News

Stargate Partners with Metis to improve Interoperability

Published

1 year ago

January 20, 2023

Well-known cross-chain bridge protocol Stargate Finance has announced a partnership with Ethereum Layer 2 platform Metis. The partnership is to enable more flexible and secured cross-chain applications for users.

The partnership aims to allow Stargate, which originated from LayerZero Labs, to give projects that use the protocol more flexibility when building decentralized finance (DeFi) applications across different blockchains.

“Stargate’s expansion to Metis will leverage LayerZero technology to enable greater flexibility for projects to manage their funds, treasury, and yield strategies,” Stargate said in a statement

As of Jan. 18, Stargate had about $350 million in total value locked (TVL), according to DefiLlama. The protocol currently supports seven blockchains, including Ethereum, BNB Chain, Avalanche, and Polygon. Metis will be the first new chain supported by Stargate since it launched in March 2022.

LayerZero is a communication protocol that aims to make it easy for the app actions in different blockchains to interoperate and swap funds in a more secure method.

With this integration, Metis, an Ethereum scaling platform, will be allowed to swap USDT stablecoin across the Stargate-supported blockchains. These are the blockchains that the cross-chain bridging protocol plans to continue expanding to.

LayerZero is among a number of projects that aim to avoid the pitfalls of traditional cross-chain bridges, the typical (and often-exploited) method of swapping assets between blockchains.

According to recent studies, Stargate said in a statement, almost 50% of attacks on cross-chain bridging protocols in the DeFi ecosystem occur on cross-chain bridges.