EYWA: Building Cross-Chain Interoperability for DeFi Protocols
The decentralized finance (DeFi) sector is growing by leaps and bounds. Today, there are hundreds of DeFi applications offering users vast earning opportunities with billions of dollars traded and locked across these protocols.
However, as more of these DeFi platforms emerge, they become even more complicated for the average user to understand. Those who understand often have to deal with moving from one blockchain to the other to complete transactions since there is little interoperability between these protocols.
EYWA is aiming to improve interactions between multiple blockchains and help users seamlessly participate in the DeFi market.
What is EYWA?
EYWA is a cross-chain interoperability protocol that enables blockchain networks to improve each other’s ecosystems via liquidity, community, and integration of a diverse range of DeFi protocols.
EYWA aims to create a global cross-chain interoperability system that offers the fast, cheap and seamless transfer of value and arbitrary data between smart contract-enabled blockchains.
The project’s vision is to create the next generation of cross-chain DeFi protocols that will not only work within heterogeneous DeFi ecosystems but also between them. EYWA believes that this close interaction between blockchains will create new market opportunities and promising use cases.
EYWA is taking steps to achieve its vision, hence its ecosystem is bringing together several DeFi projects and blockchain networks and solving the problem of fragmented liquidity.
Core Components of EYWA
The EYWA protocol runs on the Roll-DPoS mechanism for enhanced scalability and robust security. The ecosystem consists of a number of core components, including the following:
- EYWA Relay Network
The EYWA relayer network is the ecosystem’s decentralized network of oracles that verifies the authenticity of data being transferred between blockchains. The oracles also provide information about transactions made during the transfer of value.
To ensure the reliability of data transmitted, the oracles are completely independent and bear financial responsibility for data authenticity. Oracles must stake a percentage of the project’s native token to participate in data transmission. If the data transferred is reliable, the oracles are rewarded, but if it is distorted in any way, they are penalized.
- EYWA Cross-chain Data Protocol (CDP)
This is an open, decentralized cross-chain data transfer protocol that is capable of working between heterogeneous blockchains. The CDP is made up of a system of smart contracts deployed in multiple blockchains and supplemented by a decentralized network of oracles.
The protocol allows projects to link smart contracts to multiple blockchains, implementing remote calls between them.
- EYWA Cross-Chain Liquidity Protocol (CLP)
The EYWA Cross-Chain Liquidity Protocol is a whole system of automated market maker (AMM) exchanges operating in different blockchains but united in one interface. This solution can be used by both DeFi users and developers.
Traders can use the cross-chain liquidity protocol in the same manner as a regular decentralized exchange (DEX), however, the transactions are processed in multiple blockchains at the same time. This solution helps EYWA users to experience several new earning opportunities in DeFi.
- EYWA Cross-chain Bridge
The EYWA Cross-chain Bridge is a system of smart contracts that mints synthetic assets, “e-tokens,” that facilitate the transfer of value across multiple blockchains.
When e-tokens are minted in one blockchain, the underlying assets are blocked in their original blockchain. However, when an asset is transferred to the original blockchain, the e-tokens are burned and the underlying asset is unlocked. This feature enables the digital assets to maintain their value.
- EYWA Multichain Gasless
This is a system that processes payments for every transaction of the EYWA ecosystem in all blockchain networks that the protocol is connected to. As a result, users do not have to pay transaction fees for various assets and every blockchain individually.
The EYWA Multichain Gasless also allows users to choose which assets to pay the fees with and can compensate for transaction costs of certain groups of users, such as those with low turnover.
- EYWA Cross-chain DAO
Every major decision that affects the development of the EYWA ecosystem, including adding new smart contracts and blockchains, changing the terms of fee payments, and more, are made by the EYWA cross-chain decentralized autonomous organization (DAO).
The governance system is fully decentralized, giving voting power to all EYWA token holders.
The EYWA Token
The entire EYWA ecosystem is powered by the platform’s native token, EYWA. The cryptocurrency has a total supply of 1 billion EYWA.
It is used as payment for making cross-chain calls, ensuring the safety and decentralization of data transfer, and rewarding liquidity providers. It also gives holders the power to vote on certain important decisions in the ecosystem.
The release and distribution of the EYWA tokens are slated to occur in April. The project’s team intends to complete its mainnet launch before token distribution commences.
EYWA also plans to integrate new and exciting features, including an NFT drop, into its ecosystem to further improve user experience and provide access to a broader market selection.
EYWA NFT Airdrop for Alpha Testers
EYWA announced its Alpha release in September 2021. Since then, the project has completed over eight stages of the Alpha test and the phase is ending soon as the team prepares for the next stage of EYWA’s development. .
Alpha is a significant development step for EYWA, so the team promises to reward test participants with a prize pool of 54,000 NFTs for their contributions. Users still have time to participate in the Alpha test and can visit EYWA’s Telegram channel for more information.
Becoming a Validator on EYWA
Validator nodes are an important part of the EYWA ecosystem as they help to validate cross-chain calls from different protocols. The EYWA team has tested its system on 10 nodes across the globe. To ensure that the network can function properly under heavy load, the team is inviting test participants who can deploy nodes from their servers.
To become a validator on EYWA, users need to go through the following process.
- Go to the EYWA Protocol bot on Telegram and click “I want to become a validator”
- Provide answers to the questions in the Telegram-bot and agree to the necessary conditions
- Submit your Ethereum wallet address to receive tokens. After confirming your registration, you will receive a push notification from the bot within a week
- Make a payment from the address you provided in the amount of 12,000 USDT (ERC-20) for 100,000 EYWA tokens, at $0.12 per token. The wallet address for sending 12,000 USDT will be provided by the bot
- Complete the KYC (Know Your Customer) requirement
- Sign the SAFT (Simple Agreement for Future Tokens) contract
System requirements for the server:
- OS: Ubuntu >=18
- Processor: Core >=2
- RAM: >= 4 GB
- Storage: SSD (NVMe SSD recommended) >=128 GB
- Ability to quickly react to changes and update client nodes on the server
Note: Interested participants must have experience in system administration.
OhNoRipple via https://www.ohnocrypto.com/ @Danish Yasin, @Khareem Sudlow