DeFi protocol Li.Fi has announced its expansion into the Solana ecosystem, aiming to enhance user experience across decentralized applications (dApps) by facilitating cross-chain interactions, according to an Aug. 7 statement shared with CryptoSlate.
Phillip Zentner, the CEO and Founder of Li.Fi emphasized the significance of this expansion, pointing out that it would allow the protocol to offer a straightforward and secure way to manage assets within Solanas ecosystem.
Notably, LiFis expansion is coming less than a month after the platform suffered a $10 million hack on the Ethereum and Arbitrum networks. The protocol has since resolved the issue and is working with law enforcement to recover the stolen funds.
Solana expansion
Li.Fi said this expansion builds on last year‘s initial connection with Solana’s Phantom wallet.
The platform believes that integrating with Solana will allow crypto applications to deliver a more user-friendly experience, making cross-chain interactions simpler and more intuitive.
This would be achieved by enabling in-app swapping and bridging capabilities for Solana users through new options for cross-chain transactions with Wormhole-powered Mayan bridge and Circles Cross-Chain Transfer Protocol (CCTP).
Additionally, Li.FI has integrated with Jupiter, a Solana-based DEX, to provide users with swapping rates that are deemed cost-effective and efficient.
The integrations are already live through the Li.Fi API, SDK, and Widget. Looking ahead, Li.Fi plans to support SVM chains, starting with Eclipse and expanding to other chains.
The DeFi platform believes these moves would help attract more users to the Solana ecosystem, which is currently one of the fastest-rising blockchain networks in the industry.
Further, it will help crypto applications generate revenue from asset-swapping fees while opening up new liquidity opportunities from sources like DEXs and bridges.