Achieving the status of interoperability for decentralized finance (DeFi) is one of the prime objectives of organizations working in the blockchain technology domain. To realize this aim, Wanchain and Kylin Network have announced a partnership through which both organizations will shape the future of interoperable DeFi and safeguard it from potential hacking and malware intrusions.
Wanchain will bring to the table its class-leading blockchain interoperability services, while Kylin Network comes with its data services that are applicable in a cross-chain manner. The coming together of these two organizations will manifest in term of the following developments:
- In the first step, Kylin Network and Wanchain will be opting to do a complete tokenswap.
- This will be followed by the launch of the Wanchain Storeman node that will lead to the integration of the $KYL token of the Kylin Network on the cross-chain infrastructure of Wanchain.
- This will give developers of Kylin Network access to a range of DeFi apps even as the launch of the Kylin mainnet is awaited by users.
Both organizations have come together to achieve the task of blockchain interoperability. Without having the feature of switching from one blockchain to other, the wider adoption potential of decentralized ledger technology cannot be accomplished in its true sense. It’s important to consider that the real meaning of interoperability is not only related to the seamless movement of tokens between different blockchains but also entails the free flow of the data between them. This becomes even more important as different kinds of data and their volume continue to increase across different blockchains, thereby mandating the need for a large number of reliable data sources that are fully validated by the trusted sources. The availability of reliable and secure data both on- and off-chain is one of the primary prerequisites for developing advanced DeFi solutions, and this is exactly what this union is looking forward to accomplishing in the future.