosmos SDK & Tendermint Core consensus engine. We are one of the first to introduce our EVM-compatible execution layer on July 16th, 2022. More information can be found at FXCore Forum.
Any thoughts? Do you believe it’s worth investing development time in this? If there are other potentially similar implementations, please inform us to avoid reinventing the wheel.
Crypto & bridging adds complexity’s to the functionality’s of the Crypto space, I thinks it is a hold back to many people getting involved in the rabbit hole of things to understand and for someone to get involved into Crypto’s with complex eco-systems, we may not see it as much of a chore because we have grown along with it, But it’s all a night mare to explain, I’ve forgotten more then I know myself, so anything that makes the system more easily available to new or existing holders is a step towards the future, I’m happy to see innovation that open’s our Ecosystem to new utilities.
Fully support the initiative.
As said by @LKYBOB , if it makes it easier to adopt crypto and to do crypto, then it’s a must-go.
However, since it’ll be running over EVM, aren’t there any solutions deployed over other blockchains or is it an original FX Idea ?
Currently, it is not fully supported, so we have to implement it. This may involve using functions like burn/mint. Users will send transactions from a chain outside of FxCore, such as Ethereum, and then the FxCore relay will pull and sign the event before passing it to the smart contract. This minimizes the steps required to trade native assets in a single step, eliminating the need for a bridge, wrapping step, or sending complex messages, as is done in the traditional way.
I believe CCIP also adopts the concept of ‘Omnichain,’ with projects aiming to achieve the same goal through different methods. For CCIP, it will utilize the Chainlink architecture/contract.
