HBAR Foundation to promote Web3 Interoperability through partnerships

The Hedera Network, Stacks, Moonriver, and Iron Fish have all signed up for the devnet-phase pilot of Interchain Amplifier, a revolutionary service created by Interop Labs for the Axelar network. This is the first service of its kind, as it enables permissionless connectivity across leading blockchain networks such as Bitcoin and Ethereum, EVM chains, IBC, and Hedera (EVM compatible), among 64 other chains. 

Interchain Amplifier is a developer toolkit built on smart contracts that significantly improves new-chain connections by making them permissionless and simple. Once integrated into the Axelar mainnet, Amplifier will automatically handle routing and translation among Axelar’s growing open network of interconnected blockchains. 

By leveraging the Axelar network’s security assurances, Amplifier will enable speedy bootstrapping of new cross-chain pathways, hence boosting use cases and liquidity depth and attracting additional users.

Sergey Gorbunov, CEO of Interop Labs and a founding member of the Axelar protocol, expressed his satisfaction with the many consensus methods that are leading to quick, open, permissionless interoperability. He stated that Interchain Amplifier provides an avenue for excitement about Bitcoin L2s and other creative approaches to blockchain technology.

In a trial program to support early adopters, Interop Labs attracted some of the most creative protocols/nodes to participate. Each of these collaborators brings something special to the table, illuminating the possibilities of an interchain amplifier, and their integration demonstrates the flexibility of such a toolkit.

Hedera is an open-source leaderless proof-of-stake network based on a Hashgraph consensus algorithm noted for its unrivaled performance levels, security robustness, and compliance elements. It allows for the seamless tokenization of both physical and digital assets at scale. 

Elaine Song, VP of Strategy at The HBAR Foundation, stated that interoperability is required for widespread Web3 adoption since it improves user experience at all levels, from dApp developers to end users. She believes that Axelar’s multi-chain reach will help promote institutional DeFi strategy within the Hedera ecosystem and connect speed scalability and cheap fixed costs with producers all over the world.

Stacks is a Bitcoin-based layer 2 smart contract platform that supports a vast array of applications and provides robust security. 

Stacks Foundation Executive Director Mitchell Cuevas complimented Axelar’s modular structure that breaks down blockchain borders, unlike older solutions that only allow interoperability inside a single ecosystem. He noted that stack integration will make leading l2 available to users and builders across ecosystems, growing the Bitcoin economy and making it accessible to everyone.

Moonriver is a Polkadot parachain operating on Kusama that acts as Moonbeam, allowing developers to test new apps in real-world economic conditions before going public. Moonbeam Foundation Head of Operations Aaron Evans highlighted community excitement for this endeavor. It meets Moonriver’s basic needs and supports the concept of a dynamic, integrated blockchain ecosystem surrounding Moonbeam.

Iron Fish uses PoW consensus and zero-knowledge (zk) proof cryptography to cover all assets in a chain-agnostic privacy layer. The multi-asset feature allows private transactions across the encrypted network, and developers can design secure, complicated programs. 

Elena Nadolinski, founder/CEO IronFish, said that integrating iron-fish into an interchain amplifier gives every chain supported by Axelar full privacy coverage by encrypting sensitive user data using the zk-proofs validation process and protecting other digital assets.

The Interchain amplifier is an essential component of the Axelar development stack. Currently, the goal on devnet is to fully incorporate it into the Axelar mainnet via on-chain voting and approval. Amplifier significantly expands the potential scope of interoperable Web3 by allowing easy connection of all blockchains and more.

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

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