Business News Report
January 23, 2024

Peaq Integrates Wormhole for Cross Chain Liquidity Across Web3 Networks

peaq Integrates Wormhole for Cross Chain Liquidity Across Web3 Networks

Blockchain for real-world applications peaq today announced the integration of its first cross-chain bridge with Wormhole, a blockchain interoperability protocol. This integration links the peaq ecosystem with over 30 Web3 networks, facilitating the transfer of value and liquidity between peaq and ecosystems like BNB Chain, Ethereum, Polygon and others.

The integration of peaq with Wormhole will now enable peaq’s machines, which create real-world value in solar panels and drone deliveries, can now connect with money (liquidity) from over 30 other Web3 networks around the world.

“The integration connects the machines on peaq, generating real-world value as part of various DePINs, with billions-worth of global Web3 liquidity. This link will be a boon for Machine DeFi on peaq, enabling people from all over the world to send liquidity to machines on peaq, set up by communities to fund value-generating machines – solar panels, wind turbines, drone deliveries, and many more – and help them scale fast while earning rewards,” Till Wendler, co-founder of peaq told Metaverse Post.

Further, users of Ethereum, Solana, Fantom and others can now shift their liquidity to peaq. It allows participation in decentralized physical infrastructure networks (DePINs) within the peaq system, presenting users with opportunities to earn from devices generating real-world value on the peaq platform.

The move addresses the limitations of standalone blockchains, promoting the multi-chain ethos of Web3.

peaq’s Current Implementations and Future Roadmap

Peaq had previously integrated core functions with Solana and Cosmos. The recent integration with Wormhole is seen as a logical next step, creating the first bridge for cross-chain asset movement within peaq’s ecosystem.

The integration is currently operational on peaq’s testnet, known as Agung, serving as the first outbound blockchain bridge. Looking ahead, peaq plans to launch its mainnet in 2024, further strengthening the bridge’s role in connecting the platform with the broader Web3 space.

“So far, the performance has been quite successful – the bridge has already seen assets go between Agung and Ethereum Goerli, as well as Fantom,” peaq’s Wendler said. “With the peaq mainnet going live, the bridge will work as its gateway into the wider Web3, connecting the ecosystem with dozens of other networks and communities.”

The technical intricacies of the integration involve the use of Moonbeam, a technology that facilitates the movement of assets between the peaq ecosystem and all blockchain networks connected with Wormhole.

Moreover, the integration will simplify the process for developers building on layer-1 blockchains to migrate to or expand into the peaq ecosystem. Developers can leverage peaq’s core functions, such as self-sovereign Machine IDs and role-based access control.

“peaq offers benefits such as multi-chain peaq IDs, role-based access control, scalability, decentralization, sustainability, security, speed, and cost-effectiveness. The network provides a foundation for DePINs and offers additional support through grants and ecosystem services,” peaq’s co-founder Till Wendler told Metaverse Post.

With a focus on improving user experience, the integration aims to ensure a smoother journey for DePIN participants and users across diverse ecosystems.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.

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Kumar Gandharv
Kumar Gandharv

Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.

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