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Hot Cross has just launched “hot hands” products and features on the Avalanche ecosystem.
Hot Cross landed in Avalanche
Recently on September 26th, we just extended our arm to C-Chain* Avalanche. So after Ethereum, Binance Smart Chain (BSC) and Polygon, Avalanche has become our next choice to provide tools and liquidity for products like Cross Pool and Cross Send, to maximize potentialization.
This does not mean that we are no longer focused on BSC, Ethereum or Polygon.
“Actually, the opposite is true. By adding C-Chain to our toolkit, we look forward to taking advantage of the trends, ideas and needs on Avalanche and see if they align with other chains.”
*C-Chain (Contract Chain) is an example of Virtual Ethereum powered by Avalanche, allowing users to create smart contracts using C-Chain’s API.
In DeFi, the concept of composability is expressed in that developers can do anything, anywhere, as long as they are useful to the user.
“The code that we developed on layer 1 is similar, but the community is very different and the needs of each chain are different. We love that and will still actively support it.”
When starting to build infrastructure tools for cross-chain (cross chain) and multi-chain (multi-chain) of Ethereum, or EVM networks like BSC and Polygon, our motto is: Find the critical gaps, try to fill them, and see what works.
Currently, we have integrated Cross Connect and other products into Ethereum, BSC, Polygon, HECO, Harmony, KuCoin Community Chain and to date C-Chain Avalanche.
Compared to other blockchains, Avalanche has extremely fast transaction speed, low cost and is environmentally friendly. 60 days ago, the TVL (total key asset value) on this entire blockchain was only worth about $175 million, but by September 26, this number has increased 20-fold, reaching $3.5 billion.
The two platforms contributing to this strong growth are Benqi (1.5 billion liquidity) and Trader Joe (1.2 billion). Assuming these two projects are removed from the Avalanche ecosystem, TVL will be at $800 million, still 4.5 times higher than two months ago.
Launch of the Bridge between Ethereum and C-Chain
Also on September 26, we officially launched the bridge between Ethereum and C-Chain. Our previous Bridge version only supported from Ethereum to BSC and vice versa. Now, Bridge has added support from Ethereum to C-Chain and vice versa, but there is no direction from BSC C-Chain and from C-Chain BSC, because our standard token is ERC20 so we will always focus on development from Ethereum to other chains.
“For almost a year, we’ve been doing this with BSC. And the process is the same as the community uses our new Bridge. It has a unified interface and only requires you to transfer the network from your favorite wallet or extension.”
Last year we started building as a multi-chain Bridge. At that time, the vast majority of our end users wanted to quickly switch to BSC, so we worked hard to understand the characteristics of BSC. Up to now, BSC is more than a year old with a TVL of 25 billion USD and will increase in the future.
Now, development teams can switch to BSC easily and conveniently. But this does not apply to C-Chain Avalanche, as its Bridge solution includes separate sets of rules that not all development teams can meet.
While other teams are looking for ways to mass adopt bridges from Ethereum to C-Chain, we choose our own path: Spend more time coming up with solutions that best suit your needs.
“Usually new chains will prioritize quantity over quality, but we need to be selective to maintain a full-fledged Bridge on a blockchain.”
Launching HOTCROSS-AVAX on Trader Joe
We have officially put the liquidity pool with HOTCROSS-AVA pair on Trader Joe. This move will provide more choices for users when making transactions.
Because of our desire to invest in long-term technology in Avalanche, we have not found it necessary to create a HOTCROSS/stablecoin pool on C-Chain.
“Currently, the liquidity providers (LPs) on Uniswap V3 have been rewarded with an amazing swap fee of 1%, and this number will increase over time. If we notice the AMM other on Avalanche work well, we’ll find a way to partner with them or build a product on top of their existing infrastructure.”
Currently, HOTCROSS tokens are available on the following markets:
- ️ KuCoin (ERC20 and BEP20).
- 🥞 PancakeSwap (BEP20).
- 🍌 ApeSwap (BEP20).
- 👠 Gate.io (HOTCROSS/USDT and HOTCROSS/ETH).
- 🦄 Uniswap V3 (HOTCROSS-USDC) 1% for LPs.
- 🔺 Trader Joe (C-Chain) | HOTCROSS-AVAX swap fees for LPs.
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