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Join Our Telegram channel to stay up to date on breaking news coverage Over the past ten years, the public block chain industry has grown from a few million dollars to a $1 trillion market. The space hasn’t yet succeeded in creating a decentralized, safe, interoperable solution, though. Consider switching from Ethereum to Bitcoin, the biggest blockchain network. Centralized exchanges have traditionally been among the few secure, workable options for switching from one chain to another. Via Wrapped Bitcoin, BitGo, a centralized solution provider, offers the biggest pool of liquidity for Ethereum users to access Bitcoin (WBTC). More than 93.6% of the Bitcoin crossed to Ethereum is represented by the BitGo IOU. To exchange BTC and WBTC, users must use BitGo partner services like centralized exchanges or CoinList. WBTC is clearly vulnerable to centralization and regulatory issues because to its dominance. With the demise of FTX, Alameda Research’s platform RenBTC was s...

Why are modular Ethereum Layer-2 scaling solutions best-suited for Web3 developers wanting an efficient and low-fee environment. Arguably the most popular blockchain amongst developers building decentralized applications (dApps), the Ethereum Network is credited with introducing the Web3 community to innovations like smart contracts while maintaining robust security standards. However, in order to solve Ethereum’s scalability issue, a new type of Layer-2 (L2) blockchain was introduced that relies on the Ethereum Mainnet (Layer-1) for its security but processes transactions on separate third-party networks in order to increase throughput speeds. EVM compatibility for higher transaction speeds Importantly,  developers had to ensure that these L2 blockchains were compatible with the Ethereum Virtual Machine (EVM), a run-time environment where Ethereum’s application code and smart contracts are executed, EVM compatibility ensures that smart contracts can be executed in a cross-chain envir...