According to Robert Leshner, Compound Finance, growth over Ethereum is unavoidable.
The Gateway Testnet
The Gateway testnet, which will serve as the future home for decentralized finance or the DEFI currency market compound, is operational.
In a telephone conversation, compound Finance CEO Robert Leshner stated that the Substrate-based blockchain is ultimately adopting interoperability. It has app programmers building on any base layer, not even just Ethereum.
According to Leshner, the gateway is built for a multi-chain future in which assets are stored on various blockchains, and decentralized financial apps and logic are operated on multiple blockchains.
The initiative had its first details in a white paper published in December 2020 using the title Compound Chain. This focuses on central bank digital currencies or CBDCs. It’s now available on the Ropsten testnet of Ethereum.
Although Ethereum will be at the heart of most apps and assets, there will be prominent DeFi programs and investments produced on other chains. The gateway connects Ethereum to other blockchains to make it easier for users to transfer wealth across them.
Gateway, according to Leshner, will indeed be capable of transferring assets through one blockchain to another utilizing starports, which are Gateway-specific bridges.
According to him, one Ethereum starport is presently operational on testnet, with the public accountable for establishing other bridges. Before going live, he anticipates the testnet to operate for two months.
Gateway’s Adaptability
The very same COMP token that was first launched in June 2020 will control Gateway, like Compound. Owners on Gateway have the same rights and responsibilities as token holders, such as the option to introduce new assets. Gateway, on the other hand, will have more capabilities as a Substrate-based blockchain due to its very modular design.
Gateway’s adaptability means there are no hard forks when a new version of the blockchain releases, according to Leshner. Whenever the code is available, the chain can be modified in real-time.
Compound Finance, using Gateway, might become the cornerstone of a multi-chain era in which Ethereum is merely unable to support a modern financial system. NEAR, Polkadot, Solana, and so now Gateway are Ethereum-compatible networks that are betting on this idea coming to fruition.
Gateway, according to Leshner, intends to be a cross-chain tool rather than a scaling tool. The proposed chain will eventually serve as a gateway for assets, eliminating the need for token wrapping or other fragmented approaches to connecting blockchains.
Layer 2 alternatives, including rollups, are necessary, but they miss the point about what a multi-chain future is attempting to achieve, according to Leshner. Distinct chains allow multiple rule sets to communicate and exchange information. Users still function under Ethereum’s governing structure when using rollups.
They adore all of Ethereum’s scaling solutions. All of these will make Ethereum more affordable and accessible, which is a good thing. They looked at all the options, but none accomplished what they desired.
“The views and opinions on this Crypto News Website are solely those of the authors and contributors. These views and opinions do not necessarily represent those of iBaseTrading or its partners.”
