Image: Layer One X
Layer One X successfully completed EVM chain and non-EVM chain interoperability.
The platform will launch a commemorative collection of NFTs to mark this historic event.
This is the first time a decentralized transfer of assets has occurred between EVM and non-EVM-based blockchains.
On March 3, Layer One X (L1X) made a piece of blockchain history as it launched the first interoperable Layer 1 blockchain that allows cross-chain transfer of assets between Ethereum Virtual Machine (EVM)-based blockchains and non-EVM blockchains. The development team successfully transferred assets across the Binance Smart Chain (BSC) (EVM) to the Solana blockchain (non-EVM) via its innovative virtual machine.
“We are excited for the opportunity this presents to allow projects and developers to build asynchronous features on blockchains through a decentralized source of truth,” Kevin Coutinho, Layer One X Founder, said following the launch of this landmark innovation.
The platform is currently in testnet and is carrying out a private round sale ending March 31, 2023. According to official reports, L1X’s mainnet will launch in August, bringing new features to the platform. The launch of this innovation aims to revolutionize cross-chain interoperability, opening up new capabilities and possibilities for developing more connected and decentralized DApps. L1X’s creation will allow users to communicate and connect across different blockchains, making transactions and transfers more accessible, more efficient, and cheaper in the process.
With L1X’s innovation in interoperability, it can develop to allow any blockchain network to communicate and transact with each other. This will enable the creation of new business models and revenue streams for blockchain-based companies and projects.
To mark this historical invention, Layer One X will mint a collection of NFTs on its mainnet. These NFTs, named the “Historical X” collection, will be the first official line of NFTs to be launched on L1X’s blockchain. These NFTs will be available to the public in the coming months. The project will announce when it will launch its NFTs soon.
A new world of blockchain interoperability
L1X solution opens up a new channel of interaction between blockchains, and the benefits are set to stretch out to benefit the rest of the ecosystem. The main advantage that this cross-chain interoperability solution offers is the replacement of bridges as the channel to make asset transfers. With over $1.5 billion lost in DeFi hacks through bridging in 2022, bridge technology has time and again been shown to be unstable, unsecured, and expensive for asset transfers across blockchains. L1X’s decentralized cross-chain transfer solution provides a safer, cheaper, and faster alternative to bridges, making cross-chain asset transfers more accessible and easier for developers and end-users.
Additionally, cross-chain transfers between EVM chain and non-EVM chains allows developers to build new projects and new business models across different blockchain networks. Developers can now create fully interoperable DApps that work seamlessly and efficiently without the risk of hacks. This opens up DApps to a larger pool of assets while giving users more options which increases the overall capital efficacy.
Finally, Layer One X’s innovation also boosts the speed and scalability of the blockchain. Currently, the blockchain allows over 100,000 transactions per second with low latency times with under 500ms block creation.