Waves Protocol Team Partners OKExChain Developers to Work on Cross-Chain DeFi Projects

The Waves Protocol team has teamed up with the developers of OKExChain in order to work on distributed ledger tech (DLT)-focused projects.

The development of a cross-chain decentralized finance (DeFi) ecosystem and developer-friendly tools will be the primary focus of the collaboration between the Waves protocol developers and the creators of the OKExChain, a public blockchain “independently” developed by global crypto-asset exchange OKEx.

As confirmed in a blog post by Waves Protocol, both organizations will share similar “design philosophies and development plans that facilitate future synergies.”

The announcement noted:

“To achieve deeper inter-chain connectivity, the partnership involves the Waves, Gravity and Neutrino protocols, spanning several major areas. The Gravity protocol, a blockchain-agnostic oracle system and a cross-chain infrastructure powered by Waves, will connect OKExChain with other public blockchains in its network.The Gravity protocol is the main component of Waves’ cross-chain ecosystem. It will allow OKExChain to transfer digital assets across several different DLT networks.”

OKExChain will be able to further develop a cross-chain DeFi ecosystem. The main goal is to link up public blockchains such as Ethereum, TRON, Solana and Waves through SuSy, a cross-chain gateway developed on top of the Gravity protocol. Digital assets issued by OKExChain users will get listed on decentralized or non-custodial exchanges (DEXes), liked the Waves.Exchange.

Digital assets that are part of the Waves ecosystem, including WAVES, USDN, NSBT and other crypto tokens, may also be listed on DEXes and protocols supporting swaps (that have also been developed with OKExChain). This will also be achieved through Gravity protocol’s cross-chain gateway, allowing both digital currency traders and developers from different blockchains ecosystems to exchange, hold and use tokens issued via the Waves protocol and OKExChain.

Gravity can offer “decentralized” oracle services for OKExChain’s users. OKT, which is OKExChain’s native token, may be used to offer certain economic incentives for Gravity users. For application developers using the OKExChain, the Gravity protocol offers off-chain information that can assist them with launching multi-functional apps.

As reported earlier this month, the “ultra fast” blockchain network IOST connected with Gravity Network to support cross-chain functionality. As covered in October 2020, enterprise blockchain platform Waves launched the ERC-20 WAVES token to enable access to Ethereum network apps.

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