There is a real chance of enhancing token utility by incubating into a cross-chain era as the viability of scalable blockchains improves every day. There is no denying that this is the future many projects strive for. But the road to cross-chain for projects, let alone users, isn't what you would call an easy one.

The Defi space currently faces multiple challenges, such as the lack of an adequate number of cross-chain bridges supporting multiple blockchains to expand the utility through staking and lending. In the absence of a robust cross-chain system, transferring a portion of liquidity is highly cost-prohibitive. On top of that, there may be unavailability of in-depth guidance to pick the suitable chains to extend. Therefore, it is clear that the cross-chain journey for projects is not pursued the way it should be, and hence, there is a big gap in creating an inclusive ecosystem for blockchains and protocols built on them.   

Cross-Chain Technology for an Interoperable Future

Interoperability implies the seamless transfer of assets (fungible or non-fungible) and messages.

A significant issue with blockchain was its inability to facilitate collaboration between different chains. Despite being fluid and somewhat efficient as individual entities, each blockchain is constrained by the boundaries of its domain. As a result, transaction costs can be high, and congestion is common.

A cross-chain bridge solves this issue by facilitating token transfers, smart contracts, data exchange, and other feedback between two independent platforms.

Communication between blockchain networks and their active developer communities is improving, making the crypto ecosystem more cohesive and appealing to mainstream users. Furthermore, as decentralized financing becomes increasingly inclusive, everyday users will increasingly use multi-chain bridge protocols to transfer value between over a dozen diverse networks at a low cost.

The learning curve must be simplified for this growth to continue, and all DeFi-centric solutions must be offered on one platform. Using mainstream blockchains to support these protocols is an ideal way to engage in the mecca of digital assets and their value transfer for sustainable passive income in the long run.

A Cross-Chain Incubation and Grants Program - Hyperlaunch

Spherium is one project that places a premium on interoperability. The protocol has initiated an all-in-one DeFi cross-chain platform assisting users and projects to start their cross-chain journey in the simplest of ways.

One of their groundbreaking initiatives is their incubation program, HyperLaunch, making it easy for innovative blockchain projects to join the cross-chain ecosystem seamlessly. In addition, Spherium Finance offers its Cross-Chain Bridge, known as HyperBridge, for projects to enter cross-chain ecosystems in a permissionless and secure manner between EVM and Non-EVM compatible chains.

Further, Spherium’s HyperLaunch is offering a host of benefits to its selected partner projects:

• Helping projects extend their liquidity to mainstream blockchains with any cost
• Joining Spherium’s cross-chain DEX HyperSwap after moving cross-chain
• Revenue rebates derived from user interaction with HyperBridge and HyperSwap, fees collected will be shared directly with a project for a specific period.
• A special grant for a project entering into the Multi-Chain world deriving a unique use-case out of it.

Using Hyperlaunch, Spherium enables the most extensive cross-chain network to maintain the competitive advantage in this ever-growing ecosystem and add more utility to the space. Featuring an ultra-secure Bridge and an intuitive DeFi Mobile App, the utilities are enough to allow anyone to build a worthwhile DApp.

However, it should be noted that the first phase of the Hyperlaunch Cohort is only open to 50 projects, and there are a few prerequisite selection criteria for partners. Spherium has already added projects from different domains like DeFi, Security, NFT, P2E, L2 blockchain, and Launchpads numbering 12, and looking to lock the first 50 cohorts before Q2. 

It will be fascinating to watch cross-chain adoption evolve over the next few years. Projects like Spherium Finance provide a platform with easy and fast onboarding of cross-chain features, low fees, security, and transparency.