Sphynx Labs Solves Another Issue of DeFi with the Release of Their Bridge.
For newcomers to DeFi and veterans alike, one of the most frustrating processes in crypto is moving assets from one chain to the other. Often, moving assets cross-chain requires frustrating workarounds with many extra steps. Many bridges that exist to solve this problem are usually quite complicated, slow, and sometimes flat out don’t work.
Wasting no time after signing a venture capital deal with Gem Digital Limited, Sphynx set out to release a bridge that streamlines the process of moving USDC from the Binance Smart Chain to the Cronos Network. The decision was made to go from the BSC to Cronos Network first because many users find current options from others to be very difficult to use and quite slow. Due to these issues, the barrier to entry into Sphynx CRO and the chain, in general, has been quite high until now.
Shortly after the bridge’s release, the liquidity reached over 100k in a matter of hours, thanks to investors adding liquidity in the pools along with Sphynx themselves. As the bridge grows, more will continue to be added due to the attractive APR offered for USDC stables.
Development is already underway to add more assets and chains to the bridge in the coming weeks to allow for more flexibility for users. Genesis NFT holders will also begin to see their share of 50% of the bridge fees as more transactions flow through. Links to the bridge and liquidity pools can be found below.
https://thesphynx.co/bridge/56 — BSC
https://thesphynx.co/bridge/25 — CRO
https://thesphynx.co/farms/56 — BSC