Axelar Launches ‘Interchain Token Service’ to Enable ERC-20 Interoperability Across Multiple Chains
Paris, France, July 18th, 2023, Chainwire
Sushi to deploy Interchain Tokens, powered by new Axelar product suite delivering cross-chain fungibility and customization.
Axelar, the blockchain interoperability leader, is announcing the launch of Interchain Token Service (ITS), a product suite that extends tokens cross-chain, preserving their native functionality and allowing teams to easily manage supply and features.
ERC-20 tokens have unlocked powerful interoperability between Ethereum-based applications. In a similar way, Interchain Token Service creates Interchain Tokens that unlock new possibilities for interconnected applications spanning all EVM-compatible ecosystems. Sushi, the popular decentralized exchange (DEX) & automated market maker (AMM), is among the first deployment partners to embrace Interchain Tokens.
Interchain Token Service delivers:
- Fungibility: Wrapped versions on connected chains are fungible with one another.
- Custom functionality: Custom tokens keep their features, cross-chain.
- Low overhead: Smart contracts and developer tools automate complex developer tasks.
Sushi will employ Interchain Token Service to give SUSHI, its native token, seamless interoperability across multiple chains. To start, Interchain SUSHI tokens will be interoperable across Arbitrum, Ethereum, Optimism and Polygon. Sushi will manage its multichain deployments with minimal overhead, deploying and updating Interchain Tokens with a single click.
Traditionally, in order for Web3 applications to reach multiple blockchain ecosystems, they would rely on bridged versions of their tokens: risky, limited in function and nonfungible with each other. Alternatively, they may deploy copies of the native token on multiple chains, incurring significant developer overhead. Using the Axelar network’s full-stack interoperability, Interchain Token Service delivers smart contracts and developer tools that automate away this overhead: developers can manage Interchain Tokens with the click of a button.
“Axelar’s Interchain Token Service unlocks a more seamless, interchain experience for Sushi users,” said Sushi’s head chef, Jared Grey. “Currently, there are many bridged versions of $SUSHI – lacking fungibility, carrying bridge risk. With Interchain Tokens, Sushi can achieve true cross-chain interoperability, simply and securely.”
Sergey Gorbunov, co-founder of Axelar, highlighted the significance of Interchain Tokens. “With Interchain Token Service, we are empowering developers to unlock the full potential of their tokens and extend their reach across multiple chains,” he said. “This new extension of Axelar’s secure and programmable interoperability layer will be the catalyst to a more connected and inclusive blockchain economy.”
Read more and explore the Legend of Interchain. ⚡
About Axelar
Axelar is the full-stack interoperability layer for Web3. The network enables blockchain as a new kind of development platform, integrating diverse networks into a seamless “Internet of blockchains.” Axelar is programmable and decentralized, secured by a proof-of-stake token, AXL. Application users access any digital asset or application, with one click. Developers work with a simple API and access an ecosystem of tools and service providers.
More about Axelar: axelar.network.
About Sushi
Sushi is building a decentralized, comprehensive DeFi ecosystem complete with AMM, cross-chain capabilities, NFT artist platform and more. Follow our socials to keep up with our product launches and find out more on how you can make the most of your cryptocurrency assets with Sushi’s secure and powerful DeFi tools!
Learn more at sushi.com