Chainflip Labs has announced joining hands with OpenOcean. The goal of this partnership is to dig deeper when it comes to on-chain trading. Chainflip Labs, in the announcement, has also shared that it has launched a cross-chain swapping campaign in association with Galxe. Participants of the campaign gain Priority Queue access to the upcoming token sale of Chainflip Labs.
The partnership with Chainflip Labs means that it will boost into the new era of native swaps to chains that were previously not available. Meaning, OpenOcean will have a better and more engaging customer base in the times to come.
All the members of the community have responded positively to this development. Some of them have called this great news, while others have issued congratulatory notes to both teams.
As for the FLIP token sale, it dates back to August 31, 2023, in association with CoinList. FLIP is a token that comes loaded with the native utility on Chainflip Labs. While its scalability prospects are unclear at the moment, holders will be able to see its potential grow as a basic utility and fee token. It will provide users with an economical and secure cross-chain swap.
The sale will be public in nature, and it will see almost 5% of the total supply go live in the ecosystem. This roughly translates to 4,500,000 FLIP tokens. Once live, Chainflip Labs has said that additional 2,400,000 FLIP tokens could be released out in the open. A tentative date is unavailable, but the activity will happen during the sale window only. FLIP tokens will play a very important role in securing the protocol of Chainflip.
Chainflip has its blockchain, but the multi-chain approach enables the token to be on Ethereum. This facilitates an accelerated adoption and user-friendly utilization of the token.
It is clear how FLIP can come in handy for the community. For the validator, the native token serves as collateral to make sure that the network has been thoroughly secured via the staking mechanism. FLIP also pays off gas-related operations.
Chainflip Labs recently published an update on its development, stating that it has achieved a lot in the development of the protocol. For starters, Chainflip Labs has concluded refactoring, making the new system process better than its predecessor. It deploys resilience against errors and time-outs without making any assumption about how reliable the blockchain nodes are. Chainflip Labs has received positive feedback about the same; however, the team continues to look for ways it can simplify the interface and improve its working.
Chainflip Labs aims to mitigate all possible complications while making sure that the experience of its users is seamless. Chainflip Labs was last seen performing a loading test through a swap spiral. This consists of a series of swaps that point at each in a circular manner. Funds sent in this instance are swapped until any address declares expiration.