The EYWA project is an end-to-end system that allows numerous and different blockchain ecosystems to enrich each other via liquidity, community, and the technical integration of various DeFi protocols. EYWA is the basic solution for building next-generation DeFi cross-chain protocols.
EYWA aims to solve the problem of interoperability between blockchains and the fragmentation of liquidity between them. The first step on this path is the implementation of the EYWA cross-chain data and liquidity transfer protocols.
Any blockchain with smart contracts can global cross-chain interactions, quicker, and for less money. EYWA is making concrete steps towards achieving this future by solving the problem of interaction between blockchains and, as a result, the fragmentation of liquidity between them.
EYWA is an infrastructure solution consisting of a number of core components, including the following:
The EYWA development team is creating an application layer protocol that empowers users to experience new opportunities in DeFi. The team is solving the so-called “last mile” problem by developing a convenient decentralized cross-chain exchange for users seeking to move assets between blockchains as part of their DeFi earning strategy.
So EYWA Cross-chain Liquidity Protocol is a whole system of decentralized exchanges operating in different blockchains and connected using EYWA Cross-chain Bridge smart contracts. However, all these exchanges are combined into a single interface. Thanks to this, users can not only exchange synthetic assets but also have the opportunity to receive native assets of different blockchains using one decentralized platform. Moreover, the protocol can be used by both ordinary users and dApps developers, integrating the cross-chain value transfer system into their solutions. They will be generating profits through such activities by relying on yield farming and receiving rewards in the EYWA token. The EYWA Cross-chain Data Protocol is used to transfer arbitrary information between blockchains.
The EYWA Cross-chain Bridge is an integral part of liquidity protocol. It is a key component of the EYWA Cross-chain Liquidity Protocol, a system of smart contracts designed to mint and burn synthetic assets in various blockchains. When minting a synthetic asset (”e-token“) in one blockchain, the original asset in the original blockchain is blocked, thus acting as a security for the”e-token“. This operation is called synthesis.
In the reverse operation – the transfer of an asset to the original blockchain “the “e-token” is burned, and the asset in the original blockchain is unlocked. This operation is called non-synthesis. Thus, for each operation, the EYWA Cross-chain Bridge uses two smart contracts – in the original and in the target blockchain, as well as the EYWA Cross-chain Data Protocol, which makes calls between these blockchains using the EYWA Relayer Network.
The EYWA Cross-chain Data Protocol will be an open, decentralized cross-chain data transfer protocol capable of working between heterogeneous blockchains. In addition, all developers of DeFi projects and other decentralized applications will have access to the EYWA Cross-chain Data Protocol. Using the EYWA Cross-chain Data Protocol, you can link any two smart contracts located in different blockchains via remote calls. Thus, the EYWA Cross-chain Data Protocol allows developers not to waste time and resources on creating their own bridges for liquidity or other data transfer systems between blockchains.
The ideology of this network is inspired by Chainlink, Ren, and Horizon projects provide confirmation of data transmitted between blockchains using the EYWA system. The consensus in the EYWA Relayer Network is distributed – oracles (owners of nodes in the network) confirm the fact of transactions being done in the original blockchain by voting. The network transfers data to the target blockchain only after the quorum is reached.
The security of the consensus is ensured using a modified delegated Proof-of-Stake(POS) algorithm with a slashing mechanism. Any person can become a node holder – it is enough to lock the deposit in EYWA tokens in a special smart contract. After that, the oracle will be able to participate in the work of the EYWA Relayer Network, confirm the transmitted data, and receive rewards in EYWA tokens.
EYWA Multichain Gasless is a subsystem that performs payment for all transactions of the protocol in all blockchains to which the EYWA system is connected. This subsystem provides both the execution of transactions of the EYWA Relayer Network and transactions of ordinary users. Thanks to this, users are spared the need to pay for transactions in every blockchain individually. Moreover, EYWA Multichain Gasless allows you to choose which asset you will use to pay the network fees. In addition, EYWA Multichain Gasless is responsible for compensating transaction costs to certain groups of users, for example, traders with a small trading turnover. Due to this, cross-chain operations will become available and profitable to the widest possible groups of DeFi users.
The EYWA Cross-chain DAO decentralized autonomous organization manages all the activities of the system, from adding new smart contracts (and, accordingly, new blockchains) to the system to change the terms of payment of fees. The decision-making system is completely decentralized – EYWA is controlled by all governance token holders, who can both submit their own proposals and vote for the proposals of other participants.No changes can be made to the EYWA system without the approval of the DAO participants via voting.
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The EYWA token is used to ensure the security and decentralization of information transfer between blockchains since in the consensus model we have chosen, the data transfer protocol can be compromised only by having at least 50-65% of the total blocked stake. EYWA Relayer Network node holders are holders of the EYWA token and receive rewards in it. They are interested in the proper operation of the protocol and intend to protect their investments.
For ordinary investors who do not have sufficient knowledge to launch their own node, it is possible to delegate their tokens to any of the available staking pools of working nodes, without trusting them with their funds, and taking part in staking.
The EYWA token will serve as a means of payment for making cross-chain calls and will be an analogue of gas in Ethereum, that is, we plan to prioritize cross-chain calls via fees charged for these calls.
The EYWA token is used as a reward for liquidity providers who provide assets to cross-chain pools.
The EYWA token is a governance token and allows you to participate in governing the protocol through voting. One token gives one vote.
DeFi is the future of the world’s financial institutions and the global economy is witnessing the very beginning of the rapid growth of this sector. Such an derivation is highlighted by the interest in this area on the part of large venture capital funds and institutional investors, such as Andreessen Horowitz, Polychain Capital, Alameda Research, and others. Significant investments in the design and development of smart blockchains and DeFi protocols are spawning a technology race.
EYWA has crossed the mark of 48.1K Followers on Twitter.
The mission of the EYWA project is to unite the DeFi market’s players, drive the industry to a new level of maturity, and adapt DeFi for mainstream application.
EYWA intends to make DeFi a tool that will improve the financial situations of many people around the world, reduce the number of unbanked, and usher in the broader application of digital currencies as instruments for elevating national GDPs. EYWA strives to make decentralized finance easy, convenient, and understandable even for beginners. This requires making the user experience as simple as possible when interacting with DeFi. EYWA is therefore creating an ecosystem that brings together the best that has been created in DeFi thus far.
Find more information about Eywa:
Website: https://eywa.fi/eng/
Whitepaper: https://eywa.fi/wp-content/uploads/2021/11/EYWA_whitepaper_en.pdf
Twitter: https://twitter.com/eywaprotocol
Telegram: https://t.me/eywa_en
If you have any questions, comments, suggestions, or ideas about the project, please email ventures@coincu.com.
DISCLAIMER: The Information on this website is provided as general market commentary, and does not constitute investment advice. We encourage you to do your own research before investing.
Alan
Coincu Ventures
Wilmington, Delaware, 7th November 2024, Chainwire
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