While the concept of a blockchain-based economy may be incredibly appealing, according to experts, it still belongs more to the realm of fantasy than that of reality. In addition to the exorbitant transaction fees present on some networks, one also has to consider the substantial differences that exist between many of the major blockchain networks. These differences generate uncertainty and undoubtedly deter some business leaders from integrating blockchain technology into their business plans and platforms.
However, blockchain technology has undergone significant transformations since its early days: from the early days of networks with low-scalability, high-energy consumption and cost-inefficient transactions, current networks have made great strides in achieving sustainability, inter-connectivity and broader accessibility. Everscale is one of the networks that has made the most progress on this front.
Key to the interoperability of the Everscale network is its Broxus-developed Octus Bridge, which is essentially a bi-directional gateway between various chains that previously had no clear or convenient means of interacting with each other. Everscale has connected these networks by opening up a space for second layer transactions, which allow users to move liquidity between networks of their choice. Those who use the Bridge platform are spared the gas-gouging that occurs on Ethereum networks while also benefitting from increased transaction speeds, made possible by Everscale’s industry-best scalability.
To get a clearer picture of what the Bridge platform represents for the industry and why projects like this are important, we conducted an interview with Broxus founder Sergey Shashev.
1. First things first: what is the Broxus ecosystem, and what are its main elements?
The Broxus ecosystem is one of the premier DeFi ecosystems in Asia. What it consists of are a number of key platforms that add value and utility to the Everscale network. First and foremost are the two jewels of the Broxus ecosystem, the Octus Bridge and the FlatQube DEX. With the Bridge, users are getting a tool that is badly needed in DeFi right now. Octus Bridge allows users to transfer liquidity back and forth between the biggest chains in DeFi. This lets people bypass time-consuming and expensive transfers by virtue of the unique scalability of Everscale.
FlatQube is the native DEX of the Everscale network and facilitates asset swaps for a large number of tokens and coins and also has numerous staking and farming opportunities with high rewards. Both our Bridge and our DEX are DAOs with their own governance tokens, BRIDGE and QUBE. The decentralization of these platforms has been key to their success.
We’ve also designed and developed EVER Wallet, which is the central wallet for the Everscale ecosystem. Beyond that, we’ve built up a large number of other platforms and projects that are filling out the ecosystem including our own project launching platform in EverStart and some promising NFT and GameFi projects.
2. What role does Everscale play in Broxus?
Everscale is the cornerstone that we build off of. The Broxus platforms wouldn’t be possible without the groundbreaking technology that powers Everscale. Unfortunately, at least up until now, that tech hasn’t been so well known outside of Asia. That’s in part due to the fact that the network is only 2 years old. But we’ve made some huge progress in those two years and especially in the last few months. And we’re starting to see the fruits of all the hard work we have done, most notably getting listed on two of the biggest exchanges in the world in Huobi and KuCoin.
3. What does it take to build a successful blockchain-based ecosystem? What resources are required for that?
The most important resource you need is a hard-working and talented team. Startups in this industry aren’t for the faint of heart. And even the best idea isn’t going to become successful by itself. You have to be solid at every stage of the process, from conceptualization all the way through to getting unfamiliar people to recognize the value in what you are producing. Of course, it helps when you are building on the best blockchain in the business. But success has never been guaranteed, that’s always something you have to fight for.
4. What is the main source of value for Octus Bridge?
The main source of value for the platform is the utility it provides the DeFi community at large. I mean, a lot of the central ideas of DeFi — its potential as a means of restoring balance in finance for regular people — most people agree with that, that there are great ideas here. The thing has always been theory vs practice. How can it restore balance in actuality if you have to pay an arm and a leg for a simple transaction? Or you have to wait and time your transaction around the ebbs and flows of network traffic?
That’s not really sustainable and that’s why the Bridge has been so successful and is continuing to grow. Just knowing that the Bridge is there, so you have this tool that can help you transact quickly and inexpensively, essentially regardless of the asset you are using, that adds liquidity and health to the entire market. The practicality of the platform has won people over.
5. How has blockchain been made more simple with the arrival of Everscale and Octus Bridge?
I don’t want to harp on it, but it goes back to what I was talking about with the last question. A consistent problem in this space has been great ideas that people haven’t been able to translate into simple, practical solutions. Users need products that they can set their watches to. They have to be fast and reliable and they have to be for everyone.
That has been the key to the success of both the Bridge and the DEX that we’ve built. And neither would have been possible without the technical underpinnings of the Everscale network.
What we are working on now is bringing that to the next frontier with NFTs and GameFi. The network’s scalability makes it ideal to handle gaming and NFT platforms that have really high loads. Just like we’ve done before, we are aiming at simplifying the process and opening it up to everyone.
6. In general, what are crucial factors that could prompt further blockchain adoption among businesses?
Well, there are a lot of different factors at play right now that are causing instability in all markets. We have always been of a mind to build products and platforms that speak for themselves in terms of filling unmet user needs and operational smoothness. In an environment where uncertainty has crept into nearly all aspects of life, I think the importance of things that reliably provide needed services is only going to grow.
And you have to factor in how the world is opening up more. Old power arrangements are no longer feasible; people want to have more control over their lives and their finances. The more traditional financial arrangements are not going to be able to offer people the same rights and possibilities as their decentralized counterparts. I think the shift towards decentralized finance is inevitable.
7. What, in your opinion, will be the next stage in blockchain development?
That shift towards decentralization that I am talking about, I think that is the motor that is propelling this movement forward, and so the start of the next stage is going to be located somewhere on that path. What I can say is that we are only on the tip of what NFTs and GameFi can actually do. Thinking back, it is kind of like the early days of the internet.
8. What are your further plans concerning Everscale? What do you anticipate?
We are going to further our expansion into Asia. As I mentioned, we’ve just been listed on two of the biggest exchanges in Asia, and in the world for that matter, and we have already established ourselves as one of the premier blockchains here. The key to prolonging that growth is getting more exposure. This is one of the fasting growing markets in the world right now and we are on the cutting edge of it.
We just held a conference marking our second anniversary in Bali, and just looking back, over the last year we have really transformed ourselves as a company and achieved remarkable things. I anticipate looking back at the year to come with a similar perspective.