Notes from the Interchain Token Service MEGASPACE
We had an absolute crazy lineup, full of ITS early adopter megachads! 🤍✖️
Grab a coffee and put your seatbelt on 👇🧵
ITS tldr:
- newest product, code free, permissionless tokenization solution with built in bridging
- literally anybody can create a token in minutes that can be used on all chains supported by Axelar
also allows existing tokens to expand onto additional chains
The early adopter chads:
@DackieSwap:
- super user friendly DEX, going multichain with Axelar
- L2s offering lower gas fees, so ppl will start shifting to dexes as it gives you more control over your tokens
- Axelar is collaborating with multiple dexes, making things like cross-chain swaps much easier and cheaper
@famous_dyl:
- multi-platinum artist, building Dylcoin since 2023, going multichain with Axelar
- NFTs has already been used by him to get into concerts, community membership, rewards
-
$Dyl as a token will be used to set up the infrastructure to link the NFTs on different chains together by setting up a rewards system connecting the artists to their audience, irrespective of the chain they're on
- looking to get into multichain NFTs
@resolutio_art:
- protecting artist rights by providing copyright rights and settling disputes. Axelar is helping them explore artist rights on multiple chains and reach a wider audience
- they use AI and upgradeable NFTs to enforce copyright protection and seamless dispute settlement
- NFTs are slowly becoming properties. ITS enables these NFTs to travel on multiple chains, reach a wider audience and the idea of IP rights can be discovered
@jason_c_ma:
- interesting NFT developments going on rn
- tokens and NFTs are the building blocks for a blockchain ecosystem hence it is very important for these to travel multiple chains to reach wider audiences
- this is where ITS becomes crucial for the ecosystem to onramp RWAs, art and other value into the ecosystem
@RmrkApp:
- working towards setting up sustainable ERC standards that will be applicable across all EVM chains
- also have a chain agnostic NFT marketplace
@Bedrock_DeFi:
- product of the RockX brand
- leading digital assets marketplace
- they are also into LRTs and the Liquid Restaking narrative
- also providing services like node hosting, helping to set up the blockchain economy
@xdefi_wallet:
- the first wallet to support custom RPCs, they support 36 chains natively and 250+ chains via the custom RPCs
- XDefi is using ITS to drop their own token across multiple chains
- a lot of the users that set up a wallet come from cex backgrounds and hence Xdefi is working to make its wallet experience as close to cexes as possible to reduce the friction in onramping
- ITS is helping in this by helping them set up a single view of all balances of the wallet
Emerging use cases of NFTs that needs a tech upgrade:
@RmrkApp:
1: NFTs should support storage of multiple types of assets on a single token
2: Nested NFTs The nesting of tokens will hence enable trustless distribution of the revenue generated amongst multiple members associated with a single art piece
3: Equippable NFTs find a lot of application in gaming making it easier for gamers to purchase assets and their upgrades via NFTs
It’s not easy to go cross-chain with NFTs:
- have to mint the NFT + all of its children on the dest chain
- via ITS you can mint the NFT native to all the chains you want while keeping the same EVM address
Multichain memecoins and influencer marketing:
@chirpley:
- social media influencer marketplace
- connecting influencers and micro-influencers with brands and projects
- utilising ITS in launching flexible utility NFTs for revenue sharing models
@AnyInuCoin:
- chain agnostic dog memecoin
- fully community run
- present on 16 chains
@OmniMechaCoin:
- web3 is fragmented
- Mecha is looking to create a barrier-free ecosystem
- running quests and games that reward users with points for engaging
@ShibaPoCONK:
- Indonesia based art project
- manifesto: blockchains are not just for money making but for presenting art as well
What is the future of web3?
- the future will be more UX centric, and defi will go multichain
- users will focus on the experience and utility rather than what chain are they on
- we should make tokens more fungible so changing ecosystems do not impact UX
- since everything will be censorship resistant, activists will be able to voice their opinions publicly
- in the future, we'll mostly have lots of ETH rollups utilising it’s security to work towards specific niches
@fraxfinance:
- DeFi platform focusing on the most important assets of our time: rolled out stablecoins pegged to USD, ETH etc.
- Fraxtal, its L2 general purpose rollup has rolled out on the Op stack
- it introduces blockspace incentives which is a better way to reward high value users and protocols, compared to points
@intotheblock:
- market research platform focusing on DeFi
- connecting multiple institutions and helping them deploy capital into the space from a risk management perspective
- tracking anomalies by deploying Interchain tokens and studying their flow across protocols
- aim: a more transparent ecosystem, where everyone has access to Defi data
@GranaryFinance:
- borrowing and lending protocol
- already deployed on 9 different chains
ANNOUNCEMENT time:
Legend of Interchain Competition is ON
Enter here:
interchain.axelar.dev/compet…
🥇 1st Place: 10,101
$AXL
🥈 2nd Place: 6,900
$AXL
🥉 3rd Place: 4,200
$AXL
Aaand that's a wrap for today! 🤍
Listen to the full spaces here 👇
nitter.app/i/spaces/1mrGmyz…