Spin partners with Axelar to enable cross-chain trading on NEAR Protocol. Axelar is a universal overlay network delivering secure cross-chain communication for Web3 users that supports different EVM-compatible blockchains including Aurora.
The partnership of the two Web3 projects will simplify user access for DeFi from various chains to the wide variety of instruments offered on Spin including spot and perpetual trading , decentralized option vaults, and other types of derivatives and investment products. The upcoming integration of Spin and Axelar will allow users from EVM blockchains to trade on Spin without the actual need to create a wallet and transfer funds to NEAR Protocol. How will the Spin and Axelar integration work? You simply click deposit and insert the amount of USDC you want to deposit. Axelar receives the deposit and locks it on Ethereum, after that, passes a message to mint the equal amount of axlUSDC on Aurora. The second message is sent via the Rainbow Bridge to Spin to confirm that the ERC-20 USDC has been locked. Your balance is topped up by the necessary amount of NEAR Protocol’s USDC and you can start trading. If the user’s balance on Spin increases after a few successful trades, they...