Sifchain, the omni-chain DEX platform connected to the Cosmos network, recently rolled out the 2.0 update for its signature product Peggy. Peggy is a two-way bridge that connects Sifchain to the Ethereum network and enables a seamless flow of assets between the chains. Now that Sifchain is connected to the Cosmos network, Peggy also facilitates the transfer of assets from Ethereum to any of the chains connected to Cosmos.
This innovative project gained significant traction from the market, and capitalizing on this success, Peggy has now rolled out the new and improved Peggy 2.0. This update will see Peggy becoming an omni-EVM chain bridge, which means that apart from Ethereum, Peggy will facilitate the flow of assets to and from all EVM (Ethereum Virtual Machine) compatible blockchains.
Peggy 2.0 will also connect to the layer-2 chains on the Ethereum network to bring assets from layer 2 to layer 1 with minimal effort. With non-crypto native companies likely to build EVM-compatible blockchains, Peggy aims to position itself as the ultimate bridge for the transfer of all kinds of assets in the EVM ecosystem.
The updated platform also aims to have a smart contract on all compatible chains to let users stake, unstake, burn, and mint crypto assets. To top it all up, the updated version will come with infrastructural improvements that reduce costs associated with relayer gas.
With connectivity between blockchains gaining prominence every single day, it is likely that Peggy 2.0 is uniquely positioned to profit from this trend and establish itself as the go-to bridge protocol for the transfer of multichain assets. It also aims to connect to existing bridges like Wormhole to further enhance interchain connectivity in the decentralized framework.
In near future, Peggy will become a chain of its own with a focus on crypto-economic security. It will require users to stake collateral specifically used to secure the bridge and they are subject to slashing as per Tendermint consensus. The Peggy Chain will have its own token PEGGY that powers the network, solving utility and governance issues. There is also a PeggyDAO (decentralized autonomous organization) in store for users.
Sifchain aims to achieve all of this while still realizing its dream of developing the first omni-chain decentralized exchange. Sifchain has a long-term goal of facilitating cross-chain transactions for over 25 of the top blockchain networks including Bitcoin, BSC (Binance Smart Chain), and Polkadot.
In this context, the Peggy 2.0 update will add fuel to fire of Sifchain’s efforts of creating an omni-chain decentralized framework by connecting and enabling asset flow among blockchain networks.