The Filecoin Virtual Machine (FVM) launched on March 14, 2023, marking a transformative moment for the Filecoin ecosystem. The FVM launch unleashes the full potential of the open data economy, revolutionizing the existing Filecoin ecosystem. In this article, we will discuss the cross-chain interoperability of the FVM and the various projects built on top of it.
The FVM Launch Unleashes the Full Potential of the Open Data Economy
The Filecoin network has taken a significant leap forward in cross-chain interoperability with the mainnet launch of messaging and token bridging solutions by Axelar and Celer Network. With the integration of these protocols, the FVM is now interoperable with over 30 leading Web3 chains, such as Polygon, Ethereum, Binance Smart Chain, Avalanche, and more.
This cross-chain interoperability allows Filecoin to export its competitive services, such as data computing and storage, to applications on other chains. It provides dapps on all chains the opportunity to take advantage of thousands of Filecoin storage providers, resources, and future subnets for their data needs.
Axelar and Celer Network, boasting some of the highest standards for security, UX, modularity, and feature sets, are now live on mainnet. By utilizing these tools, developers can now build for a multi-chain future using Filecoin as a scalable, trustless, verifiable, and secure data layer.
Bridging Assets to Filecoin
Bridges enable the transfer of wrapped assets such as ETH, BTC, USDC, USDT, and others to and from Filecoin. With increased liquidity in other major tokens, off-chain protocols can easily pay for Filecoin services. FVM native dapps can easily onboard users who might have other assets in their wallets. Developers can learn how to bridge wrapped assets to Filecoin with Celer’s announcement blog post.
Cross-Chain Token Swapping
Developers can now take advantage of cross-chain liquidity and marketplaces, enabling easier onboarding of users and access to other protocols. This allows users on Filecoin who want to hold assets on-chain to take advantage of the deepest liquidity pools by bridging, swapping, and then bridging back to Filecoin. Protocols like Squid Protocol will soon allow dapps on FVM to integrate via front-end widgets or SDKs and allow users to onboard with one 1-click. Dapps can offer users more flexibility and low fees when using their services. To start bridging assets, developers can use cBridge, powered by Celer Network now, or Satellite token transfer, powered by Axelar, which will be available next week.
Cross-Chain Smart Contract Calls
Smart contracts on other leading blockchains can now fund, verify, and execute data storage on Filecoin. For example, a DAO on Ethereum can use an FVM smart contract to verify data storage, paying in ETH directly or via forthcoming services such as Lighthouse Files. This offers users and developers seamless interactions with many current and future data auction and storage protocols on Filecoin. Developers can start with the FVM Starter Kit for Dealmaking or see documentation at Axelar’s General Message Passing or Celer’s interchain.
Powerful Data Capabilities Across Chains
Axelar and Celer Network’s solutions also enable developers to build for a multi-chain future using Filecoin as a scalable, trustless, verifiable, and secure data layer. This development will play a key role in expanding the reach and capabilities of Filecoin while enabling developers to build a more connected and collaborative decentralized web.
Conclusion
In conclusion, the launch of messaging and token bridging solutions by Axelar and Celer Network marks a transformative moment for the Filecoin ecosystem. These integrations allow for seamless communication and asset transfers between Filecoin and other leading Web3 chains, creating opportunities for cross-chain smart contract calls, asset bridging, and token swapping. With the addition of these powerful data capabilities across chains, developers can enhance their dApps’ functionality and user experience, ultimately driving growth and innovation across the entire decentralized web.
