Decentralized Finance: Symbiosis Adds Arbitrum Nova to Expand DeFi Connectivity

Symbiosis, a cross-chain liquidity protocol, announced the addition of Arbitrum Nova to its platform.

This integration will “allow users to swap assets across 12+ chains.”

Arbitrum Nova is a new chain that is designed to be more cost-effective and faster than Arbitrum One.

It is based on AnyTrust, which is “a different security model than rollups.” AnyTrust requires a small amount of trust “from users, but it allows for lower costs and faster withdrawals.”

Nova is designed “for gaming, social apps, and other cost-sensitive use cases. Arbitrum One will continue to be the home for DeFi and many NFT projects.”

Symbiosis has connected with ArbSwap DEX “to enable any-to-any token swaps on Arbitrum NOVA. Remember that ArbSwap recently announced airdrop tokens to its users.”

Symbiosis is described as being “the perfect solution for DeFi enthusiasts who want to swap any token with ease and transfer their assets across different blockchains.”

With just one click, any-to-any cross-chain operations “are executed, providing competitive exchange rates and minimal transaction costs.”

As covered recently, Chainlink, the industry-standard Web3 services platform, and Arbitrum, the Layer 2 scaling solution suite for Ethereum dApp development, have announced the launch of Chainlink VRF (Verifiable Random Function) on Arbitrum One.

Chainlink VRF is described as “the industry’s most widely adopted random number generator (RNG), fulfilling more than 15.8 million request transactions and currently providing verifiable randomness to more than 6,300 unique smart contracts across multiple blockchains.”

VRF reportedly provides “an easy-to-use subscription management app for accessing a secure source of randomness, and empowers smart contract developers to build the next wave of provably fair and scalable NFT and gaming applications.”

Johann Eid, VP of Go-To-Market at Chainlink Labs, said:

“Ethereum Layer 2s like Arbitrum play a fundamental role in offloading transaction congestion from Ethereum, without sacrificing the security needed to ensure the healthy growth of the blockchain industry. We’re excited about the use cases that can now be unlocked by optimizing Chainlink VRF to benefit from the incredible speed enabled by Arbitrum.”

Arbitrum One is “an optimistic rollup for Ethereum that powers high-throughput, low-cost dApps.”

Chainlink VRF “provides cryptographically secure randomness for blockchain-based applications, and is now available on the Arbitrum network.”

By combining Chainlink’s reliable VRF solution with Arbitrum One’s Layer 2 ecosystem, developers now “have access to the leading RNG in the blockchain industry.”

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