Sifchain, the omnichannel DEX platform connected to the Cosmos network, recently released update 2.0 for its flagship product Peggy. Peggy is a two-way bridge that connects Sifchain to the Ethereum network and enables a smooth flow of assets between chains. Now that Sifchain is connected to the Cosmos network, Peggy also facilitates the transfer of assets from Ethereum to any of the chains connected to Cosmos.
This innovative project gained significant traction in the market and, building on this success, Peggy has launched the new and improved Peggy 2.0. This update will make Peggy become an omni-EVM chain bridge, which means that apart from Ethereum, Peggy will facilitate the flow of assets to and from all EVM (Ethereum Virtual Machine) compatible blockchains.
Peggy 2.0 will also connect to Layer 2 chains on the Ethereum network to bring Layer 2 assets to Layer 1 with minimal effort. Given that non-crypto native companies are likely to build EVM-compliant blockchains, Peggy aims to position itself as the ultimate bridge for the transfer of all types of assets in the EVM ecosystem.
The updated platform also aims to have a smart contract on all supported chains to allow users to bet, undo, burn, and mint crypto assets. To top it off, the updated version will come with infrastructure upgrades that reduce the costs associated with the relay gas.
With cross-blockchain connectivity gaining importance every day, Peggy 2.0 is likely to be uniquely positioned to benefit from this trend and establish itself as the go-to protocol for multi-chain asset transfer. It also aims to connect to existing bridges like Wormhole to further improve inter-chain connectivity in the decentralized framework.
In the near future, Peggy will become a chain of her own with a focus on crypto-security. It will require users to stake collaterals that are specifically used to secure the bridge and are subject to cuts per Tendermint consensus. Peggy Chain will have her own PEGGY token that powers the network, solving government and public service problems. There is also a PeggyDAO (decentralized autonomous organization) reserved for users.
Sifchain aims to achieve all of this while continuing to realize its dream of developing the first omnichannel decentralized exchange. Sifchain has a long-term goal of facilitating cross-chain transactions for more than 25 of the major blockchain networks, including Bitcoin, BSC (Binance Smart Chain), and Polkadot.
In this context, the Peggy 2.0 update will add fuel to the fire of Sifchain’s efforts to create a decentralized omnichannel framework by connecting and enabling the flow of assets between blockchain networks.