In a move to grow and foster cross-chain functionality, IOST connects with the Gravity network joining the likes of Waves, Ethereum, and Tron.
The platform was extremely excited to announce its collaboration with Gravity network, a cross-chain oracle, and a communication network as a target chain.
IOST connects to Gravity
In the most recent developments, IOST now joins the bandwagon of well-established and experienced platforms like Ethereum and Tron to connect to the open-source and non-Ethereum oracle systems. It has knocked on the doors of Gravity, the inter-chain DeFi plans.
Gravity is a token agnostic oracle system and is a strong mainstay for interchain DeFi, an unexplored territory having immense potential. Gravity has successfully ventured into space by convincingly betting on its concept and ever since its launch has attracted several dApps and protocols. It has provided these protocols another road to set their eyes on to expand beyond the usual likes of Ethereum and its oracles. To begin its journey it started with Waves protocol, a smart contracting platform supporting tokenization and now expanding its scope to open finance.
Gravity now posits as a bridge between those firms that are looking to adopt inter-chain DeFi called ‘InDeFi’ by providing a base layer. This will in turn function as an infrastructure that will unite blockchains and ecosystems in different aspects of DeFi. With InDeFi, projects can now generate multi-functional gateways between proof-of-stake networks and Ethereum.
The new arrangement beneficial for IOST
IOST also has taken a step forward in that direction by tying up with Waves and also including Gravity. It will benefit from the outcomes of the new trading opportunities. The Susy gateway built atop the Gravity protocol will be used for cross-chain token swaps. Intrinsically speaking the IOST coin will be available in all the top and most competent platforms like Ethereum and Tron. It will also be available on those that are integrated with Gravity as a wrapped token paving the way for IOST listing in leading decentralized exchanges including popular protocols like Uniswap.
Gravity being an oracle solution and integration with the IOST platform will provide new opportunities for dApp developers to up their game. Thanks to the presence of enterprise-grade smart contracts, developers will be able to extract backed and evaluated data from the real-world and will be able to augment the experience in the future.
IOST is also set to benefit from the extra liquidity feature as Gravity is blockchain agnostic and does not have any native currency or governance token. This implies that IOST can be used to pay the fees and will second as collateral for node owners.
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