peaq, the blockchain for real-world applications, announced its first cross-chain bridge as it integrates with Wormhole, the leading blockchain interoperability protocol. The integration links the peaq ecosystem with 30+ Web3 networks, including BNB Chain and Ethereum, according to a press release shared exclusively with Bankless Times.
It establishes a bridge for value and liquidity between peaq, the home of decentralized physical infrastructure networks (DePINs), and a variety of ecosystems boasting combined liquidity worth billions.
All blockchain users can move assets to peaq
Users of Ethereum, Solana, Fantom, and other networks will now be able to move their liquidity to peaq and take part in DePINs in the peaq system. peaq believes in the original, open, multi-chain ethos of Web3 and builds its stack accordingly, recently integrating some of its core functions with Solana and Cosmos.
The first bridge for cross-chain asset movement
Integrating with Wormhole is the logical next step toward this vision, making for the first bridge for cross-chain asset movement within peaq’s ecosystem. At the current stage the integration is live on peaq’s testnet agung as peaq’s first outbound blockchain bridge. After peaq’s mainnet goes live in 2024, the bridge will link it with the wider Web3 space.
Integration via Moonbeam
The integration, which is conducted via Moonbeam and enables movement of assets between the peaq ecosystem and all blockchain networks connected with Wormhole, connects machines creating real-world value as part of DePIN and dApps on peaq with billions-worth of borderless Web3 liquidity.
It also makes it easier for teams building on other layer-1s to migrate to the peaq ecosystem or expand to it, tapping some of peaq’s core functions such as self-sovereign Machine IDs or role-based access control.
Real world use cases
The integration will enable a smoother experience for DePIN participants and users across different ecosystems. For example, a car-sharing DePIN on peaq would now become easily accessible for users across 30+ ecosystems, enabling them to quickly bridge their tokens to peaq and pay for a ride. This means a colossal expansion of its potential reach, boosting its scalability through peaq’s multi-chain tools for DePINs.
Robinson Burkey, CCO at Wormhole, said:
We are excited to see peaq join the largest Web3 cross-chain connectivity platform. Real-world adoption is one of the biggest challenges for Web3, and peaq’s focus on DePINs places it at the forefront.
Till Wendler, co-founder of peaq, added:
Smooth cross-chain communication and liquidity flow is crucial for Web3’s future. It unlocks more value and opportunities for everyone in a positive-sum game, making for a great foundation for its push into the real world. peaq’s integration with Wormhole brings a lot of value into the ecosystem and makes it exponentially more open and versatile.