Socket
Blockchain Service
Socket aims to unify the multichain ecosystem by connecting all chains and enabling seamless asset & information transfer b/w them.
Start:
Dec 12, 2023 00:00:00
Ended:
Dec 30, 2023 00:00:00
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What is Socket?
Socket aims to unify the multichain ecosystem by connecting all chains and enabling seamless asset & information transfer b/w them. It acts as a metalayer that gives protocols seamless connectivity across chains & enables developers to build unified apps with shared liquidity & state across chains.
Socket Unique Features
Currently, a typical multichain app is actually a series of siloed app instances spread across multiple chains. App developers build the protocol logic for a single chain & then replicate it on other chains. This causes a lot of inefficiencies like:
- Messy UX: Apps allow deposits from a single chain only. This forces the users to leave the app, bridge their funds with a lot of hard work before using the app.
- Liquidity Fragmentation: This leads to capital inefficiency & higher costs. For ex: Aave has $1Bn liquidity on Polygon & $2Bn on Ethereum. We interact with them independently instead of total $3Bn liquidity which we would be more efficient.
- Inefficient DeFi: Apps are composable only for single chains. For ex: Yearn optimises for yield locally instead of globally- it maximises APY from protocols on 1 chain & not from protocols across chains. A lot of additional yield is left behind on the table
Socket solves multichain problems faced by apps & enables developers to build unified apps with shared liquidity & state across chains. It acts as a metalayer that gives protocols seamless connectivity across chains with one single integration.
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