An Introduction to Wormhole
1.What is it?
Wormhole is a cross-chain asset transfer tool built on Matrix Mainnet. Users can transfer their assets between Matrix Mainnet and other blockchain platforms. At this moment, we only support BSC.
2.What does it mean?
Take asset transfer from Matrix Mainnet to BSC as an example:
a. A certain number of MAN tokens will be locked in a contract address on Matrix Mainnet.
b. You will receive the transfer (gas fee deducted) from the corresponding contract address on BSC in BEP20-MAN.
c. You can use BEP20-MAN in various ways on BSC, for instance, mining bCASH by participating in the new collaborative project between Matrix and Bigbang.Cash, or making trades on decentralized exchanges like PancakeSwap.
3. Why is should I care?
Most blockchain platforms are isolated from each other, which limits the liquidity of crypto assets. What users have on one platform cannot be transferred to another. To solve this problem, we have crypto exchanges. But these are all centralized institutions and thus the complete opposite of what blockchain is intended for. This explains why DeFi is so popular since 2020. Cross-chain transfer of digital assets is paramount to DeFi, and the introduction of Wormhole will benefit Matrix in four ways:
a. Better liquidity: Liquidity is a big part of the value of any digital asset. By connecting Matrix Mainnet with other blockchain platforms, we are raising MAN’s value.
b. More interaction with other communities：As assets go from one platform to another, so do new users join MATRIX from other communities.
c. More complete ecosystem: Since MAN can now be used on other platforms, there will be more usage scenarios for MAN, which further boosts MAN’s value and liquidity.
d. Benefits to MANART: NFT is to become a big part of the Matrix ecosystem. Our AI art platform (MANGA) and compute-data-algorithm platform (MANIA) both stand to benefit from a bigger market and better liquidity. We will see Matrix NFT traded on the best NFT trading platforms. As more users join our ecosystem, more AI-based digital assets will be created, laying a solid foundation for MATRIX and MAN.