Connext Network is a modular protocol that allows for the safe and secure transfer of assets and data between blockchains. So what’s different about Connext Network? Let’s find out with Weakhand.
And to understand more about Connext Network, learn more about the articles below:
- What is Celer Network (CELR)? Celer Network Cryptocurrency Overview
- What is Synapse Protocol (SYN)? Synapse Protocol Cryptocurrency Overview
- What is Nomad? Nomad Cryptocurrency Overview
What is Connext Network?
Overview of Connext Network
Connext Network is a cross-chain bridge that helps transfer assets and data between blockchains in a fast, safe, secure and decentralized way. Developers can use Connext to build cross-chain applications ( xApps ) – applications that interact with multiple domains (blockchains and/or rollups) simultaneously.
Connext Network currently supports transferring assets from Ethereum to Layer1 such as BNB chain, Polygon, Gnosis and Layer2 such as Arbitrum, Optimism and vice versa.
Connext Network makes it possible for users to perform off-chain transactions with instant speed and low transaction fees close to zero. Connext gets its security from Ethereum.
Connext Network features:
- Bridge: Transfer assets between layer 1, between layer 1 and layer 2, and between layer 2.
- Pools: Users provide liquidity into Pools and receive APY
- Swap: Currently Connext supports USDC and WETH as assets, users can swap to nextUSDC, nextWETH at supported blockchains.
The difference of Connext Network
Move tokens and data using xCall. There are contracts to deal with xCall manages asset registry and provides liquidity for stable swap routers and LPs. Sending and processing messages related to sending funds across blockchains. Custody fund for underlying assets, fast liquidity and stable swap trading.
Cross-chain liquidity: Asset Swap, Lending & Borrowing, Yield aggregation
Cross-chain NFTs: Helps NFTs move seamlessly across the chain by: Splitting xchain blue chips; access to community; Use NFTs as collateral on new domains.
Crosschain Governance: Administration via xchain DAO, xchain Oracles, xchain tool (wallet, …)
Connext Network Development Roadmap
Updating
Core Team
Arjun Bhuptani- Founder & CEO
- Arjun Bhuptani graduated with a Bachelor’s degree in Physics and Philosophy from Colgate University.
- In 2017, Arjun Bhuptani founded Connext Network and is also CEO.
- In 2018 Arjun Bhuptani was Co – Founfer The world’s most frequently used decentralized autonomous organization Moloch DAO.
Layne Haber – Co-Founder
- Layne Haber graduated with a Bachelor’s degree in Chemistry and Materials Science from the University of California, USA.
- Layne Haber has participated and held positions: President and founder of the Food Recovery Network at UCLA (2012); Director of UCLA USAC organizational services specializing in the financial sector (2013); CEO of Arctica Health company specializing in the field of medical technology (2016); Layne Haber joined Connext in 2017 as Co – Founder.
Rahul Sethuram – CTO
- Rahul Sethuram graduated with a degree in Electrical Engineering University of California, Santa Cruz (2010);
- Rahul Sethuram has worked at many large companies: Senior engineer at Tesla Motors; Co-Founder Tip’d Off, Inc; Participated in Connext development in 2017.
Sarah Brooks – CCO
- Sarah Brooks graduated with a Bachelor of Arts in English Language and Literature from the University of North Carolina Asheville (2009); Bachelor of College in Business Law (2015).
- Sarah Brooks has participated and held the following positions: Partnership Director, Partnership Director of TechSquare Labs (2015); Pilot44 Labs Senior Business Analyst; Head of Research, Legal and Compliance Operations at Polychain Capital; Joins Connext in 2021 as CCO.
Sanchay Mittal – Project Manager
- Sanchay Mittal graduated with a Bachelor’s degree in Computer Science from the University BML Munjal;
- Sanchay Mittal has participated in blockchain projects: ConsenSys, Gitcoin, Managing directorManaging director Ethify Labs. Join Connext in 2020.
Investor
Connext Network raises $14.2M led by 1kx and ConsenSys Mesh with participation from Polychain Capital and Huobi Capital.
Connext Network is supported by major partners: Polychain Capital, 1kx, Coinbase Venture, …
Tokenomics
Connext Network announced the NEXT token, but due to market conditions, the distribution of the NEXT token is delayed.
Information about Tokenomic Connext Network
- Token name: Connext Network
- Code: NEXT
- Blockchain: Ethereum
- Token classification: ERC – 20
- Total supply: 1,000,000,000 NEXT
Token Allocation
Updating
Token Use Case
Administration and utilities
Connext Network Project Information Channel
- Website: https://connext.network/
- Twitter: https://twitter.com/ConnextNetwork
- Discord: https://discord.gg/connext
- Medium: https://medium.com/connext
Summary
Hopefully this article provides readers with information about the Connext Network project. Currently, Connext does not have any information about token distribution. We need to continue to monitor the project in the near future.