AllianceBlock to Integrate With Avalanche
- The integration will make AllianceBlock’s entire suite of products available to Avalanche users.
- This will further expand Avalanche’s smart contract activity, which increased by almost 2,000% since the launch of the Avalanche-Ethereum Bridge (AEB).
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According to an Avalanche announcement published on 7 April, users will be able to access AllianceBlock’s DeFi Investment Terminal, compliant P2P financial services, NFT capabilities, trustless KYC and identity verification solutions, and derivative pricing engine and analytics on Avalanche.
AllianceBlock, a globally compliant decentralized capital market, will also collaborate with Ava Labs, the company behind Avalanche. Ava Labs will utilize the AllianceBlock’s regulatory and compliance layer to create a bridge between decentralized and institutional finance.
Made up of former investment bankers from JP Morgan, Barclays, BNP Paribas, and Goldman Sachs, AllianceBlock has so far partnered with leading DeFi protocols such as Chainlink, Ocean Protocol, and Orion Protocol. Rachid Ajaja, the company’s founder and CEO, said Avalanche’s mission of empowering people to build an open and democratic internet of finance is in line with AllianceBlock’s goal.
“In becoming a key player in the Avalanche ecosystem, we will help drive our common goals, bringing the DeFi industry to new heights,” he said in the release.
Earlier this week, Avalanche also integrated with RAI Finance, a cross-chain trading protocol, to further expand the trading capabilities of its platform. Expected to be completed in Q2, the integration will enable RAI’s users to access assets on Avalanche through the connection of cross-chain asset bridges and Substrate parallel chains.
The platform has seen smart contract activity on its platform increase significantly since the launch of the Avalanche-Ethereum Bridge (AEB) in February. Since then, smart contract transactions have increased by over 1,956%, while the number of unique wallets increased by 2,795%.
- A hacker was able to manipulate the price of the AllianceBlock token on BonqDAO, which allowed him to drain close to $90 million worth of crypto from the protocol.
- Both platforms have paused their services, and are currently in the process of removing liquidity as to hinder the hacker’s ability to convert the stolen tokens.
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- MetaMask Bridges was designed to aggregate multiple blockchain bridges in one place, making it easier and more secure for users to transfer their assets from one network to another.
- The new feature currently supports the Ethereum, Avalanche, BNB Chain, and Polygon blockchains, as well as the Connext, Hop, Celer cBridge, and Polygon Bridge.
- The Avalanche Foundation’s “Metaverse” program aims to accelerate the adoption and growth of the Avalanche network subnet functionality.
- The first two projects selected for the program are an NFT gaming project, and an institutional DeFi initiative with a native KYC functionality.