Osmosis reveals Polaris for wallet agnostic one click trading across blockchains
Osmosis, the leading interchain decentralized exchange (DEX) and DeFi hub on Cosmos has unveiled plans for a new product called Polaris, described as a Token Portal designed to address fragmentation issues in the digital assets ecosystem.
According to information shared with CryptoSlate, Polaris aims to provide a unified interface for trading and managing tokens across multiple blockchain networks. The project is positioned as a solution to what Osmosis terms The Great Chain Divide the tendency for individual blockchain ecosystems to create siloed environments that fragment liquidity and complicate user experiences.
Sunny Aggarwal, Co-Founder of Osmosis and Polaris, told CryptoSlate,
Youll be able to trade all tokens, across all chains, from one seamless interface. As we continue to innovate, Polaris and Osmosis will work hand in hand to deliver an unparalleled user experience, pushing the boundaries of whats possible in DeFi.
The platform intends to abstract away the complexities of cross-chain interactions, allowing users to perform trades between different networks with a single click.
Polaris aims to streamline cross-chain interactions through several key features. Users can manage assets across various ecosystems using their existing wallets, eliminating the need for multiple wallet downloads.
The platform offers one-click trading across networks, handling conversions and bridging automatically. Multi-chain portfolio tracking allows users to monitor assets, performance, and transactions across all networks from a single interface.
Polaris also facilitates seamless gas token acquisition for any chain directly from the users existing wallet. Notably, the platform employs bridge and DEX abstraction, enabling it to scale across chains without being tied to specific liquidity venues or bridges. This approach allows Polaris to leverage existing solutions, providing users with efficient access to optimal liquidity across different networks.
Osmosis reports that its DEX has facilitated over $35 billion in trading volume to date, with more than 100 blockchains connected via the IBC protocol. The team behind Osmosis views Polaris as an evolution of their approach, leveraging lessons learned from building interoperability solutions in the Cosmos ecosystem.
The announcement emphasizes Polaris potential to integrate with existing liquidity venues and bridge solutions rather than compete directly with chain-specific DEXes. This approach is intended to allow for rapid expansion across diverse blockchain ecosystems, including EVM-compatible and non-EVM networks like Solana, TON, and Bitcoin.
Osmosis positions this new offering as a response to the limitations of current multi-chain products, which they argue still provide chain-centric rather than truly user-centric experiences. The team believes that by unbundling the user interface from custody, liquidity, and bridges, Polaris can deliver a more flexible and scalable platform.
Polaris will be fully unveiled at Solana Breakpoint 2024, during which the crypto community is expected to receive more details about the platforms functionality and roadmap.
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Text source: CryptoSlate
