On August 16, 2022, Connext Bridge, a cross-chain liquidity network, announced new chain support for the Arbitrum Nova chain. The feature allows users to instantly transfer assets to Nova and vice versa.
Connext is an Ethereum-based interoperability platform, launched in 2017, that helps solve Ethereum’s problem of low transaction processing capacity and high transaction fees. It connects the Ethereum Virtual Machine (EVM) to other compatible blockchain projects and layer 2 projects. With a strong focus on security, it allows developers to build fully functional DApps.
Unlike other platforms, Connext was launched to be an open-source platform to set P2P state channels effectively. On that platform, the Connext bridge was built. It is a cross-chain liquidity bridge, allowing users to transfer assets between the EVM and other compatible projects.
This then brings the question, how does Connext affect what comes next for Abitrum Nova?
Abitrum Nova is also a project created to solve the Ethereum scaling problem and is designed to serve such niches as web3 gaming and social applications. It aims to satisfy project architectures that mint high volumes of digital tokens while being cost sensitive.
The move to bring the Abitrum Nova chain to the Connext bridge network provides both entry and exit bridge liquidity for the project. This would help encourage users to hop on board.
Connext is known as the cheapest bridging infrastructure, allowing for capital efficient transfers. This works in line with plans for Abitrum Nova as stated by the CEO of offline labs, Steven Goldfeder. He said
“We look forward to continuing optimizing and improving Nova to drive costs down even further.”
Thus, the new chain support for Abitrum Nova on Connext would make things easier for developers, greatly improving both the adoption and cost-effectiveness of the project.
