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Stellar Lumens: Bridge Bounty Program offers huge grants – Will XLM be suitable for CBDCs?

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Morrowind Stellar Lumens 1000x600 1
11
Oct
  • The Stellar development foundation supports projects that provide easily accessible solutions.
  • Allbridge, Axelar, Cubist, Kaladin, and Multichain are the foundation’s bridge bounty program winners.

The Stellar development foundation (SDF) has announced the winners of its Bridge Bounty Program grants. Stellar is an open network that enables interoperability among financial systems. The winners are Allrbidge, Axelar, Cubist, Kaladin, and Multichain.

Allbridge

Allbridge provides a simple and effective way to transfer assets among blockchains. It aims to integrate Stellar into the rising list of supported chains through its Estrella project.

Axelar

Axelar offers safe cross-chain communication for Web3. Axelar aims to develop a secure infrastructure that connects real-world crypto applications with currencies, functions, and users from any chain. Thus, providing onramps for the millions of crypto users. DApp users can use Axelar’s infrastructure to interact with any app or asset regardless of chain with one click.

Cubist

Cubist simplifies the process of building, testing, and launching multi-chain DApps. Developers can use Cubist to deploy their whole application with one click. Also, Cubist makes it seamless and secure for Soroban contracts to communicate with contracts from other blockchain multiverses.

Kaladin

Kaladin plans to develop a peer-to-peer protocol for crypto asset exchange across multiple chains. It would build this protocol on Stellar to take advantage of the chain’s speed and efficiency. The Kaladin protocol eliminates the need for custodians by providing fast and low-friction transactions.

Multichain

Multichain will connect Stellar with more than 63 chains. Currently, it supports more than 2,600 tokens across these chains. Multichain’s infrastructure enables virtual cross-chain interactions. It claims to be the best decentralized cross-chain bridge presently available in the market. Within its two years of existence, Multichain has reached $2.4 billion in total volume locked (TVL) and more than $87 billion in volume.

Why the Bridge Bounty Program?

Earlier in the year, the foundation launched the Stellar Bridge Bounty program. The program aims to provide grants for projects tackling the critical issue of blockchain interoperability. The foundation believes blockchain interoperability is the key to bringing the future of Web3 and DeFi nearer.

Thus, it can bring a genuinely global, interoperable financial system into reality. The Bridge Bounty program would offer a total of $5 million worth of XLM to five teams ($1 million in XLM for each group) that incorporate Stellar as a cross-chain solution (develop interoperability between Stellar and at least one other DeFi ecosystem).

The foundation believes this bridge bounty program and other similar programs are crucial to developing a thriving Web3 ecosystem. SDF intends to establish equal access to the financial system by assisting developers with the resources they need. According to the SDF, these interoperability solutions may likely provide the basis for integrating other chains with Stellar.

While the SDF received thousands of applications, it chose winners based on their technology, product, and team size differences. The SDF added that the winners shared common clearly-defined deliverables, qualified teams, and concrete timelines.

When these projects become a reality, they are likely to boost Stellar’s native token (XLM)s suitability for CBDCs. Nevertheless, these positive developments haven’t positively impacted XLM’s price. It is down 6.79 percent in the last 24 hours, according to the latest data, and trades at $0.11785.

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