The Fantom Foundation and SpookySwap are joining with Axelar to secure cross-chain bridges into the Fantom ecosystem: Axelar will deliver the canonical cross-chain versions of $USDC, $USDT, $ETH and $WBTC on SpookySwap, the largest decentralized exchange (dex) on Fantom.
The first farms to go live with $BOO emissions are FTM-axlUSDC and BOO-axlUSDC, available at https://spooky.fi/#/farms. Users can onboard to Fantom from major EVM chains through https://app.squidrouter.com/.
The onboarding flow at http://app.squidrouter.com works as follows:
Select your origin chain (any EVM), origin asset ($USDC), destination chain (Fantom) and destination asset (axlUSDC).
Submit your transaction.
Fantom Foundation is leading among Layer-1 blockchains, by adopting the most secure and permissionless interoperability network in Web3.
Axelar’s security approach begins with proof-of-stake decentralized design: the same battle-tested consensus method that secures most of the chains Axelar connects. Axelar has the largest, dynamic validator set of any interoperability protocol. Validator security policies include mandatory key rotations.
Failsafes back up these industry-leading approaches:
Network functions enable mitigation of malicious interconnected chains [suspend traffic from them].
Contract limits specify how much can be transferred over a time period.
Rigorous audits & bug bounties.
Read more about Axelar's security approach.
We’re looking forward to working with many other projects in the Fantom ecosystem to safeguard this hub of innovation in Web3! 🤝