XION IS INTEGRATING WITH MULTIVERSX, BRINGING CHAIN ABSTRACTION TO NEW L2S AND APPCHAINS DEPLOYED VIA SOVEREIGN CHAINS
XION's integration with MultiversX brings Chain Abstraction to its Sovereign Chains, providing developers and L2 teams with tools for improving Web3 experiences.
XION is integrating with MultiversX, bringing Chain Abstraction to MultiversX’s growing ecosystem of Sovereign Chains. This integration introduces the seamless flow of native assets and interchain accounts across ecosystems, addressing ecosystem fragmentation and unifying user experiences. In addition, it allows builders to attract more users and liquidity within MultiversX’s high-speed, low-cost network.
As XION continues to expand its reach and unify several of the most vibrant ecosystems in the industry, its integration with MultiversX's Sovereign Chain ecosystem will allow developers to build custom Layer 2s and appchains that are interoperable with both XION's ecosystem and its growing network of integrated chains. This will unlock cross-chain composability for apps and benefit from fast, low-cost transactions, further accelerating Web3 adoption.
MultiversX Overview
MultiversX is one of the fastest and most cost-effective blockchains, offering users an average transaction cost of less than one cent while reaching speeds of beyond 100k tps. It achieves this through its cutting edge sharding technology which parallelizes the entire stack of network, state, and transactions. MultiversX’s Sovereign Chains SDK allows developers to leverage its speed, low cost,scalability, and unique features to deploy their own custom L2 solutions and appchains with ease. With Sovereign Chains, MultiversX aims to empower developers to create novel use cases within various industries, including DeFi, gaming, and payments.
Already available for builders in an early-functionality stage and with the full launch in Q4 this year,, Sovereign Chains will provide users with unprecedented simplicity through its unified interchain access and simple interface. Coupled with the recent introduction of user-friendly security measures, such as on-chain passkeys, MultiversX aligns with XION's mission to enhance user experience in Web3 and drive widespread adoption.
Empowering Developers with Interoperability, Scalability, and Speed
By integrating XION's Chain Abstraction, Sovereign Chain builders will be able to offer their users the opportunity to initiate cross-chain transactions and engage with applications across other major ecosystems XION has integrated with, such as Solana, BNB Chain, AVAX, SAGA, Injective, Neutron, and Hyperlane. Sovereign Chain builders will also be able to grow by leveraging XION’s active user base of over 3 million as XION users will have unbridled access to the wide range of novel applications built on MultiversX, allowing them to benefit from the Sovereign Chains’ scale and speed. XION users will also benefit from enhanced liquidity and user mobility across various ecosystems.
"We found a lot of common ground with the XION team. We need to make the Web3 experience as customizable as possible to reach everyone. Their chain abstraction tools will be a great addition to the Sovereign Chains SDK featureset, powering the next-generation of L2s." mentioned Lucian Mincu, CIO of MultiversX Labs
XION's goal is to make Web3 more accessible and user-friendly for everyday users — and fragmented ecosystems remain one of the biggest barriers to mainstream adoption. Fragmentation hinders the overall growth of the industry by isolating users, liquidity, and developers across siloed networks. To address this issue, XION is dedicated to providing developers and users with a more intuitive Web3 experience. By breaking down the barriers between these isolated blockchain ecosystems through Chain Abstraction, XION aims to create a more interconnected and cohesive Web3 experience. This will enable smooth cross-chain interactions, allowing users to easily access the full breadth of Web3 applications and services, regardless of the underlying blockchain network.
Driving Adoption Through Chain Abstraction
The integration between XION and MultiversX will provide developers with the infrastructure they need to give their users the best Web3 experience possible. As MultiversX continues to expand its Sovereign Chain ecosystem, this integration will enable developers to build more interconnected applications, driving user engagement and liquidity across the network.
With MultiversX’s commitment to simplifying the development of new chains and XION’s dedication to making Web3 accessible and useful for all, this collaboration is poised to make a lasting impact on the Web3 landscape.
About MultiversX
MultiversX is a highly scalable public blockchain via sharding that evolved from the Elrond network, decentralized through 3,000+ validator nodes, and built to solve the three fundamental problems critical for widespread, global adoption: transition from dial-up to broadband, significant UX paradigm shift, simpler and less error-prone self-custody. It offers a highly scalable and secure environment for next-generation applications and supports a wide range of use cases, including DeFi, gaming, and payments, with a focus on interoperability, high transaction throughput, and low costs.