What is Connext Network?

Connext Network is an open protocol for storing and transmitting value or data across blockchains, allowing developers to create applications that can operate on any blockchain or xApps and collaborate with any tokens. The protocol was developed in 2017 with the goal of making Web3 accessible to the general public by reducing the complexity of blockchain.

Developers can use Connext to create various usage patterns, such as:

• Cross-chain DAO voting systems
• Building bridges that operate with lock-and-mint or burn-and-mint systems
• Cross-chain flexible state channels for smooth one-time transaction execution
• Cross-chain asset vault management systems
• Cross-chain borrowing and lending systems
• Connecting UniV3 TWAPs to any chain without the need for an oracle.

Key Features of Connext Network

Connext comes with a variety of features developed to support the creation of applications and elevate user experiences, along with the ability to support the growth and development of the network in the future. Some interesting features include:

1. Cross-chain Liquidity
   Developers can create DeFi applications that leverage cross-chain liquidity-pulling features, enabling the provision of diverse services such as yield aggregation, borrowing, and cross-chain asset exchange.
   
   
2. Cross-chain NFTs
   Cross-chain NFTs can be seamlessly moved to other chains based on user preferences, allowing for increased diversity in NFT usage. This includes support for fractional NFT ownership or using NFTs as collateral.
   
   
3. Cross-chain Governance
   xApps or applications built on the Connext protocol not only support cross-chain governance but also facilitate easier cross-chain transactions. This makes it easier to enhance the functionality of applications and expand the user community.
   
   
4. xERC20
   Tokens created on the Connext protocol operate under the xERC20 standard, an extension of the Ethereum ERC-20 standard. xERC20 tokens can be transferred cross-chain without worrying about gas fees.

References

• Connext Network
• Coinmarketcap