We both believe in a multichain world; one that needs yet to be bridged in order to make effortlessly moving tokens between all these chains a possibility.
In simple terms, Connext is a crosschain liquidity network, that powers fast and fully noncustodial swaps between EVM-compatible chains and several Ethereum L2 systems — and from now on, Minerva Wallet will work on an integration as well!
As many already know, the crypto universe of today is multichain, and Connext will enable crosschain swaps on the Minerva Wallet. Connext’s protocol unites independent liquidity pools across different chains into a seamlessly accessible global network.
In crosschain transactions, Connext router acts as a liquidity source that provides funds to the user on the destination chain in exchange for funds deposited at the point of departure. For instance, when a user moves 100 USDC from Polygon to xDAI, they deposit 100 USDC into a state channel with the Connext router on Polygon. Then, as a part of the same transaction, funds are conditionally transferred to the router, and unlocked only after the user receives a corresponding amount via a state channel on the destination chain (in this example, xDAI).
Notably, these transfers unlock atomically and trustlessly, without minting any new assets and while maintaining underlying blockchains’ security and trust mechanisms.
As for Minerva Wallet, it is a non-custodial, user-friendly mobile wallet with multi-network and multi-account support for EVM-compatible chains. Through the WalletConnect integration it can be soon used on the xPollinate DApp by Connext to move funds between xDai Chain, Polygon and Binance Smart Chain. Nevertheless, this is just the first step of many more options and the ultimate goal is to fully integrate Connext into the Minerva Wallet, making crosschain swaps as simple as they are on one chain today.
This means that if a user bought 100 xDai, e.g. through the Ramp integration in the Minerva Wallet, and now needs that exchanged to USDC on Polygon, then it could be done in only one interface with just a click via a Connext router. More complex transactions are also possible, where the router is actually offering to exchange xDai to any token traded on Quickswap DEX or any other DEX on Polygon.
Evidently, both teams are beyond excited with this new partnership and all the unprecedented utilities it brings for our customers.
“We’ve had an eye on Connext since 2018, and consider the use of state channels between chains the best and most secure option to avoid high transaction fees and to deliver the best possible user experience. The ultimate goal is that assets can be seamlessly exchanged and transferred between chains with just a click in the Minerva Wallet, using the Connext protocol for the bridging.” — Thomas Zeinzinger, lab10 collective Head of the Board
“Minerva Wallet is the first mobile wallet solution to integrate Connext natively, and we are incredibly excited about this collaboration. We are confident that Minerva users will enjoy the crosschain bridging solution we bring to the table.” — Victoria Perepel, Connext Business Lead
Connext is the interoperability protocol for L2 Ethereum and all EVM-compatible chains based on a network of state channels. Connext unifies liquidity pools across different chains and rollups into a global network of liquidity, empowering users to enjoy a new class of natively chain-agnostic dApp experiences.
About lab10 collective
lab10 collective is dedicated to co-create a zero-carbon society, using the most efficient and sustainable blockchain solutions available. The Minerva Wallet is built for all EVM networks using WalletConnect to interoperate with hundreds of applications and is an important puzzle piece of the currently built infrastructure. Beside the wallet and the integration of DeFi markets, the team works intensively on projects in the energy and mobility sector, where highly composable financial and data driven markets are expected. As a foundation, the ARTIS 2.0 blockchain is outlined; a purpose-built decentralized network for real-world use cases. You can find more details on our channels.