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Being over-exposed to mainnet, our last memory of Fantom was something of like a ghost town. Last we’d seen, Curve had abandoned a swath of gauges following the still confusing Multichain drama:
So quite interesting to stumble across this…
The screenshot here shows off usage of several 6-pools, which are rather uncommon. Curve Stableswap-NG pools in fact support up to 8 coins in a pool, although the gas efficiency may be questionable at higher numbers of coins.
The “CrossCurve” labelling and links appear to be a custom addition to the UI on Fantom. Zoom in to see what’s going on a bit better…
The pools are handiwork of EYWA, who have been building out CrossCurve, which promises to unify Curve liquidity across multiple chains.
Oh yes, they have points too…
We first covered EYWA just over a year ago, and in this time the team has been consistent in their plans to creatively compose Curve metapools across several chains.
These new Fantom pools are the heartbeat of EYWA’s cross-chain solution. The Fantom 6-pools serve as the point of execution for cross-chain transactions. Each of these pools store tokens representing synthetic liquidity on a single chain, which can be traded natively on Fantom within a single pool.
Or at least, this is what we’ve interpreted from their documentation. We’re easily misled, and urge you to read the docs for yourself:
The crosschain transaction functionality is live now if you want to test it out. Given the size of these pools, it’s only really usable for small transactions at the moment:
One nice perk of this solution scaling would be that many aggregators and bridges have limited support for $crvUSD. EYWA has announced support for $crvUSD on all its connected chains:
We’re quite bullish on the concept of EYWA. Having seen the explosion of sidechains, we fear that fragmented liquidity will limit each particular sidechain unless they are capable of pooling liquidity among different chains. We can’t predict the future well enough to know whether it will be EYWA or another player that emerges as the dominant solution. We know that there’s a big prize available for whomever solves cross-chain liquidity fragmentation, so it couldn’t hurt to take a flier on EYWA being that winner (NFA!)
Thankfully, there’s no prizes for the useless human beings who respond to visionary builders with nothing but critiques, so we won’t dwell too much on the challenges or risks facing EYWA. However, we’d be remiss if we didn’t mention that bridges across different chains are among the riskiest points of failure in crypto. Always be cautious around bridges, perhaps more so for protocols that build core infrastructure atop bridges:
The team links some audits in their documentation, though we’ve seen plenty of protocols receiving multiple audits get exploited, so always, always, always exercise caution and only play with money in crypto you can afford to lose!
Another challenge that we’ll be interested in watching is seeing how EYWA overcomes the sheer number of L2s and sidechains that are emerging. Their 6pools cover many of the top chains by TVL, but what about the surge of activity on Base? What if Curve joins Solana season? We haven’t even mentioned Blast! Seeing how EYWA expands their capabilities to support dozens or even hundreds of viable chains will be fun to watch from a technical perspective.
For a bit more background on EYWA, you can enjoy an previous interview with EYWA CEO Boris Povar:
Incidentally, the lead investor in EYWA according to their website is none other than Michi Claus:
You may have noticed that this investment perhaps is flexing some synergies, as Mich also invested into Fantom’s angel round.
Mich has also been active in chatter about the chain… is it time to be bullish on Fantom?
We’ve seen a burst of activity recently from builder extraordinaire Andre Cronje, who appears to be emerging from an extended hibernation. His departure left a notable void throughout the bear market, a void which never was properly filled.
His immediate focus appears to be bringing the memecoin rush to Fantom:
In the last cycle, Fantom was home of several of the most innovative and unique projects, so it was truly a shame to see the misfortunes that befell the chain. We very much hope Fantom is indeed preparing to emerge as an epicenter of innovation in the upcoming cycle.
Disclaimers: Author still has some untouched $FTM bags lying around, no exposure to EYWA