The industry recognizes the significance of blockchain interoperability, however, existing bridge solutions are prone to vulnerability. Consequently, the question arises: what is the solution? Achieving blockchain interoperability is a critical objective that guarantees the industry’s sustainability.
To enable seamless cross-chain communication and value exchange, it is essential to address the fragmentation of Layer-1 networks. By doing so, the blockchain industry can enhance user experience, unlock fresh opportunities for collaboration, surmount the speed and scalability obstacles, and expedite the technology’s adoption in various key sectors.
Despite the recognition of the need for interoperability among blockchain systems, the issue of cross-chain solutions persists. Decentralized networks still lack seamless and secure collaboration on a large scale, relying instead on intermediaries like bridges. Unfortunately, bridges have emerged as a major security vulnerability within the blockchain industry.
In fact, according to Chainalysis’ latest report, cross-chain bridges were responsible for approximately two-thirds of all cryptocurrency thefts in 2022, resulting in the loss of approximately $3.1 billion worth of assets.
The importance of cross-chain communication cannot be overlooked despite security risks, but fortunately, solutions like Layer One X (L1X) exist, which enable blockchain interoperability without the need for intermediary players such as bridges. L1X achieves exceptional interoperability and scalability while ensuring security by eliminating the need for centralized players and avoiding central points of failure.
This leads to faster, safer, and cheaper cross-chain communication. The primary objective of L1X is to unite all blockchains and unleash their full potential while providing decentralized multichain interoperability for all users. L1X VM is compatible with EVM Smart Contracts, enabling it to connect chains accounting for over 80% of TVL on DeFi protocols, including Ethereum, Solana, Binance, Polygon, Avalanche, Arbitrum, and Optimism. L1X plans to expand its network by unlocking access to additional chains to make Web3 more accessible and less fragmented.